Quantum Capital Management LLC NJ cut its stake in First Republic Bank (NYSE:FRC) by 19.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 248,654 shares of the bank’s stock after selling 61,609 shares during the period. First Republic Bank makes up approximately 7.6% of Quantum Capital Management LLC NJ’s holdings, making the stock its 3rd largest holding. Quantum Capital Management LLC NJ owned about 0.16% of First Republic Bank worth $24,890,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of FRC. Barnett & Company Inc. purchased a new position in First Republic Bank in the second quarter valued at about $100,000. Parallel Advisors LLC increased its holdings 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 buying an additional 936 shares in the last quarter. Israel Discount Bank of New York purchased a new position in First Republic Bank in the first quarter valued at about $107,000. Whittier Trust Co. of Nevada Inc. increased its holdings 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 buying an additional 537 shares in the last quarter. Finally, Shine Investment Advisory Services Inc. purchased a new position in First Republic Bank in the second quarter valued at about $128,000.
FRC has been the subject of a number of research analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and issued a $109.00 target price on shares of First Republic Bank in a report on Sunday, June 11th. BidaskClub raised shares of First Republic Bank from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. Maxim Group reaffirmed a “buy” rating and issued a $110.00 target price (up from $105.00) on shares of First Republic Bank in a report on Friday, July 14th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $104.00 target price (up from $102.00) on shares of First Republic Bank in a report on Thursday, July 6th. Finally, Barclays PLC reaffirmed an “equal weight” rating and issued a $110.00 target price (up from $101.00) on shares of First Republic Bank in a report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $104.54.
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Shares of First Republic Bank (NYSE FRC) traded down 0.47% on Wednesday, hitting $97.62. 239,685 shares of the stock were exchanged. First Republic Bank has a one year low of $72.40 and a one year high of $104.17. The company has a market cap of $15.40 billion, a P/E ratio of 23.82 and a beta of 1.01. The firm’s 50-day moving average is $98.24 and its 200-day moving average is $96.14.
First Republic Bank (NYSE:FRC) last released its earnings results on Friday, July 14th. The bank reported $1.06 EPS for the quarter, missing the consensus estimate 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 business had revenue of $641.30 million for the quarter, compared to analyst estimates of $671.27 million. During the same period in the prior year, the company earned $0.97 earnings per share. The firm’s revenue for the quarter was up 19.8% on a year-over-year basis. On average, equities analysts forecast that First Republic Bank will post $4.45 EPS for the current fiscal year.
About First Republic Bank
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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