Zacks reiterated their neutral rating on shares of First Republic Bank (NYSE:FRC) in a research note released on Thursday morning, AnalystRatingsNetwork.com reports. They currently have a $48.00 target price on the stock.
Zacks’ analyst wrote, “We are initiating our coverage on First Republic with a long-term Neutral recommendation. The company’s second-quarter earnings marginally surpassed the Zacks Consensus Estimate. Results were aided by higher net interest and non-interest income. An increase in loans and deposits were also positive for the quarter. However, higher non-interest expenses were the downside. We expect First Republic’s continued stability and earnings strength, including strong mortgage banking results, to drive growth in the next cycle. Further, the company’s consistent dividend payment strategy reflects its strong capital position. However, the unsettled economic environment, still low interest rate environment and stringent regulatory issues are matters of concern. “
Zacks has also taken action a number of other financials stocks recently. The firm downgraded shares of Washington Banking Co. from a neutral rating to an underperform rating. Their analysts now have a $13.50 price target on that stock. Also, Zacks upgraded shares of Southside Bancshares Inc. from a neutral rating to an outperform rating. Zacks now has a $27.70 price target on that stock. Finally, Zacks reiterated its neutral rating on shares of Zions Bancorporation. They have a $30.50 price target on that stock.
Other equities research analysts have also recently issued reports about the stock. Analysts at BMO Capital Markets reiterated an outperform rating on shares of First Republic Bank (NYSE:FRC) in a research note to investors on Thursday. They now have a $50.00 price target on the stock, up previously from $46.00. Separately, analysts at Keefe, Bruyette & Woods raised their price target on shares of First Republic Bank (NYSE:FRC) from $41.00 to $46.00 in a research note to investors on Monday, July 22nd. Finally, analysts at Sandler O’Neill raised their price target on shares of First Republic Bank (NYSE:FRC) from $41.00 to $44.00 in a research note to investors on Friday, July 19th. They now have a hold rating on the stock.
Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $45.33.
First Republic Bank (NYSE:FRC) traded up 0.57% during mid-day trading on Thursday, hitting $45.81. The stock had a trading volume of 66,030 shares. First Republic Bank has a 1-year low of $31.42 and a 1-year high of $46.01. The stock’s 50-day moving average is $44.49 and its 200-day moving average is $40.05. The company has a market cap of $6.042 billion and a P/E ratio of 14.69.
First Republic Bank is a full-service bank and wealth management firm. First Republic Bank and its subsidiaries provide private banking, private business banking and private wealth management, including investment, trust and brokerage services.
To view Zacks’ full report, visit www.zacks.com