WCM Investment Management LLC lifted its holdings in shares of First Republic Bank (NYSE:FRC) by 15.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,608,709 shares of the bank’s stock after purchasing an additional 215,003 shares during the period. First Republic Bank comprises approximately 1.0% of WCM Investment Management LLC’s investment portfolio, making the stock its 20th largest holding. WCM Investment Management LLC owned 0.96% of First Republic Bank worth $157,090,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Montag & Caldwell LLC raised its stake in shares of First Republic Bank by 4.2% during the 1st quarter. Montag & Caldwell LLC now owns 2,487 shares of the bank’s stock worth $250,000 after purchasing an additional 100 shares during the period. Strategy Asset Managers LLC raised its stake in First Republic Bank by 1.5% in the 1st quarter. Strategy Asset Managers LLC now owns 6,825 shares of the bank’s stock valued at $686,000 after acquiring an additional 100 shares during the period. Hartford Investment Management Co. raised its stake in First Republic Bank by 0.6% in the 2nd quarter. Hartford Investment Management Co. now owns 17,824 shares of the bank’s stock valued at $1,741,000 after acquiring an additional 113 shares during the period. Nisa Investment Advisors LLC raised its stake in First Republic Bank by 1.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 11,120 shares of the bank’s stock valued at $1,086,000 after acquiring an additional 120 shares during the period. Finally, Karp Capital Management Corp raised its stake in First Republic Bank by 1.2% in the 1st quarter. Karp Capital Management Corp now owns 10,887 shares of the bank’s stock valued at $1,094,000 after acquiring an additional 130 shares during the period.
A number of equities research analysts recently issued reports on the company. Zacks Investment Research cut First Republic Bank from a “hold” rating to a “sell” rating and set a $104.00 price objective on the stock. in a research note on Friday, July 5th. Credit Suisse Group lowered their price objective on First Republic Bank from $105.00 to $98.00 and set a “neutral” rating on the stock in a research note on Thursday, July 18th. Wedbush restated an “outperform” rating on shares of First Republic Bank in a research note on Tuesday, July 16th. Maxim Group restated a “buy” rating and issued a $110.00 price objective on shares of First Republic Bank in a research note on Wednesday, July 17th. Finally, Raymond James cut First Republic Bank to a “hold” rating in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. First Republic Bank presently has an average rating of “Hold” and a consensus price target of $103.08.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings results on Tuesday, July 16th. The bank reported $1.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.26 by ($0.02). First Republic Bank had a net margin of 22.94% and a return on equity of 11.30%. The company had revenue of $819.38 million for the quarter, compared to the consensus estimate of $836.26 million. During the same quarter in the prior year, the company earned $1.20 earnings per share. Sell-side analysts forecast that First Republic Bank will post 4.98 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 8th. Stockholders of record on Thursday, July 25th were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 0.83%. The ex-dividend date was Wednesday, July 24th. First Republic Bank’s dividend payout ratio is presently 15.80%.
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 in 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, passbook deposits, and individual retirement accounts, as well as certificates of deposit.
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