First Financial Bank Trust Division cut its holdings in First Republic Bank (NYSE:FRC) by 27.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,451 shares of the bank’s stock after selling 20,820 shares during the quarter. First Financial Bank Trust Division’s holdings in First Republic Bank were worth $9,246,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in FRC. Trust Co. of Vermont boosted its position in shares of First Republic Bank by 82.1% during the 4th quarter. Trust Co. of Vermont now owns 173 shares of the bank’s stock worth $25,000 after purchasing an additional 78 shares in the last quarter. Montag A & Associates Inc. purchased a new stake in First Republic Bank during the fourth quarter worth about $29,000. CX Institutional boosted its holdings in First Republic Bank by 95.4% during the fourth quarter. CX Institutional now owns 211 shares of the bank’s stock worth $31,000 after buying an additional 103 shares in the last quarter. Regent Peak Wealth Advisors LLC acquired a new position in First Republic Bank during the fourth quarter worth about $42,000. Finally, Perennial Advisors LLC purchased a new position in First Republic Bank in the fourth quarter valued at about $46,000. 95.47% of the stock is currently owned by hedge funds and other institutional investors.
FRC stock traded down $1.35 on Thursday, hitting $167.66. 857 shares of the company were exchanged, compared to its average volume of 995,538. The company has a debt-to-equity ratio of 1.58, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $28.87 billion, a price-to-earnings ratio of 29.09, a price-to-earnings-growth ratio of 3.26 and a beta of 1.06. First Republic Bank has a twelve month low of $89.22 and a twelve month high of $180.35. The business’s fifty day moving average is $168.55 and its two-hundred day moving average is $144.05.
First Republic Bank (NYSE:FRC) last issued its earnings results on Wednesday, January 13th. The bank reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.08. First Republic Bank had a return on equity of 10.96% and a net margin of 22.95%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the company posted $1.39 EPS. The business’s quarterly revenue was up 25.4% on a year-over-year basis. Equities research analysts expect that First Republic Bank will post 6.12 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, February 11th. Stockholders of record on Thursday, January 28th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date was Wednesday, January 27th. First Republic Bank’s payout ratio is currently 13.77%.
A number of equities research analysts recently weighed in on FRC shares. Barclays upped their price target on First Republic Bank from $165.00 to $170.00 and gave the stock an “equal weight” rating in a report on Wednesday. Maxim Group boosted their price objective on shares of First Republic Bank to $200.00 and gave the stock a “buy” rating in a research report on Friday, January 15th. Credit Suisse Group increased their price target on shares of First Republic Bank from $148.00 to $157.00 and gave the company an “underperform” rating in a research report on Wednesday, March 31st. JPMorgan Chase & Co. upped their target price on First Republic Bank from $148.00 to $160.00 in a research note on Tuesday, December 15th. Finally, Morgan Stanley raised their price target on First Republic Bank from $166.00 to $170.00 and gave the stock an “equal weight” rating in a research report on Wednesday, March 24th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. First Republic Bank has an average rating of “Hold” and an average target price of $136.13.
First Republic Bank Company Profile
First Republic Bank, together with its subsidiaries, provides private banking, private business banking, and private 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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