First Republic Continues to Roll; Highlights Stability in San Francisco and Strong Incentive Model
As usual, First Republic continued to report strong growth numbers in the third quarter, and we don’t expect to see any material changes to its fast growth in the near to medium term. We plan to maintain our $71 fair value estimate and narrow moat rating. Despite concerns over the San Francisco housing market, the bank has yet to see any deterioration, pointing to strong job growth amid technology and biotech firms driving demand for housing, as well as zoning regulations restricting new supply....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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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