First Republic Bank: We Like the Business, but We Don't Love the Price
Narrow-moat-rated First Republic Bank turned in another solid quarter, but we continue to believe that expectations for the stock have begun to slightly exceed the intrinsic value of the business. There are a lot of things to like about the bank and its most recent performance. Revenue, deposits, and loans all grew at around 20% year over year. Tangible book also rose at about 16% over the prior year. First Republic's efficiency ratio currently continues to find itself within its desired bandwid...First Republic Bank is a commercial bank and trust company. The company conducts its business through two reportable business segments: Commercial Banking and Wealth Management. The principal business activities of the Commercial Banking segment are accepting funds from the general public, originating loans (primarily real estate secured mortgage loans) and investing in investment securities. Wealth Management segment consists of subsidiary First Republic Investment Management, Inc.; the company's money market mutual fund activities through third-party providers and the brokerage activities of First Republic Securities Company, LLC; the Trust Company; and the company's foreign exchange activities.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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