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FRC - First Republic's Strong Execution Shows Its Premium Is Not Just About Growth
FIRST REPUBLIC BANK
Higher premiums typically mean higher expectations, and those expectations aren’t always just about pure growth. First Republic’s (FRC) third quarter growth wasn’t amazing (PPOP up about 6% yoy), but the extent to which the bank’s management did much better than expected in offsetting spread pressure is noteworthy to me and makes me feel better about paying more for these shares.
When I last wrote about First Republic, I thought there would be an opportunity to buy shares at a better price, and the stock did drop below $90 (briefly) about a