BMO Capital Remains a Hold on First Republic Bank

By Austin Angelo

In a report released yesterday, Lana Chan from BMO Capital reiterated a Hold rating on First Republic Bank (NYSE: FRC), with a price target of $97. The company’s shares closed yesterday at $93.23, close to its 52-week high of $97.43.

According to TipRanks.com, Chan is a 5-star analyst with an average return of 14.7% and a 77.2% success rate. Chan covers the Financial sector, focusing on stocks such as Westamerica Bancorporation, Huntington Bancshares Inc, and Cathay General Bancorp.

Currently, the analyst consensus on First Republic Bank is Moderate Buy and the average price target is $100.50, representing a 7.8% upside.

In a report issued on May 17, RBC Capital also reiterated a Hold rating on the stock with a $98 price target.

Based on First Republic Bank’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $659 million and quarterly net profit of $177 million. In comparison, last year the company earned revenue of $558 million and had a net profit of $149 million.

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First Republic Bank, Inc. engages in the provision of private banking, private business banking, and private wealth management, including investment, trust and brokerage services through its subsidiaries. Its services includes checking, savings, money market, online and mobile banking, automated teller machine (ATM) card and ATM/debit card, student loan refinancing, residential and personal lending, foreign exchange, business lending by industry, general business loans, commercial real estate and construction loans, business lines of credit, corporate online, treasury services, endowment management, and financial planning. The company was founded by James H. Herbert II in February 1985 and is headquartered in San Francisco, CA.