First Trust Advisors LP trimmed its position in First Republic Bank (NYSE:FRC) by 6.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 89,830 shares of the bank’s stock after selling 6,254 shares during the quarter. First Trust Advisors LP owned 0.05% of First Republic Bank worth $9,521,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of FRC. Harbour Capital Advisors LLC lifted its holdings in shares of First Republic Bank by 0.5% in the 2nd quarter. Harbour Capital Advisors LLC now owns 18,372 shares of the bank’s stock worth $1,947,000 after purchasing an additional 95 shares during the last quarter. Sage Rhino Capital LLC lifted its holdings in shares of First Republic Bank by 2.5% in the 1st quarter. Sage Rhino Capital LLC now owns 4,254 shares of the bank’s stock worth $350,000 after purchasing an additional 103 shares during the last quarter. Crossmark Global Holdings Inc. lifted its holdings in shares of First Republic Bank by 1.1% in the 1st quarter. Crossmark Global Holdings Inc. now owns 9,611 shares of the bank’s stock worth $791,000 after purchasing an additional 109 shares during the last quarter. Southeast Asset Advisors Inc. lifted its holdings in shares of First Republic Bank by 0.5% in the 1st quarter. Southeast Asset Advisors Inc. now owns 27,277 shares of the bank’s stock worth $2,244,000 after purchasing an additional 124 shares during the last quarter. Finally, First Allied Advisory Services Inc. lifted its holdings in shares of First Republic Bank by 1.5% in the 1st quarter. First Allied Advisory Services Inc. now owns 8,132 shares of the bank’s stock worth $669,000 after purchasing an additional 124 shares during the last quarter. Institutional investors and hedge funds own 97.73% of the company’s stock.
Several analysts recently issued reports on FRC shares. Zacks Investment Research raised First Republic Bank from a “hold” rating to a “buy” rating and set a $124.00 price target on the stock in a report on Friday, June 5th. TheStreet raised First Republic Bank from a “c+” rating to a “b-” rating in a report on Tuesday, May 5th. Wolfe Research assumed coverage on First Republic Bank in a report on Friday. They issued an “outperform” rating on the stock. Credit Suisse Group lifted their target price on First Republic Bank from $93.00 to $110.00 and gave the company a “neutral” rating in a research note on Friday, July 17th. Finally, Compass Point lifted their target price on First Republic Bank from $115.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $114.41.
Shares of FRC stock opened at $112.58 on Friday. First Republic Bank has a 1 year low of $70.06 and a 1 year high of $125.12. The stock has a market cap of $19.13 billion, a PE ratio of 21.24, a price-to-earnings-growth ratio of 2.71 and a beta of 1.18. The business’s fifty day moving average is $108.59 and its 200-day moving average is $104.58. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.04 and a current ratio of 1.04.
First Republic Bank (NYSE:FRC) last issued its quarterly earnings results on Tuesday, July 14th. The bank reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.23. First Republic Bank had a return on equity of 10.68% and a net margin of 22.03%. The company had revenue of $943.40 million for the quarter, compared to analysts’ expectations of $937.90 million. During the same period last year, the firm earned $1.24 EPS. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. Equities research analysts predict that First Republic Bank will post 5.34 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Thursday, July 30th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.71%. The ex-dividend date of this dividend is Wednesday, July 29th. First Republic Bank’s dividend payout ratio (DPR) is presently 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 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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