Keebeck Alpha LP raised its stake in First Republic Bank (NYSE:FRC – Get Rating) by 10.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,044 shares of the bank’s stock after acquiring an additional 284 shares during the quarter. Keebeck Alpha LP’s holdings in First Republic Bank were worth $493,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in FRC. Commonwealth Equity Services LLC increased its stake in First Republic Bank by 24.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 6,965 shares of the bank’s stock valued at $1,438,000 after purchasing an additional 1,367 shares during the last quarter. CWM LLC purchased a new stake in First Republic Bank during the fourth quarter valued at about $86,000. Qube Research & Technologies Ltd grew its position in First Republic Bank by 318.6% during the fourth quarter. Qube Research & Technologies Ltd now owns 100,829 shares of the bank’s stock valued at $20,822,000 after acquiring an additional 76,744 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in First Republic Bank by 118.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 614 shares of the bank’s stock valued at $126,000 after acquiring an additional 333 shares during the period. Finally, Advisor Group Holdings Inc. grew its position in First Republic Bank by 17.7% during the fourth quarter. Advisor Group Holdings Inc. now owns 54,660 shares of the bank’s stock valued at $11,264,000 after acquiring an additional 8,205 shares during the period. 94.41% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on FRC shares. JPMorgan Chase & Co. lowered their price target on First Republic Bank from $215.00 to $200.00 and set an “overweight” rating for the company in a research report on Friday, July 1st. Compass Point set a $175.00 price target on First Republic Bank in a research report on Tuesday, July 19th. Maxim Group reissued a “buy” rating and set a $250.00 price target on shares of First Republic Bank in a research report on Friday, July 15th. TheStreet raised First Republic Bank from a “c+” rating to a “b” rating in a research report on Tuesday, August 9th. Finally, StockNews.com raised First Republic Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, August 10th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, First Republic Bank currently has an average rating of “Hold” and a consensus price target of $187.33.
First Republic Bank Trading Up 0.7 %
First Republic Bank (NYSE:FRC – Get Rating) last announced its quarterly earnings data on Thursday, July 14th. The bank reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.11. First Republic Bank had a return on equity of 12.96% and a net margin of 27.65%. The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the prior year, the firm posted $1.95 earnings per share. First Republic Bank’s revenue for the quarter was up 22.6% compared to the same quarter last year. On average, analysts anticipate that First Republic Bank will post 8.57 earnings per share for the current fiscal year.
First Republic Bank Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 11th. Investors of record on Thursday, July 28th were issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date was Wednesday, July 27th. First Republic Bank’s dividend payout ratio (DPR) is 13.35%.
First Republic Bank Profile
First Republic Bank, together with its subsidiaries, provides private banking, private business banking, and private wealth management services to clients in metropolitan areas in the United States. It operates in two segments, Commercial Banking and Wealth Management. The company accepts deposit products, such as noninterest-bearing checking, interest-bearing checking, money market checking accounts, money market savings accounts, and passbook accounts, as well as certificates of deposit.
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