Somerset Trust Co decreased its holdings in shares of First Republic Bank (NYSE:FRC) by 9.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,436 shares of the bank’s stock after selling 846 shares during the period. Somerset Trust Co’s holdings in First Republic Bank were worth $731,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in First Republic Bank by 5.2% in the second quarter. Vanguard Group Inc. now owns 12,886,696 shares of the bank’s stock worth $1,289,958,000 after acquiring an additional 641,309 shares in the last quarter. Capital World Investors boosted its holdings in First Republic Bank by 6.5% in the second quarter. Capital World Investors now owns 8,068,025 shares of the bank’s stock worth $807,609,000 after acquiring an additional 490,000 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in First Republic Bank by 0.7% in the third quarter. JPMorgan Chase & Co. now owns 6,792,426 shares of the bank’s stock worth $703,966,000 after acquiring an additional 46,862 shares in the last quarter. State Street Corp boosted its holdings in First Republic Bank by 20.3% in the second quarter. State Street Corp now owns 5,995,443 shares of the bank’s stock worth $600,135,000 after acquiring an additional 1,010,648 shares in the last quarter. Finally, Harding Loevner LP boosted its holdings in First Republic Bank by 112.9% in the third quarter. Harding Loevner LP now owns 4,734,746 shares of the bank’s stock worth $227,383,000 after acquiring an additional 2,510,888 shares in the last quarter. Institutional investors own 98.75% of the company’s stock.
Shares of First Republic Bank (NYSE:FRC) traded down $3.76 during trading on Wednesday, hitting $87.30. The stock had a trading volume of 3,708,900 shares, compared to its average volume of 1,933,330. The stock has a market capitalization of $13,700.00, a P/E ratio of 20.59, a PEG ratio of 1.43 and a beta of 0.96. First Republic Bank has a 12-month low of $84.56 and a 12-month high of $105.52. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 1.55.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 8th. Investors of record on Thursday, January 25th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.78%. First Republic Bank’s payout ratio is 16.04%.
Several brokerages have issued reports on FRC. Barclays lowered First Republic Bank from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $108.00 to $104.00 in a report on Tuesday, October 10th. Royal Bank of Canada reiterated a “hold” rating on shares of First Republic Bank in a report on Friday, September 29th. Jefferies Group increased their price target on First Republic Bank from $109.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, September 29th. Zacks Investment Research lowered First Republic Bank from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Finally, Raymond James Financial cut their price target on First Republic Bank from $108.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, October 16th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $102.40.
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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