M&T Bank Corp reduced its position in First Republic Bank (NYSE:FRC) by 4.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 22,176 shares of the bank’s stock after selling 1,056 shares during the quarter. M&T Bank Corp’s holdings in First Republic Bank were worth $1,921,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cerebellum GP LLC acquired a new position in First Republic Bank in the 4th quarter valued at $127,000. Zions Bancorporation acquired a new position in First Republic Bank in the 3rd quarter valued at $160,000. Mawer Investment Management Ltd. acquired a new position in First Republic Bank in the 3rd quarter valued at $209,000. Cambridge Investment Research Advisors Inc. acquired a new position in First Republic Bank in the 3rd quarter valued at $209,000. Finally, Brookmont Capital Management acquired a new position in First Republic Bank in the 3rd quarter valued at $210,000. 98.77% of the stock is owned by hedge funds and other institutional investors.
Shares of First Republic Bank (NYSE:FRC) opened at $95.52 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.46. The stock has a market capitalization of $14,994.76, a price-to-earnings ratio of 22.05, a price-to-earnings-growth ratio of 1.58 and a beta of 0.91. First Republic Bank has a twelve month low of $84.56 and a twelve month high of $105.52.
First Republic Bank (NYSE:FRC) last issued its earnings results on Tuesday, January 16th. The bank reported $1.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.15 by ($0.05). The company had revenue of $699.20 million during the quarter, compared to analysts’ expectations of $688.48 million. First Republic Bank had a net margin of 26.02% and a return on equity of 11.80%. The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.03 earnings per share. equities research analysts anticipate that First Republic Bank will post 4.74 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, February 8th. Shareholders of record on Thursday, January 25th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 0.71%. The ex-dividend date was Wednesday, January 24th. First Republic Bank’s payout ratio is currently 15.78%.
Several research firms recently commented on FRC. Maxim Group reissued a “buy” rating and issued a $110.00 price objective on shares of First Republic Bank in a research note on Thursday, January 4th. Keefe, Bruyette & Woods reissued a “hold” rating on shares of First Republic Bank in a research note on Wednesday, January 17th. Sandler O’Neill reissued a “hold” rating and issued a $94.00 price objective on shares of First Republic Bank in a research note on Wednesday, January 17th. Barclays increased their price objective on First Republic Bank from $98.00 to $101.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. Finally, Royal Bank of Canada reissued a “hold” rating on shares of First Republic Bank in a research note on Wednesday, January 17th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $101.54.
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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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