Republic First Bancorp (NASDAQ:FRBK) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Republic First Bancorp (NASDAQ:FRBK) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning, Zacks.com reports. The firm currently has $4.75 price objective on the bank’s stock.

According to Zacks, “REPUBLIC FST BC is a two-bank holding company. Its wholly-owned subsidiaries, FirstRepublic Bank, and Republic First Bank of Delaware, offer banking services to individuals and businesses throughout the Greater Philadelphia, Delaware and South Jersey area. They provide banking services through the Banks and do not presently engage in any activities other than these bankinga ctivities. “

FRBK opened at $4.06 on Tuesday. The company has a quick ratio of 0.81, a current ratio of 0.82 and a debt-to-equity ratio of 2.02. The company has a market cap of $239.02 million, a PE ratio of 25.38 and a beta of 1.39. The company’s 50-day moving average is $3.98. Republic First Bancorp has a 52-week low of $1.95 and a 52-week high of $4.61.

Republic First Bancorp (NASDAQ:FRBK) last posted its earnings results on Wednesday, April 21st. The bank reported $0.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.04. The business had revenue of $41.71 million for the quarter, compared to analysts’ expectations of $38.20 million. Republic First Bancorp had a net margin of 7.73% and a return on equity of 5.60%. Research analysts forecast that Republic First Bancorp will post 0.29 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pendal Group Limited increased its position in shares of Republic First Bancorp by 365.2% during the 1st quarter. Pendal Group Limited now owns 201,812 shares of the bank’s stock valued at $761,000 after purchasing an additional 158,428 shares during the last quarter. Colony Group LLC purchased a new stake in shares of Republic First Bancorp during the 1st quarter valued at about $54,000. Squarepoint Ops LLC increased its position in shares of Republic First Bancorp by 17.3% during the 1st quarter. Squarepoint Ops LLC now owns 32,091 shares of the bank’s stock valued at $121,000 after purchasing an additional 4,743 shares during the last quarter. Millennium Management LLC increased its position in shares of Republic First Bancorp by 309.8% during the 1st quarter. Millennium Management LLC now owns 131,784 shares of the bank’s stock valued at $497,000 after purchasing an additional 99,628 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. increased its position in shares of Republic First Bancorp by 1.2% during the 1st quarter. D. E. Shaw & Co. Inc. now owns 215,889 shares of the bank’s stock valued at $814,000 after purchasing an additional 2,632 shares during the last quarter. 69.53% of the stock is owned by hedge funds and other institutional investors.

Republic First Bancorp Company Profile

Republic First Bancorp, Inc operates as the holding company for Republic First Bank that provides a range of credit and depository banking products and services to individuals and businesses. It accepts consumer and commercial deposit, checking, interest-bearing demand, money market, savings, sweep, and individual retirement accounts, as well as certificates of deposit.

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