FRC - At More Than Double Book Value Can First Republic Bank's Stock Keep Climbing?
The banking sector has been hammered this year, but you wouldn't know it if you looked at First Republic Bank (NYSE: FRC) . Its stock was trading at roughly 233% of book value at Friday's close, and it's up 11.5% year to date. First Republic recently reported record quarterly earnings of more than $293 million, up close to 25% from the third quarter of 2019.
The question is: Can the bank's stock keep climbing at such a high valuation? I believe the answer to that question is a resounding yes. Here's why.
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At More Than Double Book Value, Can First Republic Bank's Stock Keep Climbing?