First Republic (FRC) Moves Higher as Cramer Says to Give 'Em a Look

First Republic Bank (NYSE: FRC) shares are jumping today, as Jim Cramer recommends to get into the stock ahead of the expiration of the banks quite period.

Although considered a "rich-man's bank," Cramer likes the bank for their conservative lending practices and steadfast management team, which hasn't changed over the last three years.

First Republic has been gaining clientele over the last few years, and has seen little in the way of loan losses.

With shares going for about 2x book value, some investors may think that the shares are also a little rich. Cramer notes that if you take a look at Bank of NY (NYSE: BK) and State Street (NYSE: STT) shares, FRC is actually trading at a discount.

Cramer does warn, however, to not chase the shares. Should the stock make a run higher before analysts start weighing in, he would take a pass.

FRC shares are about 6% higher premarket today.

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