Principal Financial Group Inc. Cuts Stake in FIRST REPUBLIC BANK (NYSE:FRC)

Principal Financial Group Inc. lowered its stake in shares of FIRST REPUBLIC BANK (NYSE:FRC) by 71.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 25,931 shares of the bank’s stock after selling 64,355 shares during the period. Principal Financial Group Inc.’s holdings in FIRST REPUBLIC BANK were worth $2,433,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Creative Planning increased its position in FIRST REPUBLIC BANK by 5.5% in the first quarter. Creative Planning now owns 1,160 shares of the bank’s stock valued at $109,000 after buying an additional 60 shares during the period. Toronto Dominion Bank increased its position in FIRST REPUBLIC BANK by 49.7% in the first quarter. Toronto Dominion Bank now owns 1,944 shares of the bank’s stock valued at $182,000 after buying an additional 645 shares during the period. HRT Financial LLC bought a new position in FIRST REPUBLIC BANK during the first quarter valued at $201,000. Jaffetilchin Investment Partners LLC increased its position in FIRST REPUBLIC BANK by 1.1% in the first quarter. Jaffetilchin Investment Partners LLC now owns 2,473 shares of the bank’s stock valued at $232,000 after buying an additional 28 shares during the period. Finally, Searle & CO. bought a new position in FIRST REPUBLIC BANK during the fourth quarter valued at $240,000. Institutional investors own 98.77% of the company’s stock.

Shares of FIRST REPUBLIC BANK (FRC) traded up 0.88% during midday trading on Tuesday, hitting $101.21. The stock had a trading volume of 106,548 shares. The firm has a 50 day moving average price of $100.83 and a 200-day moving average price of $95.45. FIRST REPUBLIC BANK has a 52-week low of $70.46 and a 52-week high of $104.17. The stock has a market cap of $15.96 billion, a PE ratio of 24.69 and a beta of 0.99.

FIRST REPUBLIC BANK (NYSE:FRC) last posted its earnings results on Friday, July 14th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by $0.03. FIRST REPUBLIC BANK had a return on equity of 12.16% and a net margin of 27.37%. The firm had revenue of $641.30 million for the quarter, compared to analysts’ expectations of $671.27 million. During the same period in the previous year, the company earned $0.97 earnings per share. The company’s revenue was up 19.8% compared to the same quarter last year. Equities analysts predict that FIRST REPUBLIC BANK will post $4.45 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 10th. Investors of record on Thursday, July 27th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date is Tuesday, July 25th. FIRST REPUBLIC BANK’s dividend payout ratio is presently 16.59%.

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FRC has been the topic of several analyst reports. Jefferies Group LLC reiterated a “buy” rating and set a $109.00 target price on shares of FIRST REPUBLIC BANK in a research report on Monday, May 15th. BidaskClub upgraded FIRST REPUBLIC BANK from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Maxim Group reiterated a “buy” rating and set a $110.00 target price (up from $105.00) on shares of FIRST REPUBLIC BANK in a research report on Friday, July 14th. Morgan Stanley lowered their target price on FIRST REPUBLIC BANK from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 6th. Finally, Barclays PLC reiterated an “equal weight” rating and set a $110.00 target price (up from $101.00) on shares of FIRST REPUBLIC BANK in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $104.54.

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.