Genesee Valley Trust Co. bought a new stake in shares of First Republic Bank (NYSE:FRC) in the fourth quarter, Holdings Channel reports. The fund bought 4,652 shares of the bank’s stock, valued at approximately $403,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Cerebellum GP LLC purchased a new stake in shares of First Republic Bank during the fourth quarter valued at $127,000. Zions Bancorporation purchased a new stake in shares of First Republic Bank during the third quarter valued at $160,000. Mawer Investment Management Ltd. purchased a new stake in shares of First Republic Bank during the third quarter valued at $209,000. Cambridge Investment Research Advisors Inc. purchased a new stake in First Republic Bank in the third quarter worth about $209,000. Finally, Brookmont Capital Management purchased a new stake in First Republic Bank in the third quarter worth about $210,000. 98.59% of the stock is owned by hedge funds and other institutional investors.
A number of research firms recently weighed in on FRC. Jefferies Group reaffirmed a “buy” rating and issued a $111.00 price objective on shares of First Republic Bank in a research note on Thursday, October 19th. Zacks Investment Research lowered shares of First Republic Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Barclays set a $102.00 price objective on shares of First Republic Bank and gave the stock a “hold” rating in a research note on Monday, October 16th. Raymond James Financial lowered their price objective on shares of First Republic Bank from $108.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, October 16th. Finally, Wells Fargo & Co lowered their price objective on shares of First Republic Bank from $100.00 to $95.00 and set a “market perform” rating for the company in a research note on Monday, October 16th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the stock. First Republic Bank has an average rating of “Hold” and an average price target of $101.54.
First Republic Bank (NYSE:FRC) last announced its earnings results on Tuesday, January 16th. The bank reported $1.10 EPS for the quarter, missing the Zacks’ consensus estimate of $1.15 by ($0.05). The firm had revenue of $699.20 million during the quarter, compared to the consensus estimate of $688.48 million. First Republic Bank had a return on equity of 11.80% and a net margin of 26.02%. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.03 earnings per share. equities analysts predict that First Republic Bank will post 4.76 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 8th. Shareholders of record on Thursday, January 25th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Wednesday, January 24th. This represents a $0.68 dividend on an annualized basis and a yield of 0.75%. First Republic Bank’s dividend payout ratio is presently 15.78%.
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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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