First Republic Bank (NYSE:FRC) Shares Sold by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC cut its holdings in First Republic Bank (NYSE:FRC) by 4.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 16,861 shares of the bank’s stock after selling 710 shares during the period. Janney Montgomery Scott LLC’s holdings in First Republic Bank were worth $1,839,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Pacer Advisors Inc. purchased a new stake in First Republic Bank during the 2nd quarter worth $1,510,000. Envestnet Asset Management Inc. boosted its position in First Republic Bank by 8.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 249,120 shares of the bank’s stock worth $27,169,000 after purchasing an additional 19,647 shares during the period. State of Michigan Retirement System boosted its position in First Republic Bank by 13.2% during the 2nd quarter. State of Michigan Retirement System now owns 43,812 shares of the bank’s stock worth $4,644,000 after purchasing an additional 5,112 shares during the period. Sei Investments Co. boosted its position in First Republic Bank by 6.3% during the 2nd quarter. Sei Investments Co. now owns 52,794 shares of the bank’s stock worth $5,635,000 after purchasing an additional 3,121 shares during the period. Finally, Victory Capital Management Inc. boosted its position in First Republic Bank by 159.2% during the 2nd quarter. Victory Capital Management Inc. now owns 192,283 shares of the bank’s stock worth $20,380,000 after purchasing an additional 118,108 shares during the period. Institutional investors own 95.70% of the company’s stock.

A number of analysts recently weighed in on FRC shares. Credit Suisse Group upped their price target on shares of First Republic Bank from $110.00 to $117.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 14th. Zacks Investment Research raised shares of First Republic Bank from a “hold” rating to a “strong-buy” rating and set a $146.00 price objective for the company in a research report on Monday, October 19th. Morgan Stanley upped their price objective on shares of First Republic Bank from $115.00 to $125.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 3rd. Maxim Group upped their price objective on shares of First Republic Bank from $128.00 to $150.00 in a research report on Wednesday, October 14th. Finally, Royal Bank of Canada upped their price objective on shares of First Republic Bank from $116.00 to $130.00 in a research report on Wednesday, October 14th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $124.71.

FRC stock opened at $129.90 on Friday. The company has a market cap of $22.37 billion, a price-to-earnings ratio of 23.20, a PEG ratio of 2.36 and a beta of 1.13. The company has a 50 day moving average of $126.77 and a two-hundred day moving average of $113.32. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.58. First Republic Bank has a 12-month low of $70.06 and a 12-month high of $142.14.

First Republic Bank (NYSE:FRC) last released its quarterly earnings results on Sunday, October 18th. The bank reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.23. First Republic Bank had a net margin of 22.95% and a return on equity of 10.96%. During the same quarter in the prior year, the company posted $1.31 EPS. On average, research analysts anticipate that First Republic Bank will post 5.68 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, November 12th. Shareholders of record on Thursday, October 29th were given a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, October 28th. This represents a $0.80 annualized dividend and a yield of 0.62%. First Republic Bank’s dividend payout ratio is 15.38%.

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 in the United States. It operates through two segments, Commercial Banking and Wealth Management. The company accepts 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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