Sit Investment Associates Inc. trimmed its holdings in shares of First Republic Bank (NYSE:FRC) by 1.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,700 shares of the bank’s stock after selling 950 shares during the period. Sit Investment Associates Inc.’s holdings in First Republic Bank were worth $5,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of Nova Scotia purchased a new stake in First Republic Bank during the 1st quarter worth about $483,000. Barnett & Company Inc. purchased a new stake in First Republic Bank during the 2nd quarter worth about $100,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in First Republic Bank by 100.6% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,071 shares of the bank’s stock worth $107,000 after buying an additional 537 shares during the last quarter. Shine Investment Advisory Services Inc. purchased a new stake in First Republic Bank during the 2nd quarter worth about $128,000. Finally, Parallel Advisors LLC lifted its holdings in First Republic Bank by 21.4% during the 2nd quarter. Parallel Advisors LLC now owns 1,317 shares of the bank’s stock worth $132,000 after buying an additional 232 shares during the last quarter. 97.72% of the stock is owned by institutional investors.
Shares of First Republic Bank (NYSE FRC) traded up 2.91% during trading on Friday, reaching $100.29. The company had a trading volume of 1,504,227 shares. The stock has a market capitalization of $15.84 billion, a price-to-earnings ratio of 23.65 and a beta of 1.01. First Republic Bank has a 52-week low of $72.43 and a 52-week high of $105.52. The stock has a 50 day moving average of $99.62 and a 200 day moving average of $97.42.
First Republic Bank (NYSE:FRC) last issued its quarterly earnings results on Friday, October 13th. The bank reported $1.14 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.02). First Republic Bank had a return on equity of 12.06% and a net margin of 26.85%. The company had revenue of $670.30 million for the quarter, compared to the consensus estimate of $678.25 million. During the same period in the previous year, the business posted $1.00 EPS. The business’s revenue for the quarter was up 20.1% on a year-over-year basis. Equities research analysts forecast that First Republic Bank will post $4.38 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders of record on Thursday, October 26th will be given a dividend of $0.17 per share. The ex-dividend date is Wednesday, October 25th. This represents a $0.68 annualized dividend and a dividend yield of 0.68%. First Republic Bank’s payout ratio is 16.04%.
A number of brokerages have issued reports on FRC. BMO Capital Markets decreased their price target on First Republic Bank from $96.00 to $92.00 and set a “market perform” rating for the company in a report on Monday, October 16th. Royal Bank Of Canada reaffirmed a “hold” rating on shares of First Republic Bank in a report on Friday, September 29th. BidaskClub downgraded First Republic Bank from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Maxim Group reaffirmed a “buy” rating and set a $110.00 price target (up from $105.00) on shares of First Republic Bank in a report on Friday, July 14th. Finally, Barclays PLC reaffirmed an “equal weight” rating and set a $110.00 price target (up from $101.00) on shares of First Republic Bank in a report on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $102.93.
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First Republic Bank 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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