Eaton Vance Management raised its position in First Republic Bank (NYSE:FRC) by 1.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 219,441 shares of the bank’s stock after acquiring an additional 3,221 shares during the quarter. Eaton Vance Management owned 0.14% of First Republic Bank worth $21,966,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of FRC. Barnett & Company Inc. acquired a new stake in First Republic Bank in the second quarter valued at approximately $100,000. Parallel Advisors LLC grew its position in First Republic Bank by 628.2% in the first quarter. Parallel Advisors LLC now owns 1,085 shares of the bank’s stock valued at $101,000 after acquiring an additional 936 shares in the last quarter. Israel Discount Bank of New York acquired a new stake in First Republic Bank in the first quarter valued at approximately $107,000. Whittier Trust Co. of Nevada Inc. grew its position in First Republic Bank by 100.6% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,071 shares of the bank’s stock valued at $107,000 after acquiring an additional 537 shares in the last quarter. Finally, Creative Planning grew its position in First Republic Bank by 5.5% in the first quarter. Creative Planning now owns 1,160 shares of the bank’s stock valued at $109,000 after acquiring an additional 60 shares in the last quarter.
Shares of First Republic Bank (FRC) opened at 93.90 on Friday. First Republic Bank has a 1-year low of $72.40 and a 1-year high of $104.17. The firm has a 50-day moving average price of $98.35 and a 200-day moving average price of $96.14. The company has a market capitalization of $14.81 billion, a PE ratio of 22.91 and a beta of 1.01.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings results on Friday, July 14th. The bank reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by $0.03. First Republic Bank had a net margin of 27.37% and a return on equity of 12.16%. The company had revenue of $641.30 million during the quarter, compared to the consensus estimate of $671.27 million. During the same quarter last year, the company earned $0.97 earnings per share. The business’s revenue was up 19.8% on a year-over-year basis. Equities analysts anticipate that First Republic Bank will post $4.45 earnings per share for the current year.
FRC has been the subject of several recent research reports. Jefferies Group LLC reaffirmed a “buy” rating and issued a $109.00 price objective on shares of First Republic Bank in a research report on Monday, May 15th. BMO Capital Markets reaffirmed a “hold” rating and issued a $97.00 price objective on shares of First Republic Bank in a research report on Friday, May 26th. Keefe, Bruyette & Woods set a $90.00 price objective on shares of First Republic Bank and gave the company a “hold” rating in a research report on Friday, May 26th. Morgan Stanley lowered their price objective on shares of First Republic Bank from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 6th. Finally, Zacks Investment Research downgraded shares of First Republic Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, June 6th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company’s stock. First Republic Bank presently has an average rating of “Hold” and an average price target of $104.54.
First Republic Bank Profile
First Republic Bank is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States.
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