Shares of First Republic Bank (NYSE:FRC) nosedived in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Previously, it was up over 12% in Monday’s trading but gave back much of those gains after hours. Earnings per share came in at $1.23, which beat analysts’ consensus estimate of $0.92 per share. Sales decreased by 16% year-over-year, with revenue hitting $1.21 billion. This beat analysts’ expectations of $1.13 billion.
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First Republic Bank offered up its share of ups and downs to investors. The bank brought in $923 million outright in interest income, but this was down 19.4% against this time last year. Its book value per share climbed nicely by 10.4%, up to $76.97. Its net interest margin came in at 1.77%, which faltered against the 2.45% seen in the previous quarter. Its efficiency ratio was up, however, coming in at 70.4% against the previous quarter’s 63.9%.
Overall, Wall Street has a consensus price target of $84.63 on First Republic Bank, implying 428.94% upside potential, as indicated by the graphic above.