Standard Life Investments LTD decreased its holdings in shares of First Republic Bank (NYSE:FRC) by 1.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,946,283 shares of the bank’s stock after selling 53,656 shares during the quarter. First Republic Bank makes up about 1.7% of Standard Life Investments LTD’s holdings, making the stock its 12th biggest position. Standard Life Investments LTD owned approximately 3.21% of First Republic Bank worth $495,049,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in FRC. Barnett & Company Inc. acquired a new position in First Republic Bank in the 2nd quarter valued at $100,000. Parallel Advisors LLC grew its stake in First Republic Bank by 628.2% in the 1st quarter. Parallel Advisors LLC now owns 1,085 shares of the bank’s stock valued at $101,000 after buying an additional 936 shares during the last quarter. Israel Discount Bank of New York acquired a new position in First Republic Bank in the 1st quarter valued at $107,000. Whittier Trust Co. of Nevada Inc. grew its stake in First Republic Bank by 100.6% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,071 shares of the bank’s stock valued at $107,000 after buying an additional 537 shares during the last quarter. Finally, Shine Investment Advisory Services Inc. acquired a new position in First Republic Bank in the 2nd quarter valued at $128,000.
A number of research analysts recently issued reports on the stock. Zacks Investment Research lowered shares of First Republic Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, June 6th. BidaskClub lowered shares of First Republic Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Maxim Group reiterated a “buy” rating and issued a $110.00 target price (up from $105.00) on shares of First Republic Bank in a research note on Friday, July 14th. BMO Capital Markets reiterated a “hold” rating and issued a $97.00 target price on shares of First Republic Bank in a research note on Friday, May 26th. Finally, Barclays PLC reiterated an “equal weight” rating and issued a $110.00 target price (up from $101.00) on shares of First Republic Bank in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company’s stock. First Republic Bank has a consensus rating of “Hold” and an average price target of $104.54.
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First Republic Bank (FRC) traded down 0.60% during mid-day trading on Wednesday, reaching $97.49. 214,903 shares of the company’s stock traded hands. The firm has a 50 day moving average of $98.24 and a 200 day moving average of $96.14. The firm has a market cap of $15.38 billion, a PE ratio of 23.78 and a beta of 1.01. First Republic Bank has a 1-year low of $72.40 and a 1-year high of $104.17.
First Republic Bank (NYSE:FRC) last released its quarterly earnings data on Friday, July 14th. The bank reported $1.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.09 by ($0.03). First Republic Bank had a net margin of 27.37% and a return on equity of 12.16%. The company had revenue of $641.30 million during the quarter, compared to analyst estimates of $671.27 million. During the same quarter in the prior year, the firm earned $0.97 earnings per share. First Republic Bank’s revenue for the quarter was up 19.8% on a year-over-year basis. Analysts forecast that First Republic Bank will post $4.45 EPS for the current year.
First Republic Bank Profile
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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