First Republic Bank (FRC) announced its most recent quarterly financial results on Thursday, Oct-13-2016. FRC said it had a profit of $1.00 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $0.99. The company posted revenue of $557.90 million in the period, compared to analysts expectations of $593.52 million. FRC’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.79 EPS.
Many Wall Street Analysts have commented on First Republic Bank. Company shares were Reiterated by Barclays on Aug 11, 2016 to “Overweight”, Firm has raised the Price Target to $ 84 from a previous price target of $78 .
First Republic Bank closed down -1.14 points or -1.45% at $77.53 with 6,32,679 shares getting traded on Tuesday. Post opening the session at $78.68, the shares hit an intraday low of $77.27 and an intraday high of $79.02 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.
First Republic Bank and its subsidiaries provide private banking private business banking and private wealth management including investment trust and brokerage services. The Company has offices in San Francisco Palo Alto Los Angeles Santa Barbara Newport Beach San Diego Portland Boston Palm Beach Greenwich and New York City. The Company’s products and services include residential lending commercial real estate lending personal lending private business banking deposit services investment management services brokerage services and trust services. The Bank offers full-service banking on both coasts including free online banking free bill pay and free access to automated teller machines (ATMs) across the world.