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FRC

First Republic

$97.36

0.08 (0.08%)

08:07
10/15/19
10/15
08:07
10/15/19
08:07

First Republic reports Q3 EPS $1.31, consensus $1.21

Reports Q3 revenue $837.2M, consensus $829.97M. Reports Q3 tangible book value per share $48.84. Reports Q3 CET1 capital ratio 9.91%. Q3 net charge-offs were $4.3M, or two basis points of average loans. "Third quarter results were very strong," said Jim Herbert, chairman, CEO & founder. "Loans, deposits and wealth management assets grew nicely. Our client-focused business model continues to perform very well."

  • 15

    Oct

FRC First Republic
$97.36

0.08 (0.08%)

09/10/19
MSCO
09/10/19
NO CHANGE
Target $82
MSCO
Overweight
Comerica price target lowered to $82 from $90 at Morgan Stanley
Morgan Stanley analyst Ken Zerbe noted that Comerica (CMA) disclosed in conference presentation slides released Friday after the close that its Q3 interest-bearing deposit costs would increase 5-7 bps to roughly 100 bps, which was initially "highly disappointing" to him as he'd assumed deposit costs would start to decline in Q3. However, Zerbe also points out that more banks, including M&T Bank (MTB) and First Republic (FRC), have been talking about flat-to-higher Q3 deposit costs as well. Comerica also noted in its slides that it expects a $30M decline in net interest income in Q3 due to interest rate moves, noted Zerbe, who added that Q4 might be another difficult quarter for net interest income. Due to lower NII, Zerbe lowered his EPS estimates and cut his price target on Comerica shares to $82 from $90, though he keeps an Overweight rating on the stock.
09/24/19
MSCO
09/24/19
NO CHANGE
MSCO
Large-cap banks aren't gaining deposit market share, says Morgan Stanley
Morgan Stanley analyst Ken Zerbe said he continues to hear the "false narrative" that large-cap banks must be gaining market share due to their superior technology, but he insists they are not and that small and mid-cap banks have consistently gained deposit market share over the last five years. Individual large-cap banks that have had the biggest deposit share gains include Goldman Sachs (GS), Ally Financial (ALLY) and Synchrony Financial (SYF), while mid-cap banks that have delivered the biggest gains in share of total deposits include First Republic (FRC), KeyCorp (KEY) and Huntington (HBAN), Zerbe tells investors. Large-cap banks that have seen the largest declines in their respective individual shares of total deposits include JPMorgan (JPM), Wells Fargo (WFC) and Citigroup (C), while deposit share losers among mid-cap banks include Comerica (CMA), Prosperity Bancshares (PB) and Zions (ZION), said Zerbe.
10/02/19
WELS
10/02/19
DOWNGRADE
Target $100
WELS
Market Perform
First Republic downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Jared Shaw downgraded First Republic Bank to Market Perform from Outperform and lowered his price target for the shares to $100 from $112.
10/02/19
WELS
10/02/19
DOWNGRADE
Target $100
WELS
Market Perform
Wells Fargo downgrades First Republic on 'challenging' rate environment
Wells Fargo analyst Jared Shaw downgraded First Republic Bank to Market Perform from Outperform and lowered his price target for the shares to $100 from $112. The analyst, who expects First Republic to continue trading at a premium valuation compared to peers, sees limited opportunity for near-term valuation expansion with the shares trading at nearly 19.0 times his updated fiscal 2020 earnings estimates. Further, he sees the likelihood of additional negative earnings revisions due to the "challenging" interest rate environment. In an environment with few positive catalysts, combined with the richest valuation in the group, "the bar is set pretty high" for First Republic, Shaw tells investors in a research note.

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HIIQ

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Copa Holdings

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