State Street Corp boosted its position in shares of First Republic Bank (NYSE:FRC) by 1.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,284,599 shares of the bank’s stock after purchasing an additional 141,849 shares during the quarter. State Street Corp owned 0.05% of First Republic Bank worth $1,012,578,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Pacer Advisors Inc. acquired a new position in shares of First Republic Bank in the second quarter valued at about $1,510,000. Envestnet Asset Management Inc. grew its stake in First Republic Bank by 8.6% during the third quarter. Envestnet Asset Management Inc. now owns 249,120 shares of the bank’s stock worth $27,169,000 after buying an additional 19,647 shares in the last quarter. State of Michigan Retirement System grew its stake in First Republic Bank by 13.2% during the second quarter. State of Michigan Retirement System now owns 43,812 shares of the bank’s stock worth $4,644,000 after buying an additional 5,112 shares in the last quarter. Sei Investments Co. grew its stake in First Republic Bank by 6.3% during the second quarter. Sei Investments Co. now owns 52,794 shares of the bank’s stock worth $5,635,000 after buying an additional 3,121 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in First Republic Bank by 159.2% during the second quarter. Victory Capital Management Inc. now owns 192,283 shares of the bank’s stock worth $20,380,000 after buying an additional 118,108 shares in the last quarter. Hedge funds and other institutional investors own 95.70% of the company’s stock.
A number of research analysts have recently commented on the stock. Morgan Stanley increased their target price on shares of First Republic Bank from $115.00 to $125.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 3rd. Credit Suisse Group raised their price objective on shares of First Republic Bank from $110.00 to $117.00 and gave the company a “neutral” rating in a report on Wednesday, October 14th. Barclays raised their price objective on shares of First Republic Bank from $120.00 to $130.00 and gave the company an “equal weight” rating in a report on Wednesday, October 14th. Wells Fargo & Company raised their price objective on shares of First Republic Bank from $85.00 to $100.00 and gave the company an “underweight” rating in a report on Wednesday, October 14th. They noted that the move was a valuation call. Finally, Piper Sandler began coverage on shares of First Republic Bank in a report on Thursday, September 17th. They issued a “neutral” rating and a $115.00 price objective for the company. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $124.71.
Shares of FRC stock opened at $129.90 on Friday. The company has a market cap of $22.37 billion, a price-to-earnings ratio of 23.20, a price-to-earnings-growth ratio of 2.36 and a beta of 1.13. First Republic Bank has a 52 week low of $70.06 and a 52 week high of $142.14. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.58. The firm has a 50 day moving average of $126.77 and a 200-day moving average of $113.32.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings data on Sunday, October 18th. The bank reported $1.61 EPS for the quarter, topping the consensus estimate of $1.38 by $0.23. First Republic Bank had a net margin of 22.95% and a return on equity of 10.96%. During the same quarter in the prior year, the business posted $1.31 earnings per share. Analysts anticipate that First Republic Bank will post 5.68 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 12th. Stockholders of record on Thursday, October 29th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.62%. The ex-dividend date of this dividend was Wednesday, October 28th. First Republic Bank’s dividend payout ratio (DPR) is 15.38%.
First Republic Bank Company Profile
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 accepts 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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