FRC Stock Overview
First Republic Bank, together with its subsidiaries, provides private banking, private business banking, and private wealth management services to clients in metropolitan areas in the United States.
First Republic Bank Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||US$163.96|
|52 Week High||US$222.86|
|52 Week Low||US$133.37|
|1 Month Change||8.45%|
|3 Month Change||13.15%|
|1 Year Change||-19.53%|
|3 Year Change||73.72%|
|5 Year Change||68.39%|
|Change since IPO||487.25%|
Recent News & Updates
First Republic Bank prices ~$353.3M stock offering
First Republic Bank (NYSE:FRC) shares dropped ~3% pre-market on Tuesday after the firm priced its underwritten public offering of 2.25M shares of its common stock at ~$157/share for expected gross proceeds of ~$353.3M. Underwriters have been granted a 30-day option to purchase up to an additional 337,500 shares from First Republic. Net proceeds from the offering will be used for general corporate purposes, which may include, among other things, funding loans or purchasing investment securities for its portfolio. The offering is expected to close on or about August 4, 2022.
|FRC||US Banks||US Market|
Return vs Industry: FRC underperformed the US Banks industry which returned -14.1% over the past year.
Return vs Market: FRC underperformed the US Market which returned -12.8% over the past year.
|FRC Average Weekly Movement||4.4%|
|Banks Industry Average Movement||3.7%|
|Market Average Movement||7.9%|
|10% most volatile stocks in US Market||17.1%|
|10% least volatile stocks in US Market||3.2%|
Stable Share Price: FRC is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.
Volatility Over Time: FRC's weekly volatility (4%) has been stable over the past year.
About the Company
First Republic Bank, together with its subsidiaries, provides private banking, private business banking, and private wealth management services to clients in metropolitan areas in the United States. It operates in two segments, Commercial Banking and Wealth Management. The company accepts deposit products, such as noninterest-bearing checking, interest-bearing checking, money market checking accounts, money market savings accounts, and passbook accounts, as well as certificates of deposit.
First Republic Bank Fundamentals Summary
|FRC fundamental statistics|
Is FRC overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|FRC income statement (TTM)|
|Cost of Revenue||US$0|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
|Earnings per share (EPS)||8.07|
|Net Profit Margin||26.83%|
How did FRC perform over the long term?See historical performance and comparison
0.7%Current Dividend Yield
Is FRC undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 2/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for FRC?
Other financial metrics that can be useful for relative valuation.
|What is FRC's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does FRC's PE Ratio compare to its peers?
|FRC PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
SIVB SVB Financial Group
MTB M&T Bank
HBAN Huntington Bancshares
FITB Fifth Third Bancorp
FRC First Republic Bank
Price-To-Earnings vs Peers: FRC is expensive based on its Price-To-Earnings Ratio (20.3x) compared to the peer average (13.9x).
Price to Earnings Ratio vs Industry
How does FRC's PE Ratio compare vs other companies in the US Banks Industry?
Price-To-Earnings vs Industry: FRC is expensive based on its Price-To-Earnings Ratio (20.3x) compared to the US Banks industry average (9.8x)
Price to Earnings Ratio vs Fair Ratio
What is FRC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PE Ratio||20.3x|
|Fair PE Ratio||16.4x|
Price-To-Earnings vs Fair Ratio: FRC is expensive based on its Price-To-Earnings Ratio (20.3x) compared to the estimated Fair Price-To-Earnings Ratio (16.4x).
Share Price vs Fair Value
What is the Fair Price of FRC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: FRC ($163.96) is trading below our estimate of fair value ($233.27)
Significantly Below Fair Value: FRC is trading below fair value by more than 20%.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Target price is less than 20% higher than the current share price.
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How is First Republic Bank forecast to perform in the next 1 to 3 years based on estimates from 17 analysts?
Future Growth Score3/6
Future Growth Score 3/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: FRC's forecast earnings growth (13.7% per year) is above the savings rate (1.9%).
Earnings vs Market: FRC's earnings (13.7% per year) are forecast to grow faster than the US market (12.8% per year).
High Growth Earnings: FRC's earnings are forecast to grow, but not significantly.
Revenue vs Market: FRC's revenue (12.2% per year) is forecast to grow faster than the US market (7.9% per year).
High Growth Revenue: FRC's revenue (12.2% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: FRC's Return on Equity is forecast to be low in 3 years time (11.2%).
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How has First Republic Bank performed over the past 5 years?
Past Performance Score4/6
Past Performance Score 4/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: FRC has high quality earnings.
Growing Profit Margin: FRC's current net profit margins (26.8%) are lower than last year (27.9%).
Past Earnings Growth Analysis
Earnings Trend: FRC's earnings have grown by 16.4% per year over the past 5 years.
Accelerating Growth: FRC's earnings growth over the past year (20.1%) exceeds its 5-year average (16.4% per year).
Earnings vs Industry: FRC earnings growth over the past year (20.1%) exceeded the Banks industry 9.2%.
Return on Equity
High ROE: FRC's Return on Equity (9.8%) is considered low.
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How is First Republic Bank's financial position? (This company is analysed differently as a bank or financial institution)
Financial Health Score6/6
Financial Health Score 6/6
Allowance for Bad Loans
Low Risk Liabilities
Low Risk Deposits
Level of Bad Loans
Financial Position Analysis
Debt to Equity History and Analysis
Financial Institutions Analysis
Asset Level: FRC's Assets to Equity ratio (12x) is moderate.
Allowance for Bad Loans: FRC has a sufficient allowance for bad loans (532%).
Low Risk Liabilities: 91% of FRC's liabilities are made up of primarily low risk sources of funding.
Loan Level: FRC has an appropriate level of Loans to Assets ratio (76%).
Low Risk Deposits: FRC's Loans to Deposits ratio (91%) is appropriate.
Level of Bad Loans: FRC has an appropriate level of bad loans (0.1%).
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What is First Republic Bank current dividend yield, its reliability and sustainability?
Dividend Score 0/6
Future Dividend Coverage
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: FRC's dividend (0.66%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.52%).
High Dividend: FRC's dividend (0.66%) is low compared to the top 25% of dividend payers in the US market (4.09%).
Stability and Growth of Payments
Stable Dividend: FRC is not paying a notable dividend for the US market, therefore no need to check if payments are stable.
Growing Dividend: FRC is not paying a notable dividend for the US market, therefore no need to check if payments are increasing.
Current Payout to Shareholders
Earnings Coverage: FRC is not paying a notable dividend for the US market.
Future Payout to Shareholders
Future Dividend Coverage: No need to calculate the sustainability of FRC's dividend in 3 years as they are not forecast to pay a notable one for the US market.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Mike Roffler (51 yo)
Mr. Michael J. Roffler, also known as Mike, serves as Chief Executive Officer at First Republic Bank since March 13, 2022 and serves as its Director since January 2022. He had been the Chief Financial Offi...
CEO Compensation Analysis
Compensation vs Market: Mike 's total compensation ($USD7.34M) is below average for companies of similar size in the US market ($USD13.00M).
Compensation vs Earnings: Mike 's compensation has increased by more than 20% in the past year.
Experienced Management: FRC's management team is seasoned and experienced (7.6 years average tenure).
Experienced Board: FRC's board of directors are considered experienced (9.4 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: FRC insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.9%.
First Republic Bank's employee growth, exchange listings and data sources
- Name: First Republic Bank
- Ticker: FRC
- Exchange: NYSE
- Founded: 1985
- Industry: Regional Banks
- Sector: Banks
- Implied Market Cap: US$29.830b
- Shares outstanding: 181.93m
- Website: https://www.firstrepublic.com
Number of Employees
- First Republic Bank
- 111 Pine Street
- 2nd Floor
- San Francisco
- United States
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/08/06 00:00|
|End of Day Share Price||2022/08/05 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.