Palisade Capital Management LLC NJ Makes New $272,000 Investment in First Republic Bank (NYSE:FRC)

Palisade Capital Management LLC NJ acquired a new position in shares of First Republic Bank (NYSE:FRC – Get Rating) during the 1st quarter, Holdings Channel.com reports. The fund acquired 1,676 shares of the bank’s stock, valued at approximately $272,000.

Several other large investors have also recently added to or reduced their stakes in the company. Northwestern Mutual Investment Management Company LLC grew its stake in shares of First Republic Bank by 0.7% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 8,065 shares of the bank’s stock valued at $1,666,000 after purchasing an additional 57 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of First Republic Bank by 0.6% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 11,522 shares of the bank’s stock valued at $1,868,000 after purchasing an additional 67 shares during the last quarter. Allworth Financial LP grew its stake in shares of First Republic Bank by 4.5% during the first quarter. Allworth Financial LP now owns 1,661 shares of the bank’s stock valued at $269,000 after purchasing an additional 71 shares during the last quarter. SFE Investment Counsel grew its stake in shares of First Republic Bank by 0.3% during the fourth quarter. SFE Investment Counsel now owns 25,678 shares of the bank’s stock valued at $5,303,000 after purchasing an additional 80 shares during the last quarter. Finally, Rockefeller Capital Management L.P. grew its stake in shares of First Republic Bank by 0.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 9,463 shares of the bank’s stock valued at $1,954,000 after purchasing an additional 80 shares during the last quarter. 94.41% of the stock is owned by institutional investors.

First Republic Bank Trading Up 0.9 %

FRC opened at $163.96 on Friday. The firm’s fifty day moving average is $150.82 and its two-hundred day moving average is $158.04. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.92 and a current ratio of 0.91. The firm has a market cap of $29.46 billion, a PE ratio of 20.27, a price-to-earnings-growth ratio of 2.16 and a beta of 1.11. First Republic Bank has a twelve month low of $133.37 and a twelve month high of $222.86.

First Republic Bank (NYSE:FRC – Get Rating) last posted its earnings results on Thursday, July 14th. The bank reported $2.16 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.11. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.48 billion. First Republic Bank had a net margin of 27.65% and a return on equity of 12.96%. The business’s revenue for the quarter was up 22.6% compared to the same quarter last year. During the same period last year, the business posted $1.95 earnings per share. Equities research analysts anticipate that First Republic Bank will post 8.58 EPS for the current year.

First Republic Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Thursday, July 28th will be issued a $0.27 dividend. The ex-dividend date is Wednesday, July 27th. This represents a $1.08 annualized dividend and a yield of 0.66%. First Republic Bank’s dividend payout ratio (DPR) is presently 13.35%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. UBS Group raised shares of First Republic Bank from a “neutral” rating to a “buy” rating and increased their price target for the company from $188.00 to $194.00 in a research note on Friday, April 8th. Morgan Stanley decreased their price target on shares of First Republic Bank from $180.00 to $160.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 12th. Maxim Group reaffirmed a “buy” rating and issued a $250.00 price objective on shares of First Republic Bank in a research note on Friday, July 15th. JPMorgan Chase & Co. reduced their price objective on shares of First Republic Bank from $215.00 to $200.00 and set an “overweight” rating on the stock in a research note on Friday, July 1st. Finally, Royal Bank of Canada raised their price objective on shares of First Republic Bank from $184.00 to $187.00 and gave the company a “sector perform” rating in a research note on Thursday, April 14th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $187.33.

First Republic Bank Profile

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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 in two segments, Commercial Banking and Wealth Management. The company accepts deposit products, such as noninterest-bearing checking, interest-bearing checking, money market checking accounts, money market savings accounts, and passbook accounts, as well as certificates of deposit.