First Republic Bank (NYSE:FRC) Issues Quarterly Earnings Results, Misses Expectations By $0.02 EPS

First Republic Bank (NYSE:FRC) issued its quarterly earnings results on Tuesday. The bank reported $1.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.26 by ($0.02), RTT News reports. The firm had revenue of $819.38 million during the quarter, compared to analysts’ expectations of $836.26 million. First Republic Bank had a return on equity of 11.30% and a net margin of 22.94%. During the same period in the previous year, the company earned $1.20 earnings per share.

NYSE FRC opened at $94.76 on Thursday. The company has a market capitalization of $15.77 billion, a P/E ratio of 19.70, a P/E/G ratio of 1.89 and a beta of 0.89. The stock has a 50-day moving average of $97.78. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.01 and a quick ratio of 0.99. First Republic Bank has a 52 week low of $79.42 and a 52 week high of $107.75.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Thursday, July 25th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 0.80%. The ex-dividend date of this dividend is Wednesday, July 24th. First Republic Bank’s dividend payout ratio (DPR) is currently 15.80%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its holdings in First Republic Bank by 3.0% during the 4th quarter. Principal Financial Group Inc. now owns 4,404,109 shares of the bank’s stock valued at $382,716,000 after buying an additional 127,038 shares in the last quarter. Geode Capital Management LLC grew its holdings in First Republic Bank by 57.4% during the 4th quarter. Geode Capital Management LLC now owns 2,097,305 shares of the bank’s stock valued at $181,934,000 after buying an additional 764,661 shares in the last quarter. Northern Trust Corp grew its holdings in First Republic Bank by 42.1% during the 1st quarter. Northern Trust Corp now owns 1,720,178 shares of the bank’s stock valued at $172,810,000 after buying an additional 509,672 shares in the last quarter. WCM Investment Management LLC grew its holdings in First Republic Bank by 0.8% during the 1st quarter. WCM Investment Management LLC now owns 1,393,706 shares of the bank’s stock valued at $140,012,000 after buying an additional 10,777 shares in the last quarter. Finally, Norges Bank purchased a new position in First Republic Bank during the 4th quarter valued at approximately $103,154,000.

FRC has been the topic of several recent research reports. BMO Capital Markets upped their price target on Citigroup from $92.00 to $93.00 and gave the stock an “outperform” rating in a research note on Monday, April 15th. Credit Suisse Group assumed coverage on First Republic Bank in a research note on Friday, June 14th. They issued a “neutral” rating and a $105.00 target price on the stock. Maxim Group reaffirmed a “buy” rating and set a $110.00 price objective on shares of First Republic Bank in a research report on Wednesday. Stephens reissued a “hold” rating and issued a $33.00 target price on shares of Bancorpsouth Bank in a report on Thursday, March 21st. Finally, Raymond James downgraded First Midwest Bancorp to a “hold” rating in a report on Monday, July 8th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. First Republic Bank currently has a consensus rating of “Hold” and an average target price of $103.61.

About First Republic Bank

First Republic Bank, together with its subsidiaries, provides private banking, private business banking, real estate lending, and wealth management services to clients in metropolitan areas in the United States. It operates through two segments, Commercial Banking and Wealth Management. The company offers deposit products, such as checking, money market checking, savings, passbook deposits, and individual retirement accounts, as well as certificates of deposit.

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Earnings History for First Republic Bank (NYSE:FRC)

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