Enterprise Bank & Trust Co Reduces Stake in First Republic Bank (NYSE:FRC)

Enterprise Bank & Trust Co reduced its position in First Republic Bank (NYSE:FRC) by 4.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,281 shares of the bank’s stock after selling 916 shares during the period. Enterprise Bank & Trust Co’s holdings in First Republic Bank were worth $2,147,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in FRC. BlackRock Inc. lifted its position in First Republic Bank by 3.0% during the second quarter. BlackRock Inc. now owns 12,147,623 shares of the bank’s stock valued at $1,186,214,000 after purchasing an additional 350,766 shares in the last quarter. State Street Corp lifted its position in First Republic Bank by 2.5% during the third quarter. State Street Corp now owns 9,563,764 shares of the bank’s stock valued at $924,816,000 after purchasing an additional 233,424 shares in the last quarter. Select Equity Group L.P. lifted its position in First Republic Bank by 32.1% during the third quarter. Select Equity Group L.P. now owns 4,305,031 shares of the bank’s stock valued at $416,296,000 after purchasing an additional 1,046,666 shares in the last quarter. Royal Bank of Canada lifted its position in First Republic Bank by 3.4% during the second quarter. Royal Bank of Canada now owns 3,476,401 shares of the bank’s stock valued at $339,471,000 after purchasing an additional 113,032 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. lifted its position in First Republic Bank by 12.2% during the third quarter. Diamond Hill Capital Management Inc. now owns 2,834,906 shares of the bank’s stock valued at $274,135,000 after purchasing an additional 309,164 shares in the last quarter.

NYSE:FRC traded down $0.60 on Tuesday, reaching $115.62. 684,641 shares of the company’s stock traded hands, compared to its average volume of 882,285. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.43. The stock has a 50-day simple moving average of $113.71 and a 200-day simple moving average of $101.78. The firm has a market cap of $19.82 billion, a PE ratio of 24.04, a P/E/G ratio of 3.78 and a beta of 0.91. First Republic Bank has a 12 month low of $83.68 and a 12 month high of $118.43.

First Republic Bank (NYSE:FRC) last posted its quarterly earnings results on Tuesday, October 15th. The bank reported $1.31 EPS for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.10. First Republic Bank had a return on equity of 11.23% and a net margin of 22.69%. The business had revenue of $837.19 million for the quarter, compared to analysts’ expectations of $830.60 million. During the same period last year, the firm earned $1.19 earnings per share. On average, equities analysts anticipate that First Republic Bank will post 5.07 earnings per share for the current year.

Several research firms recently weighed in on FRC. BMO Capital Markets lifted their target price on First Republic Bank from $97.00 to $103.00 and gave the company a “market perform” rating in a research report on Wednesday, October 16th. They noted that the move was a valuation call. Bank of America lifted their target price on First Republic Bank from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Citigroup lifted their target price on First Republic Bank from $111.00 to $119.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. lifted their target price on First Republic Bank from $118.00 to $125.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Finally, Barclays downgraded First Republic Bank from an “overweight” rating to an “equal weight” rating and set a $126.00 target price on the stock. in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $109.50.

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

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