Rhumbline Advisers Lowers Stake in First Republic Bank (FRC)

Rhumbline Advisers reduced its position in shares of First Republic Bank (NYSE:FRC) by 1.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 143,812 shares of the bank’s stock after selling 1,845 shares during the quarter. Rhumbline Advisers owned about 0.09% of First Republic Bank worth $13,806,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FRC. Bank of America Corp DE raised its holdings in First Republic Bank by 72.2% during the 2nd quarter. Bank of America Corp DE now owns 3,428,956 shares of the bank’s stock valued at $331,887,000 after buying an additional 1,437,779 shares during the period. WCM Investment Management CA raised its holdings in First Republic Bank by 46.6% during the 3rd quarter. WCM Investment Management CA now owns 1,291,526 shares of the bank’s stock valued at $123,987,000 after buying an additional 410,403 shares during the period. Select Equity Group L.P. raised its holdings in First Republic Bank by 15.4% during the 2nd quarter. Select Equity Group L.P. now owns 1,975,797 shares of the bank’s stock valued at $191,237,000 after buying an additional 263,150 shares during the period. Bank of New York Mellon Corp raised its holdings in First Republic Bank by 15.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,345,785 shares of the bank’s stock valued at $130,259,000 after buying an additional 184,829 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in First Republic Bank by 1.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,498,231 shares of the bank’s stock valued at $623,830,000 after buying an additional 121,115 shares during the period.

FRC stock opened at $94.04 on Monday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.00 and a current ratio of 1.00. First Republic Bank has a twelve month low of $84.47 and a twelve month high of $106.75. The firm has a market capitalization of $14.84 billion, a price-to-earnings ratio of 21.82, a price-to-earnings-growth ratio of 1.63 and a beta of 0.79.

First Republic Bank (NYSE:FRC) last released its earnings results on Friday, October 12th. The bank reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.01). First Republic Bank had a return on equity of 11.47% and a net margin of 24.05%. The business had revenue of $768.83 million during the quarter, compared to analysts’ expectations of $765.80 million. During the same quarter in the previous year, the business earned $1.14 EPS. Sell-side analysts predict that First Republic Bank will post 4.74 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, November 8th. Stockholders of record on Thursday, October 25th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date was Wednesday, October 24th. First Republic Bank’s payout ratio is 16.71%.

Several analysts recently weighed in on the company. Raymond James set a $104.00 price target on First Republic Bank and gave the company a “buy” rating in a report on Monday, October 15th. Piper Jaffray Companies reiterated a “hold” rating and issued a $94.00 target price on shares of First Republic Bank in a research note on Tuesday, October 9th. Finally, Royal Bank of Canada increased their target price on First Republic Bank to $102.00 and gave the stock a “sector perform” rating in a research note on Thursday, September 13th. They noted that the move was a valuation call. Ten equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. First Republic Bank currently has a consensus rating of “Hold” and an average target price of $102.46.

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About First Republic Bank

First Republic Bank, together with its subsidiaries, provides private banking, private business banking, real estate lending, and wealth management services to clients in metropolitan areas of the United States. It operates through two segments, Commercial Banking and Wealth Management. The company offers deposit products, such as checking, money market checking, savings, and passbook deposits, as well as certificates of deposit.

Further Reading: Candlestick

Institutional Ownership by Quarter for First Republic Bank (NYSE:FRC)

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