Moors & Cabot Inc. cut its position in shares of First Republic Bank (NYSE:FRC) by 50.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,500 shares of the bank’s stock after selling 2,500 shares during the period. Moors & Cabot Inc.’s holdings in First Republic Bank were worth $261,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Harding Loevner LP lifted its holdings in First Republic Bank by 112.9% during the third quarter. Harding Loevner LP now owns 4,734,746 shares of the bank’s stock valued at $227,383,000 after purchasing an additional 2,510,888 shares in the last quarter. Artisan Partners Limited Partnership purchased a new position in First Republic Bank during the second quarter valued at $211,296,000. State Street Corp lifted its holdings in First Republic Bank by 20.3% during the second quarter. State Street Corp now owns 5,995,443 shares of the bank’s stock valued at $600,135,000 after purchasing an additional 1,010,648 shares in the last quarter. BlackRock Inc. lifted its holdings in First Republic Bank by 8.9% during the second quarter. BlackRock Inc. now owns 10,708,811 shares of the bank’s stock valued at $1,071,954,000 after purchasing an additional 876,812 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in First Republic Bank by 13.3% during the second quarter. JPMorgan Chase & Co. now owns 6,745,564 shares of the bank’s stock valued at $675,230,000 after purchasing an additional 793,964 shares in the last quarter. 99.14% of the stock is currently owned by hedge funds and other institutional investors.
FRC has been the topic of several recent analyst reports. Piper Jaffray Companies reaffirmed a “hold” rating and set a $99.00 price objective on shares of First Republic Bank in a report on Friday, September 1st. Barclays cut shares of First Republic Bank from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $108.00 to $104.00 in a research report on Tuesday, October 10th. Jefferies Group increased their target price on shares of First Republic Bank from $109.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, September 29th. Raymond James Financial reduced their target price on shares of First Republic Bank from $108.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, October 16th. Finally, Zacks Investment Research cut shares of First Republic Bank from a “hold” rating to a “sell” rating in a research report on Monday, September 18th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $103.07.
First Republic Bank (NYSE:FRC) last released its quarterly earnings data on Friday, October 13th. The bank reported $1.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.16 by ($0.02). First Republic Bank had a return on equity of 12.06% and a net margin of 26.85%. The firm had revenue of $670.30 million for the quarter, compared to analyst estimates of $678.25 million. During the same quarter in the previous year, the business posted $1.00 earnings per share. First Republic Bank’s revenue for the quarter was up 20.1% on a year-over-year basis. sell-side analysts anticipate that First Republic Bank will post 4.42 EPS for the current fiscal year.
First Republic Bank Company 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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