Ladenburg Thalmann Financial Services Inc. decreased its holdings in First Republic Bank (NYSE:FRC) by 6.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,023 shares of the bank’s stock after selling 864 shares during the quarter. Ladenburg Thalmann Financial Services Inc.’s holdings in First Republic Bank were worth $1,361,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Parallel Advisors LLC grew its stake in shares of First Republic Bank by 21.4% in the second quarter. Parallel Advisors LLC now owns 1,317 shares of the bank’s stock worth $132,000 after purchasing an additional 232 shares during the last quarter. Zions Bancorporation bought a new stake in shares of First Republic Bank in the third quarter worth $160,000. Peddock Capital Advisors LLC bought a new stake in shares of First Republic Bank in the second quarter worth $180,000. Bronfman E.L. Rothschild L.P. grew its stake in shares of First Republic Bank by 0.3% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,953 shares of the bank’s stock worth $195,000 after purchasing an additional 5 shares during the last quarter. Finally, Mawer Investment Management Ltd. bought a new stake in shares of First Republic Bank in the third quarter worth $209,000. 98.85% of the stock is currently owned by institutional investors.
Several brokerages recently weighed in on FRC. Jefferies Group cut shares of First Republic Bank from a “buy” rating to a “hold” rating in a research note on Friday. Morgan Stanley reissued an “equal weight” rating and issued a $106.00 price objective on shares of First Republic Bank in a research note on Thursday, December 14th. Zacks Investment Research raised shares of First Republic Bank from a “sell” rating to a “hold” rating in a research note on Friday, December 8th. Barclays set a $102.00 target price on shares of First Republic Bank and gave the company a “hold” rating in a report on Monday, October 16th. Finally, Raymond James Financial dropped their target price on shares of First Republic Bank from $108.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, October 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company. First Republic Bank currently has a consensus rating of “Hold” and a consensus price target of $103.07.
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 consensus estimate of $1.16 by ($0.02). The firm had revenue of $670.30 million during the quarter, compared to analyst estimates of $678.25 million. First Republic Bank had a net margin of 26.85% and a return on equity of 12.06%. First Republic Bank’s quarterly revenue was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.00 EPS. equities analysts expect that First Republic Bank will post 4.42 EPS for the current year.
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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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