First Mercantile Trust Co. lessened its holdings in First Republic Bank (NYSE:FRC) by 11.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,300 shares of the bank’s stock after selling 700 shares during the period. First Mercantile Trust Co.’s holdings in First Republic Bank were worth $491,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. YorkBridge Wealth Partners LLC raised its position in shares of First Republic Bank by 3,865.5% in the fourth quarter. YorkBridge Wealth Partners LLC now owns 1,150 shares of the bank’s stock worth $101,000 after buying an additional 1,121 shares in the last quarter. Cerebellum GP LLC purchased a new stake in shares of First Republic Bank in the fourth quarter worth $127,000. Whittier Trust Co. of Nevada Inc. raised its position in shares of First Republic Bank by 58.5% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 2,286 shares of the bank’s stock worth $212,000 after buying an additional 844 shares in the last quarter. Intrust Bank NA bought a new position in First Republic Bank in the fourth quarter valued at $203,000. Finally, Robeco Institutional Asset Management B.V. bought a new position in First Republic Bank in the fourth quarter valued at $252,000.
A number of research firms recently commented on FRC. UBS began coverage on First Republic Bank in a research note on Wednesday, March 21st. They issued a “neutral” rating and a $100.00 target price on the stock. Barclays raised First Republic Bank from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $93.00 to $110.00 in a research note on Tuesday, March 6th. Keefe, Bruyette & Woods reissued a “hold” rating on shares of First Republic Bank in a research note on Wednesday, January 17th. Royal Bank of Canada reissued a “hold” rating and issued a $96.00 target price on shares of First Republic Bank in a research note on Friday, April 13th. Finally, Jefferies Group reissued a “hold” rating and issued a $88.00 target price on shares of First Republic Bank in a research note on Wednesday, April 18th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $100.77.
Shares of First Republic Bank opened at $99.12 on Thursday, Marketbeat.com reports. First Republic Bank has a 12-month low of $97.58 and a 12-month high of $98.23. The stock has a market cap of $15.45 billion, a PE ratio of 23.00, a P/E/G ratio of 1.60 and a beta of 0.83. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 1.45.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings data on Friday, April 13th. The bank reported $1.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.07. First Republic Bank had a return on equity of 11.76% and a net margin of 25.33%. The firm had revenue of $720.90 million for the quarter, compared to analysts’ expectations of $732.68 million. During the same period last year, the firm earned $1.01 earnings per share. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. analysts anticipate that First Republic Bank will post 4.8 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 10th. Stockholders of record on Thursday, April 26th were paid a dividend of $0.18 per share. This is a boost from First Republic Bank’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date was Wednesday, April 25th. First Republic Bank’s dividend payout ratio (DPR) is 16.71%.
First Republic Bank Company Profile
First Republic Bank, together with its subsidiaries, provides private banking, private business banking, real estate lending, and wealth management services to clients in metropolitan areas of the United States. It operates through two segments, Commercial Banking and Wealth Management. The company offers deposit products, such as checking, money market checking, savings, and passbook deposits, as well as certificates of deposit.
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