Price Action Alert: Is Buying First Republic Bank Here a Winning Strategy?

Price Action Alert: Is Buying First Republic Bank Here a Winning Strategy?

The stock of First Republic Bank (NYSE:FRC) hit a new 52-week high and has $113.10 target or 43.00% above today’s $79.09 share price. The 9 months bullish chart indicates low risk for the $11.87B company. The 1-year high was reported on Oct, 10 by If the $113.10 price target is reached, the company will be worth $5.10 billion 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 82,665 shares traded hands. First Republic Bank (NYSE:FRC) has risen 17.59% since March 7, 2016 and is uptrending. It has outperformed by 9.99% the S&P500.

Analysts await First Republic Bank (NYSE:FRC) to report earnings on October, 20. They expect $0.99 EPS, up 20.73% or $0.17 from last year’s $0.82 per share. FRC’s profit will be $148.58 million for 19.97 P/E if the $0.99 EPS becomes a reality. After $0.89 actual EPS reported by First Republic Bank for the previous quarter, Wall Street now forecasts 11.24% EPS growth.

First Republic Bank (NYSE:FRC) Ratings Coverage

Out of 8 analysts covering First Republic Bank (NYSE:FRC), 5 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 63% are positive. First Republic Bank has been the topic of 16 analyst reports since October 6, 2015 according to StockzIntelligence Inc. FBR Capital maintained it with “Mkt Perform” rating and $73 target price in Friday, July 15 report. RBC Capital Markets maintained it with “Sector Perform” rating and $67 target price in Monday, October 19 report. The stock of First Republic Bank (NYSE:FRC) has “Overweight” rating given on Thursday, August 11 by Barclays Capital. JP Morgan maintained First Republic Bank (NYSE:FRC) rating on Friday, July 15. JP Morgan has “Overweight” rating and $83 price target. The rating was maintained by Keefe Bruyette & Woods with “Market Perform” on Friday, July 15. The firm has “Buy” rating by Jefferies given on Monday, February 22. On Monday, February 22 the stock rating was upgraded by HSBC to “Buy”. The company was upgraded on Wednesday, November 11 by Raymond James.

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: which released: “First Republic: Is It Wrong to Build a Bank for Wealthy Clients Only?” on August 16, 2016, also with their article: “BRIEF-First Republic Bank announces Q3 earnings date” published on September 27, 2016, published: “First Republic Bank Names Chris Wolfe Chief Investment Officer Of Private …” on May 19, 2016. More interesting news about First Republic Bank (NYSE:FRC) were released by: and their article: “First Republic Bank (FRC) Stock Price Target Upped at Barclays” published on April 15, 2016 as well as‘s news article titled: “First Republic Bank Declares Dividends On Seven Series Of Perpetual Preferred …” with publication date: September 02, 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.

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