Dallas, Texas 07/18/2013 (Financialstrend) – FRC had announced the financial results on 17th July, 2013 for the 2nd quarter and six months ended June 30, 2013. According to the report, the year – over – year core rates per share improved by 28%. Deposit for the quarter was up 5% and growth was up 7%. Wealth management assets were increased by 6% and the credit quality remains strong. Revenue Growth for the Firm is increased by 12% with the total revenue $365.3 million for the quarter, compared to $327.2 million last year.
Overall, the net interest returns or the amount of cash banks make on loans and deposits increased 4 percent to $303.1 million. The Bank has declared a cash dividend for the 2nd quarter of 12 cents per share of common stock, which is payable on August 15, 2013.For all banking institutions, the regulatory framework assimilated a minimum leverage ratio of 4%. Leverage in banking is nothing but the ratio of lending to equity. FRC had the highest leverage ratio reported at 9.32% in FY12. This is next to Bancorp at 9.2%. As per the analysis, analysts recommend buying First Republic Bank (NYSE:FRC) as it is presentlyunderrated compared to the industry. The Banks’ business is booming day by day and it remains to expand its network of operations. The firm is also commented as The Rising Star in the Banking Industry by the predictors.
There has been a gain of 4.86% in the shares of First Republic Bank (NYSE:FRC) and currently trading at $43.83 per share. The stock had presented intraday fluctuations on the range of $42.17 – 43.64 per share, after opening at $42.23 for the day. The company had recorded 52 week low at $31.42 and 52 week high at $43.64 per share.
There are 131.82 million shares outstanding with a market cap of $5.73 billion and an institutional ownership of 102% of the total capital. The trading volume is 0.324 million shares and the average volume is at 1.48 million shares per day.
