why First Republic Bank [FRC] is a Good Choice for Investors After New Price Target of $122.06

First Republic Bank [NYSE: FRC] loss -32.80% or -11.24 points to close at $23.03 with a heavy trading volume of 139201478 shares. The company report on March 16, 2023 that Reinforcing Confidence in First Republic Bank.

$30 Billion in Uninsured Deposits Committed from America’s Largest Banks.

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First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced it will receive uninsured deposits totaling $30 billion on March 16, 2023 from Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, PNC Bank, State Street, Truist, and U.S. Bank.

It opened the trading session at $27.74, the shares rose to $30.01 and dropped to $22.30, the range by which the price of stock traded the whole day. The daily chart for FRC points out that the company has recorded -84.29% loss over the past six months. However, it is still -31.37% lower than its most recent low trading price.

If we look at the average trading volume of 11.55M shares, FRC reached to a volume of 139201478 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about First Republic Bank [FRC]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for FRC shares is $122.06 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on FRC stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Wedbush have made an estimate for First Republic Bank shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on March 17, 2023. The new note on the price target was released on March 17, 2023, representing the official price target for First Republic Bank stock.

The Average True Range (ATR) for First Republic Bank is set at 12.87, with the Price to Sales ratio for FRC stock in the period of the last 12 months amounting to 1.10. The Price to Book ratio for the last quarter was 0.31, with the Price to Cash per share for the same quarter was set at 22.30.

Trading performance analysis for FRC stock

First Republic Bank [FRC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -71.83. With this latest performance, FRC shares dropped by -82.78% in over the last four-week period, additionally sinking by -84.29% over the last 6 months – not to mention a drop of -86.40% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for FRC stock in for the last two-week period is set at 14.22, with the RSI for the last a single of trading hit 12.93, and the three-weeks RSI is set at 16.47 for First Republic Bank [FRC]. The present Moving Average for the last 50 days of trading for this stock 119.48, while it was recorded at 31.86 for the last single week of trading, and 133.92 for the last 200 days.

First Republic Bank [FRC]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and First Republic Bank [FRC] shares currently have an operating margin of +31.68. First Republic Bank’s Net Margin is presently recorded at +24.63.

Return on Equity for this stock inclined to 9.99, with Return on Assets sitting at 0.84.

An analysis of insider ownership at First Republic Bank [FRC]

There are presently around $4,132 million, or 97.20% of FRC stock, in the hands of institutional investors. The top three institutional holders of FRC stocks are: VANGUARD GROUP INC with ownership of 20,563,135, which is approximately 1.883% of the company’s market cap and around 0.20% of the total institutional ownership; BLACKROCK INC., holding 13,159,705 shares of the stock with an approximate value of $303.07 million in FRC stocks shares; and CAPITAL INTERNATIONAL INVESTORS, currently with $235.89 million in FRC stock with ownership of nearly -16.067% of the company’s market capitalization.

Positions in First Republic Bank stocks held by institutional investors increased at the end of Friday and at the time of the Friday reporting period, where 419 institutional holders increased their position in First Republic Bank [NYSE:FRC] by around 19,844,708 shares. Additionally, 335 investors decreased positions by around 14,575,986 shares, while 80 investors held positions by with 145,004,636 shares. The mentioned changes placed institutional holdings at 179,425,330 shares, according to the latest SEC report filing. FRC stock had 102 new institutional investments in for a total of 4,973,992 shares, while 91 institutional investors sold positions of 1,392,492 shares during the same period.


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