Sciencast Management LP lessened its position in First Republic Bank (NYSE:FRC) by 9.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,431 shares of the bank’s stock after selling 671 shares during the quarter. Sciencast Management LP’s holdings in First Republic Bank were worth $691,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of First Republic Bank during the fourth quarter worth about $142,433,000. APG Asset Management N.V. increased its stake in shares of First Republic Bank by 77.9% during the first quarter. APG Asset Management N.V. now owns 1,886,324 shares of the bank’s stock worth $155,207,000 after buying an additional 825,826 shares during the period. Royal Bank of Canada increased its stake in shares of First Republic Bank by 15.2% during the first quarter. Royal Bank of Canada now owns 4,486,593 shares of the bank’s stock worth $369,158,000 after buying an additional 593,575 shares during the period. Alecta Pensionsforsakring Omsesidigt increased its stake in shares of First Republic Bank by 47.0% during the second quarter. Alecta Pensionsforsakring Omsesidigt now owns 1,641,312 shares of the bank’s stock worth $173,848,000 after buying an additional 525,000 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of First Republic Bank by 8.8% during the first quarter. JPMorgan Chase & Co. now owns 5,881,160 shares of the bank’s stock worth $483,902,000 after buying an additional 474,941 shares during the period. Hedge funds and other institutional investors own 97.73% of the company’s stock.
Several equities analysts have commented on FRC shares. BMO Capital Markets reiterated a “hold” rating and issued a $103.00 price target on shares of First Republic Bank in a research note on Friday, July 24th. Citigroup raised their target price on shares of First Republic Bank from $100.00 to $111.00 and gave the stock a “neutral” rating in a research report on Thursday, June 18th. JPMorgan Chase & Co. increased their price target on First Republic Bank from $125.00 to $139.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. UBS Group increased their price target on First Republic Bank from $79.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, May 15th. Finally, Barclays increased their price target on First Republic Bank from $111.00 to $120.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company’s stock. First Republic Bank presently has a consensus rating of “Hold” and an average target price of $114.41.
Shares of NYSE FRC opened at $112.48 on Friday. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market cap of $19.36 billion, a price-to-earnings ratio of 21.22, a P/E/G ratio of 2.68 and a beta of 1.18. The business’s 50-day simple moving average is $108.59 and its 200-day simple moving average is $104.58. First Republic Bank has a 52 week low of $70.06 and a 52 week high of $125.12.
First Republic Bank (NYSE:FRC) last issued its quarterly earnings data on Tuesday, July 14th. The bank reported $1.40 EPS for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.23. The business had revenue of $943.40 million for the quarter, compared to analyst estimates of $937.90 million. First Republic Bank had a return on equity of 10.68% and a net margin of 22.03%. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.24 EPS. As a group, equities research analysts forecast that First Republic Bank will post 5.34 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Thursday, July 30th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date is Wednesday, July 29th. First Republic Bank’s dividend payout ratio is 15.38%.
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 in 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, passbook deposits, and individual retirement accounts, as well as certificates of deposit.
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