First Republic Bank Sees Unusually High Options Volume (FRC)

First Republic Bank (NYSE:FRC) was the target of some unusual options trading on Monday. Stock investors acquired 527 call options on the company. This is an increase of 764% compared to the average volume of 61 call options.

Shares of NYSE FRC opened at $97.09 on Tuesday. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 1.45. The company has a market capitalization of $15.42 billion, a price-to-earnings ratio of 21.39, a price-to-earnings-growth ratio of 1.67 and a beta of 0.88. First Republic Bank has a 12 month low of $84.56 and a 12 month high of $105.52.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 9th. Shareholders of record on Thursday, July 26th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 0.74%. The ex-dividend date of this dividend is Wednesday, July 25th. First Republic Bank’s dividend payout ratio is currently 16.71%.

Hedge funds and other institutional investors have recently modified their holdings of the business. Whittier Trust Co. of Nevada Inc. increased its position in First Republic Bank by 58.5% in the 1st 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 during the period. Gofen & Glossberg LLC IL bought a new position in First Republic Bank in the 2nd quarter worth approximately $265,000. We Are One Seven LLC bought a new position in First Republic Bank in the 4th quarter worth approximately $284,000. MML Investors Services LLC increased its position in First Republic Bank by 110.5% in the 4th quarter. MML Investors Services LLC now owns 4,083 shares of the bank’s stock worth $354,000 after buying an additional 2,143 shares during the period. Finally, Welch & Forbes LLC bought a new position in First Republic Bank in the 2nd quarter worth approximately $390,000.

A number of research analysts recently weighed in on the company. Jefferies Financial Group reissued a “hold” rating and issued a $96.00 price objective on shares of First Republic Bank in a research note on Monday. UBS Group assumed coverage on First Republic Bank in a research note on Wednesday, March 21st. They issued a “neutral” rating and a $100.00 price objective on the stock. Royal Bank of Canada reissued a “hold” rating and issued a $96.00 price objective on shares of First Republic Bank in a research note on Friday, April 13th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $94.00 price objective on shares of First Republic Bank in a research note on Thursday, April 5th. Finally, Citigroup assumed coverage on First Republic Bank in a research note on Monday, June 18th. They issued a “buy” rating and a $120.00 price objective on the stock. One analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $102.46.

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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