Sumitomo Mitsui Asset Management Company LTD cut its stake in shares of First Republic Bank (NYSE:FRC) by 14.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 24,840 shares of the bank’s stock after selling 4,057 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in First Republic Bank were worth $2,594,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of Nova Scotia purchased a new stake in First Republic Bank during the 1st quarter valued at $483,000. Barnett & Company Inc. purchased a new stake in First Republic Bank during the 2nd quarter valued at $100,000. Whittier Trust Co. of Nevada Inc. raised its stake in First Republic Bank by 100.6% during the 2nd 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 during the last quarter. Shine Investment Advisory Services Inc. purchased a new stake in First Republic Bank during the 2nd quarter valued at $128,000. Finally, Parallel Advisors LLC raised its stake in First Republic Bank by 21.4% during the 2nd quarter. Parallel Advisors LLC now owns 1,317 shares of the bank’s stock valued at $132,000 after buying an additional 232 shares during the last quarter. Institutional investors and hedge funds own 97.80% of the company’s stock.
Several equities research analysts have recently commented on the company. Piper Jaffray Companies restated a “hold” rating and issued a $99.00 price objective on shares of First Republic Bank in a research note on Friday, July 14th. Maxim Group restated a “buy” rating and issued a $110.00 price objective (up from $105.00) on shares of First Republic Bank in a research note on Friday, July 14th. BidaskClub lowered First Republic Bank from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Jefferies Group LLC restated a “buy” rating and issued a $109.00 price objective on shares of First Republic Bank in a research note on Friday, July 14th. Finally, Wells Fargo & Company reduced their price objective on First Republic Bank from $100.00 to $95.00 and set a “market perform” rating for the company in a research note on Monday, October 16th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $102.93.
First Republic Bank (NYSE:FRC) last released its quarterly earnings data on Friday, October 13th. The bank reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.02). First Republic Bank had a net margin of 26.85% and a return on equity of 12.06%. The firm had revenue of $670.30 million during the quarter, compared to analysts’ expectations of $678.25 million. During the same period in the previous year, the firm posted $1.00 EPS. The firm’s quarterly revenue was up 20.1% on a year-over-year basis.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Thursday, October 26th will be issued a $0.17 dividend. The ex-dividend date is Wednesday, October 25th. This represents a $0.68 dividend on an annualized basis and a yield of 0.72%. First Republic Bank’s payout ratio is 16.04%.
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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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