Zevenbergen Capital Investments LLC cut its position in First Republic Bank (NYSE:FRC) by 5.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 398,511 shares of the bank’s stock after selling 24,565 shares during the period. First Republic Bank accounts for 1.7% of Zevenbergen Capital Investments LLC’s holdings, making the stock its 23rd largest position. Zevenbergen Capital Investments LLC owned about 0.26% of First Republic Bank worth $39,891,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of FRC. BlackRock Inc. boosted its stake in shares of First Republic Bank by 4,249.4% in the first quarter. BlackRock Inc. now owns 9,831,999 shares of the bank’s stock worth $922,340,000 after acquiring an additional 9,605,945 shares during the last quarter. Artisan Partners Limited Partnership acquired a new stake in shares of First Republic Bank in the second quarter worth approximately $211,296,000. MARSHALL WACE ASIA Ltd acquired a new stake in shares of First Republic Bank in the first quarter worth approximately $130,807,000. Marshall Wace North America L.P. acquired a new stake in shares of First Republic Bank in the first quarter worth approximately $130,807,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of First Republic Bank by 26.2% in the first quarter. JPMorgan Chase & Co. now owns 5,951,600 shares of the bank’s stock worth $558,320,000 after acquiring an additional 1,236,848 shares during the last quarter. 99.92% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on FRC. Zacks Investment Research lowered First Republic Bank from a “hold” rating to a “sell” rating in a research note on Monday. Jefferies Group LLC reiterated a “buy” rating and set a $109.00 price objective on shares of First Republic Bank in a research report on Friday, September 15th. Piper Jaffray Companies reiterated a “hold” rating and set a $99.00 price objective on shares of First Republic Bank in a research report on Friday, September 1st. BidaskClub downgraded First Republic Bank from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 19th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $90.00 price objective on shares of First Republic Bank in a research report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $104.54.
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First Republic Bank (NYSE:FRC) traded down 0.28% during midday trading on Friday, reaching $100.52. The company’s stock had a trading volume of 125,456 shares. The company has a 50 day moving average price of $97.68 and a 200 day moving average price of $96.21. The firm has a market cap of $15.86 billion, a price-to-earnings ratio of 24.52 and a beta of 1.01. First Republic Bank has a 1-year low of $72.40 and a 1-year high of $104.17.
First Republic Bank (NYSE:FRC) last announced its earnings results on Friday, July 14th. The bank reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.03). First Republic Bank had a net margin of 27.37% and a return on equity of 12.16%. The company had revenue of $641.30 million for the quarter, compared to analyst estimates of $671.27 million. During the same quarter last year, the company posted $0.97 EPS. First Republic Bank’s quarterly revenue was up 19.8% compared to the same quarter last year. On average, equities research analysts expect that First Republic Bank will post $4.46 EPS for the current year.
First Republic Bank Profile
First Republic Bank is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States.
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