Zacks: Analysts Anticipate First Republic Bank (NYSE:FRC) Will Post Quarterly Sales of $849.41 Million

Wall Street analysts predict that First Republic Bank (NYSE:FRC) will post $849.41 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for First Republic Bank’s earnings, with estimates ranging from $836.20 million to $858.40 million. First Republic Bank reported sales of $810.75 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 4.8%. The business is scheduled to report its next earnings results on Tuesday, January 21st.

On average, analysts expect that First Republic Bank will report full year sales of $3.31 billion for the current financial year, with estimates ranging from $3.30 billion to $3.33 billion. For the next fiscal year, analysts expect that the business will post sales of $3.66 billion, with estimates ranging from $3.58 billion to $3.72 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover First Republic Bank.

First Republic Bank (NYSE:FRC) last announced its quarterly earnings results on Tuesday, October 15th. The bank reported $1.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.21 by $0.10. The company had revenue of $837.19 million during the quarter, compared to the consensus estimate of $830.60 million. First Republic Bank had a net margin of 22.69% and a return on equity of 11.23%. During the same quarter last year, the firm earned $1.19 earnings per share.

Several equities research analysts recently weighed in on FRC shares. Wells Fargo & Co downgraded shares of First Republic Bank from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $112.00 to $100.00 in a research report on Wednesday, October 2nd. They noted that the move was a valuation call. JPMorgan Chase & Co. raised their price target on shares of First Republic Bank from $118.00 to $125.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. BMO Capital Markets raised their price target on shares of First Republic Bank from $97.00 to $103.00 and gave the company a “market perform” rating in a research report on Wednesday, October 16th. They noted that the move was a valuation call. UBS Group lifted their target price on shares of First Republic Bank from $100.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Finally, Bank of America lifted their target price on shares of First Republic Bank from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $106.07.

Shares of FRC opened at $113.18 on Wednesday. The company has a market capitalization of $19.02 billion, a P/E ratio of 23.53, a price-to-earnings-growth ratio of 3.79 and a beta of 0.90. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.43. The firm has a 50 day moving average of $109.18 and a 200 day moving average of $99.25. First Republic Bank has a twelve month low of $79.42 and a twelve month high of $113.53.

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date was Wednesday, October 30th. First Republic Bank’s dividend payout ratio (DPR) is presently 15.80%.

A number of large investors have recently bought and sold shares of FRC. Insight Wealth Strategies LLC purchased a new position in shares of First Republic Bank during the 2nd quarter worth $409,000. Northwestern Mutual Investment Management Company LLC boosted its stake in shares of First Republic Bank by 2.5% during the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 6,406 shares of the bank’s stock worth $619,000 after acquiring an additional 156 shares during the last quarter. Pictet Asset Management Ltd. boosted its stake in shares of First Republic Bank by 0.8% during the 3rd quarter. Pictet Asset Management Ltd. now owns 303,587 shares of the bank’s stock worth $29,357,000 after acquiring an additional 2,361 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of First Republic Bank by 47.1% during the 2nd quarter. Parallel Advisors LLC now owns 1,562 shares of the bank’s stock worth $153,000 after acquiring an additional 500 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in shares of First Republic Bank by 208.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 19,286 shares of the bank’s stock worth $1,865,000 after acquiring an additional 13,036 shares during the last quarter.

First Republic Bank Company Profile

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 and Estimates for First Republic Bank (NYSE:FRC)

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