Breaking: Could First Republic Bank See a Reversal After Breaking Its 52-Week High?

Breaking: Could First Republic Bank See a Reversal After Breaking Its 52 Week High?

The stock of First Republic Bank (NYSE:FRC) hit a new 52-week high and has $139.02 target or 69.00% above today’s $82.26 share price. The 8 months bullish chart indicates low risk for the $13.04 billion company. The 1-year high was reported on Nov, 11 by Barchart.com. If the $139.02 price target is reached, the company will be worth $9.00B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 739,628 shares traded hands. First Republic Bank (NYSE:FRC) has risen 27.18% since April 11, 2016 and is uptrending. It has outperformed by 21.03% the S&P500.

First Republic Bank (NYSE:FRC) Ratings Coverage

Out of 10 analysts covering First Republic Bank (NYSE:FRC), 6 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 60% are positive. First Republic Bank has been the topic of 20 analyst reports since October 6, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating by HSBC given on Monday, February 22. The firm earned “Overweight” rating on Friday, October 14 by Barclays Capital. The stock of First Republic Bank (NYSE:FRC) earned “Sector Perform” rating by RBC Capital Markets on Monday, October 19. The company was upgraded on Wednesday, November 11 by Raymond James. JP Morgan maintained First Republic Bank (NYSE:FRC) rating on Friday, July 15. JP Morgan has “Overweight” rating and $83 price target. As per Friday, October 14, the company rating was maintained by FBR Capital. The rating was maintained by Keefe Bruyette & Woods with “Market Perform” on Friday, July 15. On Friday, October 14 the stock rating was maintained by Maxim Group with “Buy”. Barclays Capital maintained First Republic Bank (NYSE:FRC) on Thursday, August 11 with “Overweight” rating. The stock of First Republic Bank (NYSE:FRC) earned “Market Perform” rating by Wood on Friday, October 14.

According to Zacks Investment Research, “First Republic Bank operates as a commercial bank offering private banking, business banking, real estate lending and wealth management services in California. The bank’s services are catered to accounting firms, architecture and design, business management firms, entertainment/media, family offices, hedge funds, independent schools, investment firms, law firms, medical firms, non-profit organizations, private equity funds/firms, property management firms, venture capital firms and etc. Services offered by First Republic include asset allocation, trust administration, custody, asset management, brokerage, private placements, ATM rebate checking, money market checking, passbook savings, and certificates of deposit and etc. The Company’s product include family mortgages, co-op and condominium loans, home equity lines of credit, bridge loans, and construction-to-permanent loans; commercial lending and personal lending. First Republic Bank is headquartered in San Francisco, California.”

More notable recent First Republic Bank (NYSE:FRC) news were published by: Forbes.com which released: “First Republic Bank’s Series D Preferred Stock Yield Pushes Past 5.5%” on November 08, 2016, also Wsj.com with their article: “First Republic: Is It Wrong to Build a Bank for Wealthy Clients Only?” published on August 16, 2016, Forbes.com published: “Ex-Dividend Reminder: Ford Motor, Williams Sonoma and First Republic Bank” on October 21, 2016. More interesting news about First Republic Bank (NYSE:FRC) were released by: Prnewswire.com and their article: “First Republic Bank To Host Investor Day” published on October 18, 2016 as well as Finance.Yahoo.com‘s news article titled: “First Republic Bank beats 3Q profit forecasts” with publication date: October 13, 2016.

FRC Company Profile

First Republic Bank, incorporated on October 15, 2009, is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States. The Bank operates through two divisions: Commercial Banking and Wealth Management. The Bank offers services through approximately 70 offices located primarily in the areas, such as San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida), Greenwich and New York City. The Bank has approximately five additional offices that offer lending, wealth management or trust services. It originates real estate-secured loans and other loans for retention in its loan portfolio.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.

Tags:

Related posts

Leave a Comment