Zurcher Kantonalbank Zurich Cantonalbank raised its position in First Republic Bank (NYSE:FRC) by 2.7% in the third quarter, Holdings Channel reports. The fund owned 33,485 shares of the bank’s stock after purchasing an additional 865 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in First Republic Bank were worth $3,215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. lifted its stake in shares of First Republic Bank by 6.5% during the 3rd quarter. BlackRock Inc. now owns 12,082,935 shares of the bank’s stock worth $1,159,962,000 after buying an additional 733,112 shares during the last quarter. JPMorgan Chase & Co. increased its position in First Republic Bank by 1.9% during the third quarter. JPMorgan Chase & Co. now owns 6,498,231 shares of the bank’s stock worth $623,830,000 after acquiring an additional 121,115 shares during the period. Bank of America Corp DE increased its position in First Republic Bank by 72.2% during the second quarter. Bank of America Corp DE now owns 3,428,956 shares of the bank’s stock worth $331,887,000 after acquiring an additional 1,437,779 shares during the period. Select Equity Group L.P. increased its position in First Republic Bank by 15.4% during the second quarter. Select Equity Group L.P. now owns 1,975,797 shares of the bank’s stock worth $191,237,000 after acquiring an additional 263,150 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in First Republic Bank by 2.1% during the second quarter. Canada Pension Plan Investment Board now owns 1,702,042 shares of the bank’s stock worth $164,741,000 after acquiring an additional 34,672 shares during the period.
FRC stock opened at $99.15 on Monday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.00 and a current ratio of 1.00. First Republic Bank has a 12 month low of $84.47 and a 12 month high of $106.75. The stock has a market capitalization of $15.64 billion, a price-to-earnings ratio of 23.00, a PEG ratio of 1.72 and a beta of 0.82.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 8th. Shareholders of record on Thursday, October 25th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 0.73%. The ex-dividend date was Wednesday, October 24th. First Republic Bank’s dividend payout ratio is currently 16.71%.
A number of research firms recently commented on FRC. Raymond James set a $104.00 price target on shares of First Republic Bank and gave the stock a “buy” rating in a research report on Monday, October 15th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $94.00 price target on shares of First Republic Bank in a research report on Tuesday, October 9th. Finally, Royal Bank of Canada raised their price target on shares of First Republic Bank to $102.00 and gave the stock a “sector perform” rating in a research report on Thursday, September 13th. They noted that the move was a valuation call. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. First Republic Bank presently has an average rating of “Hold” and an average target price of $102.46.
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First Republic Bank Company Profile
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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