JPMorgan Chase & Co. Boosts First Republic Bank (NYSE:FRC) Price Target to $240.00

First Republic Bank (NYSE:FRC) had its price target increased by equities researchers at JPMorgan Chase & Co. from $235.00 to $240.00 in a research note issued to investors on Thursday, The Fly reports. The firm presently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 17.16% from the stock’s previous close.

Several other brokerages also recently commented on FRC. Maxim Group upped their price target on shares of First Republic Bank from $210.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, July 14th. Royal Bank of Canada upped their price target on shares of First Republic Bank from $208.00 to $212.00 and gave the company a “sector perform” rating in a report on Thursday. Credit Suisse Group upped their price target on shares of First Republic Bank from $163.00 to $180.00 and gave the company an “underperform” rating in a report on Wednesday, July 14th. Keefe, Bruyette & Woods upped their price target on shares of First Republic Bank from $215.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, July 13th. Finally, Barclays upped 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. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $194.54.

Shares of NYSE FRC opened at $204.85 on Thursday. The firm’s 50-day moving average price is $198.83 and its 200-day moving average price is $190.43. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $35.27 billion, a price-to-earnings ratio of 29.47, a P/E/G ratio of 1.58 and a beta of 1.12. First Republic Bank has a 12-month low of $120.03 and a 12-month high of $207.66.

First Republic Bank (NYSE:FRC) last issued its quarterly earnings results on Tuesday, October 12th. The bank reported $1.91 EPS for the quarter, beating the consensus estimate of $1.84 by $0.07. First Republic Bank had a net margin of 26.82% and a return on equity of 12.40%. During the same quarter in the prior year, the business posted $1.61 EPS. On average, equities analysts predict that First Republic Bank will post 7.45 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in FRC. Liberty Wealth Management LLC lifted its position in shares of First Republic Bank by 18,784.8% in the 2nd quarter. Liberty Wealth Management LLC now owns 6,232 shares of the bank’s stock worth $33,000 after purchasing an additional 6,199 shares during the period. RPg Family Wealth Advisory LLC purchased a new stake in shares of First Republic Bank in the 2nd quarter worth approximately $33,000. Clearstead Advisors LLC purchased a new stake in shares of First Republic Bank in the 2nd quarter worth approximately $40,000. FORA Capital LLC purchased a new stake in shares of First Republic Bank in the 1st quarter worth approximately $53,000. Finally, CX Institutional lifted its position in shares of First Republic Bank by 29.2% in the 2nd quarter. CX Institutional now owns 345 shares of the bank’s stock worth $65,000 after purchasing an additional 78 shares during the period. 96.75% of the stock is owned by hedge funds and other institutional investors.

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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