First Republic Bank (NYSE:FRC) Shares Gap Down to $12.53

Defense World · Mar 26, 2023 14:23

First Republic Bank (NYSE:FRC – Get Rating) shares gapped down before the market opened on Friday . The stock had previously closed at $12.53, but opened at $11.98. First Republic Bank shares last traded at $12.19, with a volume of 12,794,885 shares trading hands.

Analysts Set New Price Targets

FRC has been the topic of a number of recent research reports. Maxim Group cut their price target on shares of First Republic Bank from $200.00 to $185.00 in a report on Tuesday, January 17th. Jefferies Financial Group upgraded shares of First Republic Bank from a "hold" rating to a "buy" rating in a report on Monday, January 9th. Compass Point downgraded shares of First Republic Bank from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $168.00 to $130.00 in a research note on Monday, March 13th. Atlantic Securities downgraded First Republic Bank from an "overweight" rating to a "neutral" rating in a research report on Friday, March 17th. Finally, StockNews.com started coverage on shares of First Republic Bank in a research report on Thursday, March 16th. They issued a "sell" rating on the stock. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $144.90.

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First Republic Bank Stock Performance

The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.92 and a current ratio of 0.93. The stock's fifty day moving average price is $108.31 and its 200-day moving average price is $120.05. The company has a market capitalization of $2.22 billion, a P/E ratio of 1.50 and a beta of 1.15.

First Republic Bank (NYSE:FRC – Get Rating) last posted its earnings results on Friday, January 13th. The bank reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates of $1.82 by $0.06. First Republic Bank had a return on equity of 12.66% and a net margin of 24.66%. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.45 billion. During the same period in the previous year, the firm earned $2.02 EPS. The firm's revenue was up .0% compared to the same quarter last year. As a group, research analysts anticipate that First Republic Bank will post 5.23 EPS for the current fiscal year.

First Republic Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 9th. Stockholders of record on Thursday, January 26th were paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 8.74%. The ex-dividend date was Wednesday, January 25th. First Republic Bank's dividend payout ratio is presently 13.09%.

Institutional Investors Weigh In On First Republic Bank

Hedge funds have recently bought and sold shares of the stock. Lindbrook Capital LLC increased its stake in shares of First Republic Bank by 63.2% during the fourth quarter. Lindbrook Capital LLC now owns 217 shares of the bank's stock worth $26,000 after purchasing an additional 84 shares during the period. Armstrong Advisory Group Inc. bought a new position in First Republic Bank during the fourth quarter worth about $28,000. Ruedi Wealth Management Inc. bought a new position in shares of First Republic Bank in the fourth quarter worth $28,000. Guardian Wealth Advisors LLC bought a new stake in First Republic Bank during the third quarter worth $29,000. Finally, Blume Capital Management Inc. grew its holdings in shares of First Republic Bank by 200.0% during the 4th quarter. Blume Capital Management Inc. now owns 300 shares of the bank's stock valued at $37,000 after purchasing an additional 200 shares during the last quarter. 95.24% of the stock is currently owned by institutional investors and hedge funds.

First Republic Bank Company Profile

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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.