Sit Investment Associates Inc. Trims Holdings in First Republic Bank (NYSE:FRC)

Sit Investment Associates Inc. lessened its position in First Republic Bank (NYSE:FRC) by 22.9% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 41,445 shares of the bank’s stock after selling 12,280 shares during the period. Sit Investment Associates Inc.’s holdings in First Republic Bank were worth $4,164,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in FRC. Norges Bank acquired a new stake in First Republic Bank in the fourth quarter valued at approximately $103,154,000. BlackRock Inc. grew its stake in First Republic Bank by 7.8% in the fourth quarter. BlackRock Inc. now owns 13,031,329 shares of the bank’s stock valued at $1,132,423,000 after acquiring an additional 948,394 shares during the period. Geode Capital Management LLC grew its stake in First Republic Bank by 57.4% in the fourth quarter. Geode Capital Management LLC now owns 2,097,305 shares of the bank’s stock valued at $181,934,000 after acquiring an additional 764,661 shares during the period. Northern Trust Corp grew its stake in First Republic Bank by 42.1% in the first quarter. Northern Trust Corp now owns 1,720,178 shares of the bank’s stock valued at $172,810,000 after acquiring an additional 509,672 shares during the period. Finally, Baillie Gifford & Co. grew its stake in First Republic Bank by 7.9% in the fourth quarter. Baillie Gifford & Co. now owns 6,708,104 shares of the bank’s stock valued at $582,934,000 after acquiring an additional 491,194 shares during the period.

A number of equities research analysts have commented on FRC shares. BMO Capital Markets raised their price objective on First Republic Bank from $95.00 to $111.00 and gave the company a “market perform” rating in a research note on Friday, March 15th. Atlantic Securities cut First Republic Bank from an “overweight” rating to a “neutral” rating and set a $104.98 price objective for the company. in a research note on Friday, March 1st. Maxim Group reissued a “buy” rating and issued a $115.00 price objective (up previously from $110.00) on shares of First Republic Bank in a research note on Friday, April 12th. Wells Fargo & Co lifted their target price on First Republic Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research report on Tuesday, April 2nd. Finally, ValuEngine cut First Republic Bank from a “buy” rating to a “hold” rating in a research report on Wednesday, March 20th. Twelve investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $104.57.

Shares of NYSE:FRC traded up $0.01 during mid-day trading on Friday, hitting $96.35. 1,427,837 shares of the company traded hands, compared to its average volume of 772,792. The stock has a market cap of $16.13 billion, a price-to-earnings ratio of 20.03, a PEG ratio of 1.62 and a beta of 0.96. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.19. First Republic Bank has a 12-month low of $79.42 and a 12-month high of $107.75.

First Republic Bank (NYSE:FRC) last announced its earnings results on Friday, April 12th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.04. The company had revenue of $807.36 million for the quarter, compared to analysts’ expectations of $813.99 million. First Republic Bank had a return on equity of 11.56% and a net margin of 23.61%. During the same quarter in the previous year, the firm earned $1.13 earnings per share. As a group, equities research analysts expect that First Republic Bank will post 5.29 earnings per share for the current year.

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About First Republic Bank

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 in 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, passbook deposits, and individual retirement accounts, as well as certificates of deposit.

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Institutional Ownership by Quarter for First Republic Bank (NYSE:FRC)

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