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First Republic Bank (FRC) Receives a Hold from Jefferies


Jefferies analyst Ken Usdin reiterated a Hold rating on First Republic Bank (NYSE: FRC) today and set a price target of $102. The company’s shares opened today at $94.08.

According to TipRanks.com, Usdin is a top 25 analyst with an average return of 24.7% and a 86.7% success rate. Usdin covers the Financial sector, focusing on stocks such as Fifth Third Bancorp, Citizens Financial, and State Street Corp.

First Republic Bank has an analyst consensus of Moderate Buy, with a price target consensus of $103.

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Based on First Republic Bank’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $210 million. In comparison, last year the company had a net profit of $200 million.

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First Republic Bank engages in the provision of private banking, business banking, and 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. It operates through two segments: Commercial Banking and Wealth Management. The Commercial Banking segment engages in attracting funds from the general public, originating loans and investing in investment securities. The Wealth Management segment engages in mutual fund activities. The company was founded by James H. Herbert II in February 1985 and is headquartered in San Francisco, CA.