Ceredex Value Advisors LLC Takes Position in First Republic Bank (FRC)

Ceredex Value Advisors LLC bought a new position in shares of First Republic Bank (NYSE:FRC) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,264,500 shares of the bank’s stock, valued at approximately $117,106,000. First Republic Bank makes up about 1.4% of Ceredex Value Advisors LLC’s holdings, making the stock its 3rd biggest holding. Ceredex Value Advisors LLC owned 0.80% of First Republic Bank as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of FRC. Nisa Investment Advisors LLC lifted its position in shares of First Republic Bank by 18.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 16,000 shares of the bank’s stock worth $1,386,000 after buying an additional 2,500 shares in the last quarter. Atria Investments LLC bought a new position in shares of First Republic Bank during the 4th quarter worth approximately $371,000. National Pension Service lifted its position in shares of First Republic Bank by 5.4% during the 4th quarter. National Pension Service now owns 167,326 shares of the bank’s stock worth $14,497,000 after buying an additional 8,642 shares in the last quarter. Marathon Asset Management LLP lifted its position in shares of First Republic Bank by 1.6% during the 4th quarter. Marathon Asset Management LLP now owns 435,590 shares of the bank’s stock worth $37,738,000 after buying an additional 6,842 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its position in shares of First Republic Bank by 5.1% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 378,512 shares of the bank’s stock worth $32,795,000 after buying an additional 18,338 shares in the last quarter.

Several research firms have commented on FRC. Jefferies Group reissued a “hold” rating and set a $88.00 target price on shares of First Republic Bank in a research report on Wednesday, April 18th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $96.00 price target on shares of First Republic Bank in a report on Friday, April 13th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $94.00 price target on shares of First Republic Bank in a report on Thursday, April 5th. UBS began coverage on shares of First Republic Bank in a report on Wednesday, March 21st. They issued a “neutral” rating and a $100.00 price target on the stock. Finally, Zacks Investment Research raised shares of First Republic Bank from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 20th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. First Republic Bank has an average rating of “Hold” and an average price target of $100.77.

NYSE:FRC opened at $99.04 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 1.45. The company has a market capitalization of $15.45 billion, a P/E ratio of 22.98, a P/E/G ratio of 1.60 and a beta of 0.83. First Republic Bank has a 12 month low of $97.58 and a 12 month high of $98.23.

First Republic Bank (NYSE:FRC) last posted its quarterly earnings results on Friday, April 13th. The bank reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.07. The company had revenue of $720.90 million for the quarter, compared to analysts’ expectations of $732.68 million. First Republic Bank had a net margin of 25.33% and a return on equity of 11.76%. First Republic Bank’s revenue was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.01 EPS. sell-side analysts expect that First Republic Bank will post 4.8 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 10th. Investors of record on Thursday, April 26th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 0.73%. This is a positive change from First Republic Bank’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Wednesday, April 25th. First Republic Bank’s payout ratio is currently 16.71%.

About First Republic Bank

First Republic Bank, together with its subsidiaries, provides private banking, private business banking, real estate lending, and wealth management services to clients in metropolitan areas of the United States. It operates through two segments, Commercial Banking and Wealth Management. The company offers deposit products, such as checking, money market checking, savings, and passbook deposits, as well as certificates of deposit.

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

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