Sit Investment Associates Inc. cut its position in FIRST REPUBLIC BANK (NYSE:FRC) by 1.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,650 shares of the bank’s stock after selling 500 shares during the period. Sit Investment Associates Inc.’s holdings in FIRST REPUBLIC BANK were worth $5,070,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Fox Run Management L.L.C. purchased a new position in FIRST REPUBLIC BANK during the first quarter worth approximately $553,000. Private Trust Co. NA increased its position in FIRST REPUBLIC BANK by 6.1% in the first quarter. Private Trust Co. NA now owns 9,385 shares of the bank’s stock worth $880,000 after buying an additional 541 shares in the last quarter. TNB Financial purchased a new position in FIRST REPUBLIC BANK during the first quarter worth approximately $253,000. Capstone Asset Management Co. increased its position in FIRST REPUBLIC BANK by 27.1% in the first quarter. Capstone Asset Management Co. now owns 3,372 shares of the bank’s stock worth $316,000 after buying an additional 720 shares in the last quarter. Finally, WCM Investment Management CA purchased a new position in FIRST REPUBLIC BANK during the first quarter worth approximately $29,110,000. Hedge funds and other institutional investors own 99.64% of the company’s stock.
Shares of FIRST REPUBLIC BANK (NYSE:FRC) opened at 101.70 on Tuesday. The company has a market capitalization of $16.04 billion, a PE ratio of 24.81 and a beta of 0.99. FIRST REPUBLIC BANK has a 52-week low of $71.11 and a 52-week high of $104.17. The stock has a 50 day moving average price of $100.88 and a 200 day moving average price of $95.51.
FIRST REPUBLIC BANK (NYSE:FRC) last released its earnings results on Friday, July 14th. The bank reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by $0.03. The company had revenue of $641.30 million for the quarter, compared to the consensus estimate of $671.27 million. FIRST REPUBLIC BANK had a net margin of 27.37% and a return on equity of 12.16%. The business’s revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.97 earnings per share. On average, analysts predict that FIRST REPUBLIC BANK will post $4.45 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 10th. Investors of record on Thursday, July 27th will be given a dividend of $0.17 per share. The ex-dividend date is Tuesday, July 25th. This represents a $0.68 annualized dividend and a dividend yield of 0.67%. FIRST REPUBLIC BANK’s dividend payout ratio is currently 16.59%.
A number of research firms recently commented on FRC. Royal Bank Of Canada restated a “hold” rating and issued a $98.00 price objective on shares of FIRST REPUBLIC BANK in a report on Friday, July 7th. Barclays PLC reiterated an “equal weight” rating and set a $110.00 price target (up previously from $101.00) on shares of FIRST REPUBLIC BANK in a report on Wednesday, July 12th. Morgan Stanley reiterated an “equal weight” rating and set a $104.00 price target (up previously from $102.00) on shares of FIRST REPUBLIC BANK in a report on Thursday, July 6th. BidaskClub downgraded FIRST REPUBLIC BANK from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Finally, Maxim Group reiterated a “buy” rating and set a $110.00 price target (up previously from $105.00) on shares of FIRST REPUBLIC BANK in a report on Friday, July 14th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target 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.
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