Chartwell Investment Partners LLC bought a new stake in First Republic Bank (NYSE:FRC – Get Rating) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,851 shares of the bank’s stock, valued at approximately $242,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Money Concepts Capital Corp grew its stake in First Republic Bank by 11.2% in the third quarter. Money Concepts Capital Corp now owns 5,862 shares of the bank’s stock valued at $765,000 after purchasing an additional 590 shares in the last quarter. CWM LLC grew its stake in First Republic Bank by 12.0% in the third quarter. CWM LLC now owns 1,916 shares of the bank’s stock valued at $250,000 after purchasing an additional 206 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its stake in First Republic Bank by 32.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 74,842 shares of the bank’s stock valued at $9,771,000 after purchasing an additional 18,312 shares in the last quarter. Veriti Management LLC grew its stake in First Republic Bank by 8.9% in the third quarter. Veriti Management LLC now owns 2,778 shares of the bank’s stock valued at $363,000 after purchasing an additional 227 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in shares of First Republic Bank by 10.8% during the 3rd quarter. Handelsbanken Fonder AB now owns 682,762 shares of the bank’s stock worth $89,135,000 after acquiring an additional 66,666 shares in the last quarter. Hedge funds and other institutional investors own 95.24% of the company’s stock.
Analyst Ratings Changes
Several analysts have recently issued reports on the company. Compass Point decreased their price target on First Republic Bank to $150.00 in a research note on Thursday, October 20th. Barclays upped their price target on First Republic Bank from $136.00 to $162.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 3rd. TheStreet cut First Republic Bank from a “b-” rating to a “c” rating in a research report on Monday, November 7th. Wolfe Research cut their price objective on First Republic Bank from $133.00 to $131.00 in a research report on Thursday, December 1st. Finally, Morgan Stanley cut First Republic Bank from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $109.00 to $102.00 in a research report on Monday, December 5th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, First Republic Bank has an average rating of “Moderate Buy” and an average price target of $145.50.
First Republic Bank Trading Up 5.0 %
First Republic Bank (NYSE:FRC – Get Rating) last released its quarterly earnings results on Friday, October 14th. The bank reported $2.21 EPS for the quarter, topping analysts’ consensus estimates of $2.19 by $0.02. The business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.55 billion. First Republic Bank had a return on equity of 13.15% and a net margin of 27.06%. During the same period in the prior year, the company earned $1.91 EPS. On average, sell-side analysts predict that First Republic Bank will post 8.19 EPS for the current fiscal year.
First Republic Bank Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 10th. Investors 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 0.85%. First Republic Bank’s dividend payout ratio (DPR) is presently 12.87%.
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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