First Republic Bank (NYSE:FRC) Shares Acquired by BlackRock Inc.

BlackRock Inc. lifted its position in shares of First Republic Bank (NYSE:FRC) by 0.7% in the second quarter, Holdings Channel reports. The institutional investor owned 11,921,224 shares of the bank’s stock after acquiring an additional 88,474 shares during the quarter. BlackRock Inc. owned about 0.07% of First Republic Bank worth $2,231,296,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FRC. E Fund Management Co. Ltd. purchased a new position in shares of First Republic Bank during the 1st quarter worth approximately $52,000. FORA Capital LLC purchased a new position in shares of First Republic Bank during the 1st quarter worth approximately $53,000. CX Institutional boosted its position in shares of First Republic Bank by 29.2% during the 2nd quarter. CX Institutional now owns 345 shares of the bank’s stock worth $65,000 after purchasing an additional 78 shares during the period. Berman Capital Advisors LLC boosted its position in shares of First Republic Bank by 24.1% during the 1st quarter. Berman Capital Advisors LLC now owns 422 shares of the bank’s stock worth $70,000 after purchasing an additional 82 shares during the period. Finally, First Horizon Advisors Inc. boosted its position in shares of First Republic Bank by 36.6% during the 1st quarter. First Horizon Advisors Inc. now owns 508 shares of the bank’s stock worth $84,000 after purchasing an additional 136 shares during the period. Institutional investors and hedge funds own 96.75% of the company’s stock.

Shares of NYSE:FRC opened at $192.64 on Thursday. The company’s fifty day moving average price is $197.77 and its 200 day moving average price is $187.34. First Republic Bank has a 12 month low of $100.38 and a 12 month high of $204.68. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $33.17 billion, a P/E ratio of 27.72, a P/E/G ratio of 1.58 and a beta of 1.12.

First Republic Bank (NYSE:FRC) last announced its quarterly earnings results on Monday, July 12th. The bank reported $1.95 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.73 by $0.22. The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.18 billion. First Republic Bank had a net margin of 26.82% and a return on equity of 12.40%. During the same period last year, the business earned $1.40 EPS. On average, sell-side analysts anticipate that First Republic Bank will post 7.45 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 12th. Shareholders of record on Thursday, July 29th were paid a $0.22 dividend. The ex-dividend date of this dividend was Wednesday, July 28th. This represents a $0.88 dividend on an annualized basis and a yield of 0.46%. First Republic Bank’s dividend payout ratio is presently 15.15%.

FRC has been the subject of a number of research analyst reports. Barclays increased their price objective on shares of First Republic Bank from $177.00 to $205.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 14th. Morgan Stanley increased their price objective on shares of First Republic Bank from $180.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Monday, August 2nd. JPMorgan Chase & Co. increased their price objective on shares of First Republic Bank from $210.00 to $225.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 2nd. Credit Suisse Group increased their price objective on shares of First Republic Bank from $163.00 to $180.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 14th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of First Republic Bank from $215.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, July 13th. Three analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $186.31.

About First Republic Bank

First Republic Bank engages in the provision of private banking, business banking, real estate lending, and wealth management, including trust and custody services. It operates through the Commercial Banking and Wealth Management segments. The Commercial Banking segment represents most of the operations, including real estate secured lending, retail deposit gathering, private banking activities, mortgage sales and servicing, and managing capital, liquidity, and interest rate risk.

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

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