Personal Capital Advisors Corp lessened its stake in First Republic Bank (NYSE:FRC – Get Rating) by 98.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,548 shares of the bank’s stock after selling 363,475 shares during the quarter. Personal Capital Advisors Corp’s holdings in First Republic Bank were worth $1,224,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Quent Capital LLC acquired a new position in shares of First Republic Bank in the fourth quarter valued at approximately $45,000. Tcwp LLC acquired a new position in First Republic Bank during the first quarter worth $45,000. Ellevest Inc. boosted its holdings in First Republic Bank by 84.3% during the first quarter. Ellevest Inc. now owns 306 shares of the bank’s stock worth $50,000 after purchasing an additional 140 shares during the last quarter. Point72 Hong Kong Ltd boosted its holdings in First Republic Bank by 124.9% during the fourth quarter. Point72 Hong Kong Ltd now owns 442 shares of the bank’s stock worth $91,000 after purchasing an additional 2,215 shares during the last quarter. Finally, Standard Family Office LLC acquired a new position in First Republic Bank during the fourth quarter worth $111,000. Institutional investors and hedge funds own 95.17% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts recently commented on the stock. Barclays reduced their target price on shares of First Republic Bank from $223.00 to $198.00 and set an “equal weight” rating for the company in a report on Friday, July 15th. JPMorgan Chase & Co. dropped their price target on shares of First Republic Bank from $215.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, July 1st. Atlantic Securities raised shares of First Republic Bank from a “neutral” rating to an “overweight” rating and dropped their price target for the stock from $210.00 to $188.00 in a research report on Friday, July 1st. Compass Point set a $175.00 price target on shares of First Republic Bank in a research report on Tuesday, July 19th. Finally, Morgan Stanley dropped their price target on shares of First Republic Bank from $180.00 to $160.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 12th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $187.33.
First Republic Bank Price Performance
First Republic Bank (NYSE:FRC – Get Rating) last released its quarterly earnings results on Thursday, July 14th. The bank reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. First Republic Bank had a net margin of 27.65% and a return on equity of 12.96%. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period last year, the firm earned $1.95 earnings per share. First Republic Bank’s revenue for the quarter was up 22.6% compared to the same quarter last year. As a group, sell-side analysts predict that First Republic Bank will post 8.6 earnings per share for the current year.
First Republic Bank Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 11th. Shareholders of record on Thursday, July 28th were paid a dividend of $0.27 per share. The ex-dividend date was Wednesday, July 27th. This represents a $1.08 dividend on an annualized basis and a yield of 0.69%. First Republic Bank’s payout ratio is 13.35%.
First Republic Bank Profile
First Republic Bank, together with its subsidiaries, provides private banking, private business banking, and private wealth management services to clients in metropolitan areas in the United States. It operates in two segments, Commercial Banking and Wealth Management. The company accepts deposit products, such as noninterest-bearing checking, interest-bearing checking, money market checking accounts, money market savings accounts, and passbook accounts, as well as certificates of deposit.
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