Royal Bank of Canada Boosts First Republic Bank (NYSE:FRC) Price Target to $212.00

First Republic Bank (NYSE:FRC) had its price target hoisted by equities research analysts at Royal Bank of Canada from $208.00 to $212.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “sector perform” rating on the bank’s stock. Royal Bank of Canada’s target price suggests a potential upside of 3.49% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Maxim Group lifted their price objective on First Republic Bank from $210.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, July 14th. Credit Suisse Group boosted their target price on First Republic Bank from $163.00 to $180.00 and gave the stock an “underperform” rating in a report on Wednesday, July 14th. Keefe, Bruyette & Woods boosted their target price on First Republic Bank from $215.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, July 13th. Morgan Stanley boosted their target price on First Republic Bank from $180.00 to $190.00 and gave the stock an “equal weight” rating in a report on Monday, August 2nd. Finally, Barclays boosted their target price on First Republic Bank from $205.00 to $215.00 and gave the stock an “equal weight” rating in a report on Thursday. Three analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, First Republic Bank presently has a consensus rating of “Hold” and an average price target of $193.38.

NYSE:FRC opened at $204.85 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. First Republic Bank has a 52 week low of $120.03 and a 52 week high of $207.66. The stock has a market capitalization of $35.27 billion, a PE ratio of 29.47, a price-to-earnings-growth ratio of 1.58 and a beta of 1.12. The stock’s 50-day moving average price is $198.83 and its 200-day moving average price is $190.43.

First Republic Bank (NYSE:FRC) last posted its quarterly earnings data on Tuesday, October 12th. The bank reported $1.91 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.84 by $0.07. First Republic Bank had a return on equity of 12.40% and a net margin of 26.82%. During the same period in the previous year, the business posted $1.61 EPS. Sell-side analysts expect that First Republic Bank will post 7.45 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the company. Liberty Wealth Management LLC raised its position in First Republic Bank by 18,784.8% in the second quarter. Liberty Wealth Management LLC now owns 6,232 shares of the bank’s stock valued at $33,000 after purchasing an additional 6,199 shares during the period. RPg Family Wealth Advisory LLC purchased a new stake in First Republic Bank in the second quarter valued at approximately $33,000. Clearstead Advisors LLC purchased a new stake in First Republic Bank in the second quarter valued at approximately $40,000. FORA Capital LLC purchased a new stake in First Republic Bank in the first quarter valued at approximately $53,000. Finally, CX Institutional raised its position in First Republic Bank by 29.2% in the second quarter. CX Institutional now owns 345 shares of the bank’s stock valued at $65,000 after purchasing an additional 78 shares during the period. 96.75% of the stock is currently 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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Analyst Recommendations for First Republic Bank (NYSE:FRC)

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