State Street Corp grew its position in shares of First Republic Bank (NYSE:FRC) by 20.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,995,443 shares of the bank’s stock after buying an additional 1,010,648 shares during the period. State Street Corp owned approximately 3.80% of First Republic Bank worth $600,135,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Highwater Wealth Management LLC bought a new position in First Republic Bank during the 2nd quarter worth $256,000. CI Global Investments Inc. increased its position in First Republic Bank by 1,074.8% during the 2nd quarter. CI Global Investments Inc. now owns 6,238 shares of the bank’s stock worth $624,000 after buying an additional 5,707 shares during the period. Barings LLC increased its position in First Republic Bank by 262.3% during the 1st quarter. Barings LLC now owns 29,708 shares of the bank’s stock worth $2,787,000 after buying an additional 21,508 shares during the period. Utah Retirement Systems increased its position in First Republic Bank by 2.1% during the 2nd quarter. Utah Retirement Systems now owns 28,602 shares of the bank’s stock worth $2,863,000 after buying an additional 600 shares during the period. Finally, Renaissance Technologies LLC bought a new position in First Republic Bank during the 1st quarter worth $19,569,000. Hedge funds and other institutional investors own 97.73% of the company’s stock.
Shares of First Republic Bank (NYSE FRC) opened at 103.515 on Wednesday. The firm has a market capitalization of $16.33 billion, a price-to-earnings ratio of 25.254 and a beta of 1.01. First Republic Bank has a 1-year low of $72.40 and a 1-year high of $105.52. The company has a 50-day moving average price of $99.33 and a 200 day moving average price of $97.16.
First Republic Bank (NYSE:FRC) last posted its earnings results 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 return on equity of 12.16% and a net margin of 27.37%. The business had revenue of $641.30 million for the quarter, compared to analysts’ expectations of $671.27 million. During the same quarter in the previous year, the firm earned $0.97 earnings per share. First Republic Bank’s quarterly revenue was up 19.8% compared to the same quarter last year. On average, equities research analysts predict that First Republic Bank will post $4.45 EPS for the current year.
Several analysts have recently issued reports on FRC shares. Barclays PLC lowered First Republic Bank from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $108.00 to $104.00 in a report on Tuesday. Royal Bank Of Canada reissued a “hold” rating on shares of First Republic Bank in a report on Friday, September 29th. Jefferies Group LLC increased their target price on First Republic Bank from $109.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, September 29th. Zacks Investment Research lowered First Republic Bank from a “hold” rating to a “sell” rating in a report on Monday, September 18th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $99.00 target price on shares of First Republic Bank in a report on Friday, September 1st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $104.92.
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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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