First Republic Bank (NYSE:FRC) Hits New 12-Month High Following Dividend Announcement

First Republic Bank (NYSE:FRC) reached a new 52-week high during mid-day trading on Thursday after the company announced a dividend. The stock traded as high as $208.99 and last traded at $208.31, with a volume of 550 shares. The stock had previously closed at $204.85.

The newly announced dividend which will be paid on Friday, November 12th. Stockholders of record on Thursday, October 28th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date is Wednesday, October 27th. First Republic Bank’s payout ratio is 15.15%.

FRC has been the topic of several recent analyst reports. Credit Suisse Group boosted their price target on First Republic Bank from $163.00 to $180.00 and gave the company an “underperform” rating in a research note on Wednesday, July 14th. JPMorgan Chase & Co. upped their price target on First Republic Bank from $235.00 to $240.00 and gave the stock an “overweight” rating in a report on Thursday. Maxim Group boosted their price objective on First Republic Bank from $210.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, July 14th. Morgan Stanley upped their price target on First Republic Bank from $180.00 to $190.00 and gave the company an “equal weight” rating in a research report on Monday, August 2nd. Finally, Keefe, Bruyette & Woods increased their price objective on First Republic Bank from $215.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, July 13th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $194.54.

The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market cap of $36.08 billion, a PE ratio of 29.47, a price-to-earnings-growth ratio of 1.58 and a beta of 1.12. The business has a fifty day moving average of $198.83 and a 200-day moving average of $190.43.

First Republic Bank (NYSE:FRC) last issued its quarterly earnings data on Tuesday, October 12th. The bank reported $1.91 EPS for the quarter, beating the consensus estimate of $1.84 by $0.07. First Republic Bank had a return on equity of 12.40% and a net margin of 26.82%. During the same quarter last year, the firm posted $1.61 earnings per share. As a group, equities research analysts predict that First Republic Bank will post 7.45 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Veracity Capital LLC grew its position in First Republic Bank by 3.9% during the 3rd quarter. Veracity Capital LLC now owns 1,373 shares of the bank’s stock worth $265,000 after purchasing an additional 51 shares during the period. Capital Insight Partners LLC lifted its stake in First Republic Bank by 4.0% in the 3rd quarter. Capital Insight Partners LLC now owns 18,616 shares of the bank’s stock valued at $3,591,000 after buying an additional 715 shares in the last quarter. Private Capital Group LLC lifted its stake in First Republic Bank by 28.0% in the 3rd quarter. Private Capital Group LLC now owns 411 shares of the bank’s stock valued at $79,000 after buying an additional 90 shares in the last quarter. IFM Investors Pty Ltd lifted its stake in First Republic Bank by 0.3% in the 3rd quarter. IFM Investors Pty Ltd now owns 22,215 shares of the bank’s stock worth $4,285,000 after purchasing an additional 73 shares in the last quarter. Finally, Koshinski Asset Management Inc. purchased a new position in First Republic Bank in the 3rd quarter worth approximately $149,000. 96.75% of the stock is currently owned by hedge funds and other institutional investors.

About First Republic Bank (NYSE:FRC)

First Republic Bank engages in the provision of private banking, business banking, real estate lending, and wealth management, including trust and custody services. It operates through the Commercial Banking and Wealth Management segments. The Commercial Banking segment represents most of the operations, including real estate secured lending, retail deposit gathering, private banking activities, mortgage sales and servicing, and managing capital, liquidity, and interest rate risk.

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