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FRC - Disappointing Q2 2019 And Unjustified Valuation Multiples: Stay Away From First Republic
FIRST REPUBLIC BANK
First Republic (Ticker: FRC) reported a disappointing set of Q2 2019 results, marked by margin contraction. Net income of $210M was up 6.2% YoY, but down 1.9% QoQ. In our view, the stock has 20-25% downside, with additional headwinds from an upcoming US Fed rate cut. We continue to stay on the sidelines. Avoid.
Margins: Downhill From Here?
FRC's margins narrowed 10bps YoY and 12bps QoQ - as deposit costs played catch-up while yields were steady. The overall yield on average interest-earning assets inched up 1bp QoQ, and within that, loan yields rose 2bps. However,