BMO Capital Markets Increases First Republic Bank (FRC) Price Target to $111.00
First Republic Bank (NYSE:FRC) had its target price lifted by equities research analysts at BMO Capital Markets from $95.00 to $111.00 in a note issued to investors on Friday. The firm presently has a “market perform” rating on the bank’s stock. BMO Capital Markets’ price objective suggests a potential upside of 7.18% from the stock’s current price.
Several other research firms have also recently commented on FRC. Atlantic Securities cut First Republic Bank from an “overweight” rating to a “neutral” rating and set a $104.98 price target for the company. in a report on Friday, March 1st. Bank of America reaffirmed a “neutral” rating and issued a $104.00 price target (up previously from $98.00) on shares of First Republic Bank in a report on Tuesday, February 5th. ValuEngine raised First Republic Bank from a “hold” rating to a “buy” rating in a research note on Wednesday, January 16th. Maxim Group reissued a “buy” rating and set a $110.00 target price on shares of First Republic Bank in a research note on Tuesday, January 15th. Finally, Wells Fargo & Co raised their target price on First Republic Bank from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 16th. Twelve analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $102.57.
NYSE:FRC opened at $103.56 on Friday. First Republic Bank has a one year low of $79.42 and a one year high of $106.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.34. The company has a market capitalization of $16.34 billion, a P/E ratio of 21.53, a P/E/G ratio of 1.55 and a beta of 0.93.
Several hedge funds and other institutional investors have recently modified their holdings of FRC. Metropolitan Life Insurance Co. NY boosted its holdings in First Republic Bank by 2.6% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 4,023 shares of the bank’s stock valued at $350,000 after purchasing an additional 103 shares during the period. Capital Insight Partners LLC lifted its holdings in First Republic Bank by 0.8% during the 4th quarter. Capital Insight Partners LLC now owns 15,707 shares of the bank’s stock worth $1,365,000 after buying an additional 125 shares during the last quarter. Bradley Foster & Sargent Inc. CT lifted its holdings in First Republic Bank by 2.2% during the 4th quarter. Bradley Foster & Sargent Inc. CT now owns 5,875 shares of the bank’s stock worth $511,000 after buying an additional 125 shares during the last quarter. Wetherby Asset Management Inc. lifted its holdings in First Republic Bank by 4.9% during the 4th quarter. Wetherby Asset Management Inc. now owns 2,663 shares of the bank’s stock worth $231,000 after buying an additional 125 shares during the last quarter. Finally, Comerica Securities Inc. lifted its holdings in First Republic Bank by 4.1% during the 4th quarter. Comerica Securities Inc. now owns 4,084 shares of the bank’s stock worth $355,000 after buying an additional 160 shares during the last quarter.
About First Republic Bank
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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