Wall Street brokerages expect that First Republic Bank (NYSE:FRC) will report $1.35 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for First Republic Bank's earnings. The lowest sales estimate is $1.33 billion and the highest is $1.38 billion. First Republic Bank reported sales of $1.08 billion during the same quarter last year, which indicates a positive year over year growth rate of 25%. The business is expected to announce its next earnings report on Thursday, January 13th.
On average, analysts expect that First Republic Bank will report full year sales of $5.04 billion for the current fiscal year, with estimates ranging from $5.00 billion to $5.16 billion. For the next financial year, analysts forecast that the business will report sales of $5.80 billion, with estimates ranging from $5.64 billion to $5.97 billion. Zacks' sales averages are an average based on a survey of research analysts that follow First Republic Bank.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings results on Wednesday, October 13th. The bank reported $1.91 EPS for the quarter, topping the Thomson Reuters' consensus estimate of $1.84 by $0.07. The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. First Republic Bank had a net margin of 27.09% and a return on equity of 12.47%. During the same quarter in the previous year, the firm posted $1.61 earnings per share.
A number of equities analysts recently commented on the stock. Morgan Stanley boosted their target price on shares of First Republic Bank from $190.00 to $215.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 27th. Barclays boosted their target price on shares of First Republic Bank from $205.00 to $215.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 14th. JPMorgan Chase & Co. boosted their target price on shares of First Republic Bank from $235.00 to $240.00 and gave the stock an "overweight" rating in a research note on Thursday, October 14th. Finally, Royal Bank of Canada boosted their target price on shares of First Republic Bank from $208.00 to $212.00 and gave the stock a "sector perform" rating in a research note on Thursday, October 14th. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, First Republic Bank presently has a consensus rating of "Hold" and an average target price of $204.50.
Institutional investors and hedge funds have recently modified their holdings of the business. SouthState Corp acquired a new position in First Republic Bank during the third quarter worth about $29,000. RPg Family Wealth Advisory LLC acquired a new position in First Republic Bank during the second quarter worth about $33,000. Clearstead Advisors LLC acquired a new position in First Republic Bank during the second quarter worth about $40,000. Evoke Wealth LLC grew its position in First Republic Bank by 39.0% during the third quarter. Evoke Wealth LLC now owns 214 shares of the bank's stock worth $41,000 after buying an additional 60 shares during the period. Finally, Logan Capital Management Inc. grew its position in First Republic Bank by 110.6% during the third quarter. Logan Capital Management Inc. now owns 219 shares of the bank's stock worth $42,000 after buying an additional 115 shares during the period. Institutional investors own 96.76% of the company's stock.
NYSE:FRC opened at $211.23 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.80. The company has a fifty day simple moving average of $209.92 and a two-hundred day simple moving average of $199.31. The company has a market cap of $37.24 billion, a price-to-earnings ratio of 29.14, a price-to-earnings-growth ratio of 1.76 and a beta of 1.12. First Republic Bank has a 52 week low of $128.60 and a 52 week high of $222.86.
The company also recently declared a quarterly dividend, which was paid on Friday, November 12th. Investors of record on Thursday, October 28th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Wednesday, October 27th. This represents a $0.88 annualized dividend and a yield of 0.42%. First Republic Bank's dividend payout ratio is currently 12.14%.
About First Republic Bank
First Republic Bank engages in the provision of private banking, business banking, real estate lending, and wealth management, including trust and custody services. It operates through the Commercial Banking and Wealth Management segments. The Commercial Banking segment represents most of the operations, including real estate secured lending, retail deposit gathering, private banking activities, mortgage sales and servicing, and managing capital, liquidity, and interest rate risk.
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