Eqis Capital Management Inc. Cuts Stake in First Republic Bank (NYSE:FRC)

Eqis Capital Management Inc. cut its position in First Republic Bank (NYSE:FRCGet Rating) by 6.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,942 shares of the bank’s stock after selling 138 shares during the period. Eqis Capital Management Inc.’s holdings in First Republic Bank were worth $280,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Sargent Bickham Lagudis LLC acquired a new stake in First Republic Bank during the 2nd quarter worth $25,000. Spire Wealth Management boosted its stake in First Republic Bank by 2,530.0% during the 2nd quarter. Spire Wealth Management now owns 263 shares of the bank’s stock worth $38,000 after purchasing an additional 253 shares during the period. Tcwp LLC acquired a new stake in First Republic Bank during the 1st quarter worth $45,000. Clear Street Markets LLC boosted its stake in First Republic Bank by 408.1% during the 2nd quarter. Clear Street Markets LLC now owns 376 shares of the bank’s stock worth $54,000 after purchasing an additional 302 shares during the period. Finally, CX Institutional acquired a new stake in First Republic Bank during the 2nd quarter worth $72,000. 95.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Royal Bank of Canada decreased their price target on shares of First Republic Bank from $163.00 to $140.00 and set a “sector perform” rating for the company in a research note on Monday, October 17th. The Goldman Sachs Group reduced their target price on shares of First Republic Bank from $168.00 to $148.00 and set a “neutral” rating for the company in a research note on Friday, September 30th. Raymond James reduced their target price on shares of First Republic Bank from $143.00 to $142.00 and set a “strong-buy” rating for the company in a research note on Thursday, November 10th. TheStreet cut shares of First Republic Bank from a “b-” rating to a “c” rating in a research note on Monday, November 7th. Finally, Evercore ISI reduced their target price on shares of First Republic Bank to $125.00 in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $151.05.

First Republic Bank Price Performance

FRC opened at $130.56 on Wednesday. The stock has a market capitalization of $23.45 billion, a PE ratio of 15.56, a P/E/G ratio of 6.05 and a beta of 1.07. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.91 and a current ratio of 0.92. First Republic Bank has a 1 year low of $106.86 and a 1 year high of $222.86. The company’s 50 day simple moving average is $129.89 and its 200 day simple moving average is $144.21.

First Republic Bank (NYSE:FRCGet Rating) last announced its quarterly earnings results on Friday, October 14th. The bank reported $2.21 earnings per share for the quarter, beating analysts’ consensus estimates of $2.18 by $0.03. First Republic Bank had a net margin of 27.06% and a return on equity of 13.15%. During the same quarter in the previous year, the business earned $1.91 EPS. As a group, sell-side analysts expect that First Republic Bank will post 8.18 EPS for the current year.

First Republic Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 10th. Shareholders of record on Thursday, October 27th were given a dividend of $0.27 per share. The ex-dividend date of this dividend was Wednesday, October 26th. This represents a $1.08 dividend on an annualized basis and a yield of 0.83%. First Republic Bank’s dividend payout ratio (DPR) is 12.87%.

About First Republic Bank

(Get Rating)

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.

Recommended Stories

Want to see what other hedge funds are holding FRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Republic Bank (NYSE:FRCGet Rating).

Institutional Ownership by Quarter for First Republic Bank (NYSE:FRC)

Receive News & Ratings for First Republic Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Republic Bank and related companies with MarketBeat.com's FREE daily email newsletter.