NEW YORK (TheStreet) -- First Republic Bank (FRC) - Get Report shares are down 1.14% to $63.94 in early market trading on Thursday, following the release of the bank's second quarter earnings results.
The San Francisco, CA-based company reported second quarter net income of $131.3 million, or 80 cents per diluted share. Revenue increased 11% over the year ago quarter to $455.3 million.
Analysts on average were expecting the company to report earnings of 75 cents per share on revenue of $453.3 million.
The bank's stock has risen 24% year to date.
Separately, TheStreet Ratings team rates FIRST REPUBLIC BANK as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate FIRST REPUBLIC BANK (FRC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, increase in net income, expanding profit margins and solid stock price performance. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."
You can view the full analysis from the report here: FRC Ratings Report