FRC

First Republic Bank Posts Q4 Profit Beat, Revenue Miss; Hikes Quarterly Dividend

First Republic Bank ( FRC ), a commercial bank and trust company, reported Thursday a net profit for Q1 2016 that topped the Street consensus, while revenues fell short.

Net income for the quarter was $132.4 million, or $0.88 per share; up from $102 million, or $0.71 per share in Q1 2015. Capital IQ provided a Street estimate of $0.81 per share.

Revenues were $519.6 million, up from $422.9 million reported for the same period last year but came in lower than the $541.8 million Street estimate.

The company also declared a 6.7% higher quarterly dividend of $0.16 per share, payable on May 12 to shareholders of record on April 28.

Shares were inactive pre-bell, near the high end of the 52-week range of $56.32 - $69.76.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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