Is First Republic Bank (FRC) Stock a Buy For 2021?
Weitz Hickory Fund released its Q3 2020 Investor Letter, a copy of which you can download here. The fund posted a return of 4.82% for the quarter, underperforming its benchmark, the Russell Midcap Index which returned 7.46% in the same quarter. You should check out Weitz Hickory Fund’s top 5 stock picks for investors to buy right now, which could be the biggest winners of 2021.
In the Q3 2020 Investor Letter, Weitz Hickory Fund highlighted a few stocks and First Republic Bank (NYSE:FRC) is one of them. First Republic Bank (NYSE:FRC) is an investment company. In the last one year, First Republic Bank (NYSE:FRC) stock gained 35.5% and on January 11th it had a closing price of $163.63. Here is what Weitz Hickory Fund said:
First Republic Bank Declares Dividends on Series J and K Perpetual Preferred Stock
First Republic Bank Declares Dividends on Series J and K Perpetual Preferred Stock First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced that it has declared cash dividends on the following outstanding series of its perpetual preferred stock. A quarterly cash dividend of $11.75 per share was declared on its Noncumulative Perpetual Series J Preferred Stock. This dividend equals $0.293750 per depositary share, each representing 1/40
th interest in a share of Series J Preferred Stock, which is traded on the NYSE under the symbol FRCPrJ. The Series J Preferred Stock dividend is payable on January 29, 2021, to shareholders of record as of January 15, 2021.
IN THE SPOTLIGHT: SYNNEX, CARNIVAL
SYNNEX: California-based business process services company’s earnings to decline to $2.89 per share the fourth quarter, down from $4.26 per share reported the same quarter last year. The leading provider of business-to-business information technology services’ quarterly revenue will fall more than 5% to just over $6 billion from $ 6.58 billion a year ago.
“For the fourth quarter of fiscal 2020, revenues are expected between $6.45 billion and $6.65 billion. Non-GAAP net income is estimated in the range of $190.5 to $203.5 million. Moreover, the company projects non-GAAP earnings between $3.68 and $3.93 per share,” noted analysts at ZACKS Research.
CARNIVAL: The world’s largest cruise ship operator is expected to report a loss for the third consecutive time in the fourth quarter. The Miami, Florida-based company’s revenue will plunge nearly 100% to $142.09 million from $4.78 billion posted in the same period a year ago. Carnival i
Economic data out this week includes a pair of inflation measures. On Wednesday, the Bureau of Labor Statistics reports the Consumer Price Index for December. Excluding volatile food and energy components, it’s expected to have risen 1.6% year-over-year. The core Producer Price Index for December, out Friday, is predicted to have increased 1.3% from last year.
On Friday, the Census Bureau reports retail-sales data for December the all-important holiday shopping season. Retail sales excluding autos fell 0.9% in November, and they’re expected to have climbed 0.4% last month.
Other economic releases this week include the National Federation of Independent Business’ Small Business Optimism Index for December on Tuesday and the University of Michigan’s Consumer Sentiment Survey for January on Friday.
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Read our pick of the top stories to look out for this week (11-15 January), and view our key company earnings schedule.
David talks about the rally in global stocks on the back of stimulus package hopes from the future Biden administration. The video discusses the major events of the week including US retail sales, Chinese trade data, and GDP updates from the UK and Germany. There are also announcements from UK retailers Tesco, ASOS and Boohoo, and updates from US banks and UK housebuilders.
China CPI, PPI and trade data (December)
Monday – CPI and PPI; Thursday – trade data