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First Republic Bank's (FRC) Ratings Affirmed by Moody's
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Moody's Investors Service, a rating arm of Moody's Corporation (MCO - Free Report) , recently affirmed all the ratings of First Republic Bank . The bank’s deposits rating have been affirmed at A1/Prime-1 while unsecured and subordinated debt ratings at Baa1. The bank’s counterparty risk assessments is A2(cr)/Prime-1(cr), while it has a stand-alone baseline credit assessment (BCA) of a3.
Further, the rating firm’s outlook for the bank has remained at “stable”.
Rationale Behind the Affirmation
Moody’s affirmation reflects First Republic Bank's steady financial performance, including strong asset quality and sustainable niche business model, which focuses on both consumer and commercial clients.
Per Moody’s, First Republic Bank holds a commendable position among peers with minimal net charge-offs and non-performing assets. Moreover, the bank’s conservative underwriting and lending strategy has eased risks associated with commercial real estate exposure of the bank and speedy loan growth.
Moreover, the rating agency affirmed ratings on expectations of the bank’s other financial credit metrics and liquidity profile supported by common equity issuances. In addition, profitability metrics are on an upswing, but elevated expenses on digitization can be a challenge. Furthermore, accelerated pace of loan growth is a headwind despite other positives.
First Republic Bank currently carries a Zacks Rank #4 (Sell). The company has recorded growth of 2.9% over the last three months, underperforming 8.8% growth for the industry.
Stocks to Consider
Comerica (CMA - Free Report) has been witnessing upward estimate revisions for the last 60 days. Additionally, the stock has gained nearly 12.7%, year to date. It currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
JPMorgan (JPM - Free Report) has been witnessing upward estimate revisions for the last 60 days. Year to date, the company’s share price has been up more than 7%. It currently carries a Zacks Rank of 2 (Buy).
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
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First Republic Bank's (FRC) Ratings Affirmed by Moody's
Moody's Investors Service, a rating arm of Moody's Corporation (MCO - Free Report) , recently affirmed all the ratings of First Republic Bank . The bank’s deposits rating have been affirmed at A1/Prime-1 while unsecured and subordinated debt ratings at Baa1. The bank’s counterparty risk assessments is A2(cr)/Prime-1(cr), while it has a stand-alone baseline credit assessment (BCA) of a3.
Further, the rating firm’s outlook for the bank has remained at “stable”.
Rationale Behind the Affirmation
Moody’s affirmation reflects First Republic Bank's steady financial performance, including strong asset quality and sustainable niche business model, which focuses on both consumer and commercial clients.
Per Moody’s, First Republic Bank holds a commendable position among peers with minimal net charge-offs and non-performing assets. Moreover, the bank’s conservative underwriting and lending strategy has eased risks associated with commercial real estate exposure of the bank and speedy loan growth.
Moreover, the rating agency affirmed ratings on expectations of the bank’s other financial credit metrics and liquidity profile supported by common equity issuances. In addition, profitability metrics are on an upswing, but elevated expenses on digitization can be a challenge. Furthermore, accelerated pace of loan growth is a headwind despite other positives.
First Republic Bank currently carries a Zacks Rank #4 (Sell). The company has recorded growth of 2.9% over the last three months, underperforming 8.8% growth for the industry.
Stocks to Consider
Comerica (CMA - Free Report) has been witnessing upward estimate revisions for the last 60 days. Additionally, the stock has gained nearly 12.7%, year to date. It currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
JPMorgan (JPM - Free Report) has been witnessing upward estimate revisions for the last 60 days. Year to date, the company’s share price has been up more than 7%. It currently carries a Zacks Rank of 2 (Buy).
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Download the new report now>>