Jones Collombin Investment Counsel Inc Cuts Stake in First Republic Bank (NYSE:FRC)

Jones Collombin Investment Counsel Inc cut its position in First Republic Bank (NYSE:FRC) by 3.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 32,245 shares of the bank’s stock after selling 1,000 shares during the period. Jones Collombin Investment Counsel Inc’s holdings in First Republic Bank were worth $3,228,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in FRC. Barometer Capital Management Inc. increased its position in First Republic Bank by 19.2% in the first quarter. Barometer Capital Management Inc. now owns 90,200 shares of the bank’s stock worth $8,462,000 after buying an additional 14,500 shares during the last quarter. DnB Asset Management AS bought a new position in First Republic Bank during the first quarter worth about $1,144,000. SFE Investment Counsel bought a new position in First Republic Bank during the first quarter worth about $1,864,000. Private Wealth Partners LLC increased its position in First Republic Bank by 11.3% in the first quarter. Private Wealth Partners LLC now owns 70,367 shares of the bank’s stock worth $6,601,000 after buying an additional 7,167 shares during the last quarter. Finally, Howland Capital Management LLC increased its position in First Republic Bank by 0.8% in the first quarter. Howland Capital Management LLC now owns 130,465 shares of the bank’s stock worth $12,239,000 after buying an additional 1,021 shares during the last quarter. 99.64% of the stock is owned by institutional investors.

Shares of First Republic Bank (NYSE FRC) opened at 97.82 on Friday. First Republic Bank has a one year low of $71.66 and a one year high of $104.17. The company has a 50-day moving average of $100.89 and a 200 day moving average of $95.87. The stock has a market cap of $15.42 billion, a PE ratio of 23.86 and a beta of 0.99.

First Republic Bank (NYSE:FRC) last posted its quarterly earnings data on Friday, July 14th. The bank reported $1.06 EPS for the quarter, missing the consensus estimate of $1.09 by $0.03. The firm had revenue of $641.30 million for the quarter, compared to the consensus estimate of $671.27 million. First Republic Bank had a return on equity of 12.16% and a net margin of 27.37%. The company’s revenue was up 19.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.97 EPS. On average, analysts predict that First Republic Bank will post $4.45 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, August 10th. Shareholders of record on Thursday, July 27th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, July 25th. This represents a $0.68 dividend on an annualized basis and a yield of 0.70%. First Republic Bank’s payout ratio is 16.59%.

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A number of equities analysts have weighed in on the stock. Royal Bank Of Canada reaffirmed a “hold” rating and set a $98.00 target price on shares of First Republic Bank in a research note on Friday, July 7th. Barclays PLC reaffirmed an “equal weight” rating and set a $110.00 target price (up previously from $101.00) on shares of First Republic Bank in a research note on Wednesday, July 12th. Morgan Stanley reaffirmed an “equal weight” rating and set a $104.00 target price (up previously from $102.00) on shares of First Republic Bank in a research note on Thursday, July 6th. BidaskClub downgraded shares of First Republic Bank from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Finally, Maxim Group reaffirmed a “buy” rating and set a $110.00 target price (up previously from $105.00) on shares of First Republic Bank in a research note on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $104.54.

First Republic Bank Company Profile

First Republic Bank is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States.

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

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