M&T Bank Corp raised its stake in shares of First Republic Bank (NYSE:FRC) by 16.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 31,417 shares of the bank’s stock after purchasing an additional 4,509 shares during the period. M&T Bank Corp’s holdings in First Republic Bank were worth $2,731,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in FRC. Capital Research Global Investors bought a new position in First Republic Bank during the 3rd quarter worth $675,106,000. Capital International Investors bought a new position in First Republic Bank during the 3rd quarter worth $462,618,000. Select Equity Group L.P. raised its position in First Republic Bank by 44.7% during the 3rd quarter. Select Equity Group L.P. now owns 2,858,783 shares of the bank’s stock worth $274,443,000 after purchasing an additional 882,986 shares during the last quarter. BlackRock Inc. raised its position in First Republic Bank by 6.5% during the 3rd quarter. BlackRock Inc. now owns 12,082,935 shares of the bank’s stock worth $1,159,962,000 after purchasing an additional 733,112 shares during the last quarter. Finally, WCM Investment Management CA raised its position in First Republic Bank by 46.6% during the 3rd quarter. WCM Investment Management CA now owns 1,291,526 shares of the bank’s stock worth $123,987,000 after purchasing an additional 410,403 shares during the last quarter.
FRC stock opened at $100.53 on Monday. First Republic Bank has a 1-year low of $79.42 and a 1-year high of $106.75. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market capitalization of $15.86 billion, a PE ratio of 20.90, a price-to-earnings-growth ratio of 1.52 and a beta of 0.93.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings data on Tuesday, January 15th. The bank reported $1.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.05. The firm had revenue of $810.75 million during the quarter, compared to analyst estimates of $812.10 million. First Republic Bank had a return on equity of 11.62% and a net margin of 23.88%. The business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period last year, the company posted $1.10 EPS. Analysts expect that First Republic Bank will post 5.35 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 14th. Stockholders of record on Thursday, January 31st will be paid a $0.18 dividend. The ex-dividend date is Wednesday, January 30th. This represents a $0.72 annualized dividend and a dividend yield of 0.72%. First Republic Bank’s dividend payout ratio is presently 14.97%.
Several research analysts have recently weighed in on FRC shares. Bank of America reissued a “neutral” rating and issued a $104.00 price objective (up from $98.00) on shares of First Republic Bank in a research report on Tuesday, February 5th. ValuEngine raised First Republic Bank from a “hold” rating to a “buy” rating in a research report on Wednesday, January 16th. Wells Fargo & Co lifted their price objective on First Republic Bank from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 16th. Maxim Group reissued a “buy” rating and issued a $110.00 price objective on shares of First Republic Bank in a research report on Tuesday, January 15th. Finally, Zacks Investment Research raised First Republic Bank from a “sell” rating to a “hold” rating in a research report on Monday, January 14th. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $102.29.
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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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