【how fast do tree roots grow in sewer pipes】First Republic (FRC) Announces Offering of 4M Common Shares

First Republic Bank

FRC is how fast do tree roots grow in sewer pipesset to offer about 4 million common shares to the public at market price. The bank might be able to raise as much as $347.6 million, per yesterday’s closing price of $89.9.

【how fast do tree roots grow in sewer pipes】First Republic (FRC) Announces Offering of 4M Common Shares


The bank’s move comes at the time when it is being included in the S&P 500. Notably, it aims to utilize the capital raised by this offering for funding loans or purchasing investment securities for its portfolio.

【how fast do tree roots grow in sewer pipes】First Republic (FRC) Announces Offering of 4M Common Shares


First Republic has entered into a distribution agreement with Keefe, Bruyette & Woods, a Stifel Company, BofA Merrill Lynch, J.P. Morgan JPM and Morgan Stanley MS. The bank plans to commence offering of the intended shares through these agents only.

【how fast do tree roots grow in sewer pipes】First Republic (FRC) Announces Offering of 4M Common Shares


Also, per the agreement, sales of shares of First Republic’s common stock may be done through ordinary brokers’ transactions on the NYSE or otherwise at market prices prevailing at the time of sale or as agreed to with the applicable distribution agent.


Previously, in September 2018, First Republic had offered 2 million shares and raised nearly $201 million. Through these capital market activities, First Republic reflects its focus on ensuring long-term growth of the bank.


First Republic’s efforts to maintain its organic growth momentum through new client acquisitions were backed by improvement in loans and deposits, which boosted revenue performance. Nevertheless, its shrinking net interest margin, mainly due to flattening of yield curve, remains a key concern.


The bank’s shares have lost 11.5% over the past six months compared with the industry’s decline of 24%.


The stock currently carries a Zacks Rank #3 (Hold). You can see


the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here


.


A better-ranked stock in the same space is Bank of Marin Bancorp BMRC, carrying a Zacks Rank #2 (Buy) at present. The company’s earnings estimates for 2018 have been revised slightly upward over the past 60 days. Its shares have gained 21.3% in a year’s time.


The Hottest Tech Mega-Trend of All


Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.


See Zacks' 3 Best Stocks to Play This Trend >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.


Click to get this free report


JPMorgan Chase & Co. (JPM) : Free Stock Analysis Report


First Republic Bank (FRC) : Free Stock Analysis Report


Bank of Marin Bancorp (BMRC) : Free Stock Analysis Report


Morgan Stanley (MS) : Free Stock Analysis Report


To read this article on Zacks.com click here.


Zacks Investment Research


View comments


Encyclopedia
上一篇:Were Hedge Funds Right About Mostly Avoiding Marsh & McLennan Companies, Inc. (MMC)?
下一篇:Is G5 Entertainment AB (publ)'s (STO:G5EN) Latest Stock Performance A Reflection Of Its Financial Health?