Q2 2023 Earnings Estimate for First Republic Bank (NYSE:FRC) Issued By Wedbush

First Republic Bank (NYSE:FRCGet Rating) – Wedbush lowered their Q2 2023 earnings per share estimates for shares of First Republic Bank in a research report issued on Thursday, November 10th. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings per share of $1.64 for the quarter, down from their previous estimate of $1.96. The consensus estimate for First Republic Bank’s current full-year earnings is $8.18 per share. Wedbush also issued estimates for First Republic Bank’s FY2023 earnings at $7.00 EPS.

Other equities research analysts also recently issued reports about the stock. The Goldman Sachs Group decreased their price target on shares of First Republic Bank from $168.00 to $148.00 and set a “neutral” rating for the company in a research note on Friday, September 30th. Wells Fargo & Company dropped their price target on First Republic Bank from $110.00 to $100.00 and set an “underweight” rating on the stock in a research note on Thursday. StockNews.com cut First Republic Bank from a “hold” rating to a “sell” rating in a research note on Thursday, October 20th. Stephens lowered their target price on First Republic Bank from $190.00 to $145.00 and set an “overweight” rating on the stock in a research report on Monday, October 17th. Finally, Credit Suisse Group reduced their price target on shares of First Republic Bank from $150.00 to $136.00 and set a “neutral” rating for the company in a research report on Thursday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $153.37.

First Republic Bank Stock Up 2.1 %

First Republic Bank stock opened at $129.11 on Monday. The company has a market capitalization of $23.19 billion, a PE ratio of 15.39, a PEG ratio of 2.47 and a beta of 1.07. First Republic Bank has a 12-month low of $106.86 and a 12-month high of $222.86. The firm’s fifty day moving average is $130.75 and its 200 day moving average is $144.55. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.53.

First Republic Bank (NYSE:FRCGet Rating) last issued its quarterly earnings results on Friday, October 14th. The bank reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.18 by $0.03. First Republic Bank had a return on equity of 13.15% and a net margin of 27.06%. During the same period last year, the firm earned $1.91 EPS.

First Republic Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 10th. Investors of record on Thursday, October 27th were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Wednesday, October 26th. This represents a $1.08 dividend on an annualized basis and a yield of 0.84%. First Republic Bank’s dividend payout ratio (DPR) is currently 12.87%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Sargent Bickham Lagudis LLC bought a new position in shares of First Republic Bank during the 2nd quarter valued at approximately $25,000. Guardian Wealth Advisors LLC bought a new position in First Republic Bank during the third quarter valued at $29,000. Spire Wealth Management grew its holdings in First Republic Bank by 2,530.0% during the second quarter. Spire Wealth Management now owns 263 shares of the bank’s stock valued at $38,000 after purchasing an additional 253 shares during the period. Tcwp LLC purchased a new stake in First Republic Bank in the first quarter worth $45,000. Finally, Pacer Advisors Inc. raised its stake in shares of First Republic Bank by 30.1% in the third quarter. Pacer Advisors Inc. now owns 372 shares of the bank’s stock valued at $49,000 after buying an additional 86 shares during the period. Institutional investors own 95.17% of the company’s stock.

About First Republic Bank

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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.

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Earnings History and Estimates for First Republic Bank (NYSE:FRC)

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