The price of First Republic Bank (NYSE:FRC) shares last traded on Wall Street fell -1.05% to $118.71.
FRC stock price is now -4.22% away from the 50-day moving average and -19.42% away from the 200-day moving average. The market capitalization of the company currently stands at $21.92B.
With the price target reduced from $109 to $102, Morgan Stanley Downgraded its rating from Equal-Weight to Underweight for First Republic Bank (NYSE: FRC). On October 17, 2022, Raymond James Upgraded its previous ‘Mkt Perform’ rating to ‘Strong Buy’ on the stock keeping its target price maintained at $143, while ‘Atlantic Equities’ rates the stock as ‘Overweight’.
A total of 0.20% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in FRC stock. A new stake in First Republic Bank shares was purchased by BOSTON PARTNERS during the first quarter worth $73,908,000. THOMPSON SIEGEL & WALMSLEY LLC invested $33,095,000 in shares of FRC during the first quarter. In the first quarter, TWINBEECH CAPITAL LP acquired a new stake in First Republic Bank valued at approximately $24,801,000. AUREUS ASSET MANAGEMENT, LLC acquired a new stake in FRC for approximately $15,659,000. QUBE RESEARCH & TECHNOLOGIES LTD purchased a new stake in FRC valued at around $14,199,000 in the second quarter. In total, there are 1,058 active investors with 97.00% ownership of the company’s stock.
During the past 12 months, First Republic Bank has had a low of $106.86 and a high of $217.27. The fifty day moving average price for FRC is $123.94 and a two-hundred day moving average price translates $147.33 for the stock.
The latest earnings results from First Republic Bank (NYSE: FRC) was released for Sep, 2022. According to the Banks – Regional Company, earnings per share came in at $2.21, beating analysts’ expectations of $2.18 by 0.03. This compares to $1.91 EPS in the same period last year. The net profit margin was 27.50% and return on equity was 11.50% for FRC. The company reported revenue of $1.52 billion for the quarter, compared to $1.12 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 35.78 percent. For the current quarter, analysts expect FRC to generate $1.44B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 11/10/2022. Investors who held shares on 10/27/2022 were paid a $0.27 dividend. On an annualized basis, this represents a $1.08 dividend and a 0.91% percent yield. There was an ex-dividend date of 10/26/2022 for this dividend. In terms of dividend payout ratio, FRC is presently at 11.00%.
First Republic Bank(FRC) Company Profile
First Republic Bank, together with its subsidiaries, provides private banking, private business banking, and private wealth management services to clients in metropolitan areas in the United States. It operates in two segments, Commercial Banking and Wealth Management. The company accepts deposit products, such as noninterest-bearing checking, interest-bearing checking, money market checking accounts, money market savings accounts, and passbook accounts, as well as certificates of deposit. It also offers a range of lending products that comprise residential mortgage loans, home equity lines of credit, multifamily loans, commercial real estate and construction loans, personal and business loans, single family construction loans, and other loans and lines of credit to businesses and individuals. The company’s loans are secured by single family residences, multifamily buildings, and commercial real estate properties. In addition, it provides wealth management services, which include various investment strategies and products, online investment management, trust and custody, full service and online brokerage, financial and estate planning, and access to alternative investments, as well as investing, insurance, and foreign exchange services. Further, the company offers online and mobile banking services; refinancing services; and ATM and debit cards. As of December 31, 2021, it offered its services through 82 licensed deposit taking offices primarily in the San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; and Jackson, Wyoming. It also has 12 additional offices that offer lending, wealth management, or trust services. First Republic Bank was founded in 1985 and is headquartered in San Francisco, California.