Market Overview

UPDATE: BMO Capital Raises PT on First Republic Bank on Favorable Near-Term Outlook, Organic Growth Story

Related FRC
Earnings Scheduled For October 15, 2015
Top 4 Mid-Cap Stocks In The Money Center Banks Industry With The Highest Operating Margin

In a report published Thursday, BMO Capital Markets analyst Lana Chan reiterated an Outperform rating on First Republic Bank (NYSE: FRC), and raised the price target from $46.00 to $50.00.

In the report, BMO Capital Markets noted, “FRC remains one of the few organic growth stories in banking. Near term, we expect loan growth to be robust (up 18% annualized from 2Q) as FRC benefits from a strong housing market. Gain on sale income is expected to decline in 2H13 owing to a lower volume of loans sold (as residential mortgage demand is shifting from long-term fixed-rate product to hybrid ARMs or adjustable-rate mortgages, driven by the recent uptick in long-term rates); however, we believe this is already reflected in Street estimates. We expect its wealth management assets to benefit from positive equity market performance QTD, and deposit growth has been good across its footprint, which will help fund on-balance-sheet loan growth.”

First Republic Bank closed on Wednesday at $45.53.

Latest Ratings for FRC

Nov 2015Raymond JamesUpgradesMarket PerformOutperform
Oct 2015Keefe Bruyette & WoodsMaintainsMarket Perform
Oct 2015BarclaysMaintainsOverweight

View More Analyst Ratings for FRC
View the Latest Analyst Ratings

Posted-In: BMO Capital Markets Lana ChanAnalyst Color Price Target Analyst Ratings


Related Articles (FRC)

View Comments and Join the Discussion!

Get Benzinga's Newsletters