Report
Stephen Ellis
EUR 101.80 For Business Accounts Only

First Republic is one of the fastest-growing banks we cover.

While regulatory reform will be a net positive for banking profitability, President Donald Trump’s plans to review rules of the Dodd-Frank Act is just a first step in a long process.  Efforts to repeal or replace the law in its entirety will face significant hurdles, and we don’t expect significant boosts to profitability in the near future as a result of the rule review alone. Therefore we are not altering our fair value estimates for any of our regionals at this juncture, nor do we think moats...
Underlying
First Republic Bank

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Stephen Ellis

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