World Asset Management Inc increased its stake in First Republic Bank (NYSE:FRC) by 1.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,776 shares of the bank’s stock after buying an additional 115 shares during the period. World Asset Management Inc’s holdings in First Republic Bank were worth $678,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in FRC. Bank of Nova Scotia bought a new stake in First Republic Bank during the first quarter valued at about $483,000. Barnett & Company Inc. bought a new stake in First Republic Bank during the second quarter valued at about $100,000. Whittier Trust Co. of Nevada Inc. raised its stake in First Republic Bank by 100.6% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,071 shares of the bank’s stock valued at $107,000 after buying an additional 537 shares during the period. Parallel Advisors LLC raised its stake in First Republic Bank by 628.2% in the first quarter. Parallel Advisors LLC now owns 1,085 shares of the bank’s stock valued at $101,000 after buying an additional 936 shares during the period. Finally, Israel Discount Bank of New York bought a new stake in First Republic Bank during the first quarter valued at about $107,000. 98.24% of the stock is currently owned by institutional investors.
First Republic Bank (NYSE:FRC) traded up 0.25% during trading on Friday, reaching $96.31. The company’s stock had a trading volume of 485,627 shares. The company has a market cap of $15.19 billion, a PE ratio of 23.50 and a beta of 0.99. First Republic Bank has a 52-week low of $72.40 and a 52-week high of $104.17. The stock has a 50-day moving average price of $100.51 and a 200 day moving average price of $96.01.
First Republic Bank (NYSE:FRC) last posted its earnings results on Friday, July 14th. The bank reported $1.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.09 by $0.03. First Republic Bank had a return on equity of 12.16% and a net margin of 27.37%. The business had revenue of $641.30 million for the quarter, compared to analysts’ expectations of $671.27 million. During the same quarter in the previous year, the firm earned $0.97 earnings per share. First Republic Bank’s quarterly revenue was up 19.8% compared to the same quarter last year. On average, analysts expect that First Republic Bank will post $4.45 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 10th. Investors of record on Thursday, July 27th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 0.71%. The ex-dividend date was Tuesday, July 25th. First Republic Bank’s payout ratio is 16.59%.
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Several research firms have recently issued reports on FRC. BidaskClub lowered First Republic Bank from a “sell” rating to a “strong sell” rating in a report on Saturday. Piper Jaffray Companies reissued a “hold” rating and set a $99.00 target price on shares of First Republic Bank in a report on Friday, July 14th. Jefferies Group LLC reissued a “buy” rating and set a $109.00 target price on shares of First Republic Bank in a report on Friday, July 14th. Maxim Group reissued a “buy” rating and set a $110.00 target price (up from $105.00) on shares of First Republic Bank in a report on Friday, July 14th. Finally, Zacks Investment Research raised First Republic Bank from a “sell” rating to a “hold” rating in a report on Wednesday, June 21st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $104.54.
About First Republic Bank
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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