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FRC - First Republic Bank: Good Growth Prospects But Too Pricey
FIRST REPUBLIC BANK
First Republic Bank's (FRC) loan portfolio is expected to continue to expand in 2020, thereby driving earnings growth. Income from the wealth management division is also expected to support the bottom line this year. However, some pressure on earnings is expected to stem from a compression in net interest margin as well as expenses associated with an upcoming core systems project and efforts to grow the business. Overall, earnings per share are expected to grow by 5%, leading to a growth in equity book value per share of 11%. FRC's new stock issuance