Mutual of America Capital Management LLC Boosts Stock Position in First Republic Bank (NYSE:FRC)

Mutual of America Capital Management LLC grew its stake in shares of First Republic Bank (NYSE:FRCGet Rating) by 4.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 29,911 shares of the bank’s stock after acquiring an additional 1,409 shares during the period. Mutual of America Capital Management LLC’s holdings in First Republic Bank were worth $4,313,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Tcwp LLC purchased a new stake in shares of First Republic Bank in the first quarter worth $45,000. Cooper Financial Group raised its position in shares of First Republic Bank by 13.5% in the second quarter. Cooper Financial Group now owns 1,532 shares of the bank’s stock worth $221,000 after buying an additional 182 shares in the last quarter. Arizona State Retirement System raised its position in shares of First Republic Bank by 2.2% in the first quarter. Arizona State Retirement System now owns 49,198 shares of the bank’s stock worth $7,975,000 after buying an additional 1,072 shares in the last quarter. Pinebridge Investments L.P. raised its position in shares of First Republic Bank by 34.5% in the first quarter. Pinebridge Investments L.P. now owns 81,708 shares of the bank’s stock worth $13,245,000 after buying an additional 20,950 shares in the last quarter. Finally, Xponance Inc. raised its position in shares of First Republic Bank by 30.9% in the second quarter. Xponance Inc. now owns 15,234 shares of the bank’s stock worth $2,197,000 after buying an additional 3,597 shares in the last quarter. Hedge funds and other institutional investors own 95.17% of the company’s stock.

First Republic Bank Stock Performance

First Republic Bank stock opened at $121.95 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.53. The firm has a 50-day moving average of $128.06 and a 200-day moving average of $143.65. The firm has a market cap of $21.91 billion, a P/E ratio of 14.54, a P/E/G ratio of 5.72 and a beta of 1.07. First Republic Bank has a 1-year low of $106.86 and a 1-year high of $222.00.

First Republic Bank (NYSE:FRCGet Rating) last posted its earnings results on Friday, October 14th. The bank reported $2.21 earnings per share for the quarter, topping 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 last year, the company earned $1.91 earnings per share. Sell-side analysts expect that First Republic Bank will post 8.19 EPS for the current year.

First Republic Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 10th. Shareholders of record on Thursday, October 27th were issued a $0.27 dividend. The ex-dividend date was Wednesday, October 26th. This represents a $1.08 annualized dividend and a yield of 0.89%. First Republic Bank’s dividend payout ratio (DPR) is presently 12.87%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FRC. TheStreet downgraded First Republic Bank from a “b-” rating to a “c” rating in a research report on Monday, November 7th. Citigroup lowered their price objective on First Republic Bank from $159.00 to $127.00 and set a “neutral” rating on the stock in a research report on Monday, October 17th. Piper Sandler increased their target price on First Republic Bank to $125.00 in a research note on Wednesday. Compass Point reduced their target price on First Republic Bank to $150.00 in a research note on Thursday, October 20th. Finally, StockNews.com cut First Republic Bank from a “hold” rating to a “sell” rating in a research note on Thursday, October 20th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, First Republic Bank currently has a consensus rating of “Hold” and an average price target of $151.32.

First Republic Bank Profile

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

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