Global X MANAGEMENT CO LLC raised its stake in First Republic Bank (NYSE:FRC) by 12.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,666 shares of the bank’s stock after purchasing an additional 731 shares during the period. Global X MANAGEMENT CO LLC’s holdings in First Republic Bank were worth $696,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of the business. Bronfman E.L. Rothschild L.P. raised its position in First Republic Bank by 0.3% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,953 shares of the bank’s stock valued at $195,000 after purchasing an additional 5 shares in the last quarter. Alps Advisors Inc. raised its position in First Republic Bank by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 4,979 shares of the bank’s stock valued at $498,000 after purchasing an additional 13 shares in the last quarter. Global X Management Co. LLC raised its position in First Republic Bank by 1.1% in the 2nd quarter. Global X Management Co. LLC now owns 5,935 shares of the bank’s stock valued at $594,000 after purchasing an additional 62 shares in the last quarter. D.A. Davidson & CO. raised its position in First Republic Bank by 3.2% in the 2nd quarter. D.A. Davidson & CO. now owns 2,612 shares of the bank’s stock valued at $261,000 after purchasing an additional 81 shares in the last quarter. Finally, World Asset Management Inc raised its position in First Republic Bank by 1.7% in the 2nd quarter. World Asset Management Inc now owns 6,776 shares of the bank’s stock valued at $678,000 after purchasing an additional 115 shares in the last quarter. 98.40% of the stock is currently owned by institutional investors.
A number of research firms have issued reports on FRC. Barclays PLC lowered First Republic Bank from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $108.00 to $104.00 in a research report on Tuesday, October 10th. Royal Bank Of Canada reiterated a “hold” rating on shares of First Republic Bank in a report on Friday, September 29th. Jefferies Group LLC increased their price objective on First Republic Bank from $109.00 to $120.00 and gave the company a “buy” rating in a report on Friday, September 29th. BidaskClub downgraded First Republic Bank from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $90.00 price objective on shares of First Republic Bank in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $102.93.
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Shares of First Republic Bank (NYSE:FRC) opened at $91.50 on Friday. The stock has a market capitalization of $14,518.33, a price-to-earnings ratio of 21.70, a PEG ratio of 1.71 and a beta of 0.99. First Republic Bank has a 1-year low of $80.55 and a 1-year high of $105.52. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.55.
First Republic Bank (NYSE:FRC) last released its earnings results on Friday, October 13th. The bank reported $1.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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 business had revenue of $670.30 million during the quarter, compared to analysts’ expectations of $678.25 million. During the same quarter in the previous year, the company earned $1.00 EPS. First Republic Bank’s revenue for the quarter was up 20.1% on a year-over-year basis. sell-side analysts expect that First Republic Bank will post 4.37 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 9th. Stockholders of record on Thursday, October 26th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date of this dividend was Wednesday, October 25th. First Republic Bank’s dividend payout ratio (DPR) is presently 16.04%.
First Republic Bank Company 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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