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First Republic Bank Shares of
First Republic Bank (FRC - Get Report) of San Francisco closed at $33.27 Thursday, returning 9% year-to-date.
The shares trade for 1.8 times their reported March 31 tangible book value of $18.91, and for 12 times the consensus 2013 EPS estimate of $2.73. The consensus 2012 EPS estimate is $2.65.
The company on Wednesday initiated a 10-cent quarterly dividend, beginning in the third quarter of 2012.
First Republic Bank on Wednesday reported first-quarter net income of $91.8 million, or 67 cents a share, beating the consensus EPS estimate of 65 cents. In comparison, the bank earned $88.9 million, or 67 cents a share the previous quarter, and $90.7 million, or 68 cents a share, a year earlier.
Jefferies analyst Casey Haire rates First Republic Bank a "Hold," and on Wednesday reiterated his rating, while saying the first quarter was a "solid quarter overall with loan growth overcoming seasonal challenges (up 5%), NIM expansion (up 9bp), and capital return announcement ($0.10 quarterly dividend beginning 3Q12)."
Haire estimates that First Republic will earn $2.80 a share this year, followed by 2013 EPS of $2.75.
Interested in more on First Republic Bank? See TheStreet Ratings' report card for this stock.
Written by Philip van Doorn in Jupiter, Fla.
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