US Bancorp DE cut its stake in First Republic Bank (NYSE:FRC – Get Rating) by 1.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 46,765 shares of the bank’s stock after selling 556 shares during the period. US Bancorp DE’s holdings in First Republic Bank were worth $6,104,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the business. Sargent Bickham Lagudis LLC purchased a new position in First Republic Bank during the 2nd quarter valued at about $25,000. Spire Wealth Management increased its holdings in shares of First Republic Bank by 2,530.0% in the 2nd quarter. Spire Wealth Management now owns 263 shares of the bank’s stock worth $38,000 after purchasing an additional 253 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of First Republic Bank by 30.1% during the third quarter. Pacer Advisors Inc. now owns 372 shares of the bank’s stock valued at $49,000 after purchasing an additional 86 shares in the last quarter. Clear Street Markets LLC raised its position in First Republic Bank by 408.1% in the 2nd quarter. Clear Street Markets LLC now owns 376 shares of the bank’s stock worth $54,000 after buying an additional 302 shares during the last quarter. Finally, CX Institutional bought a new stake in shares of First Republic Bank in the second quarter worth approximately $72,000. 95.24% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on FRC. Raymond James cut 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 report on Thursday, November 10th. Morgan Stanley downgraded shares of First Republic Bank from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $109.00 to $102.00 in a report on Monday, December 5th. Piper Sandler upped their price objective on First Republic Bank to $125.00 in a report on Wednesday, November 16th. Compass Point decreased their target price on shares of First Republic Bank to $150.00 in a research report on Thursday, October 20th. Finally, Maxim Group lowered their price target on First Republic Bank to $200.00 in a research report on Thursday, October 20th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $145.50.
First Republic Bank Stock Performance
First Republic Bank (NYSE:FRC – Get Rating) last issued its quarterly earnings data on Friday, October 14th. The bank reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.19 by $0.02. The company 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 quarter last year, the company posted $1.91 earnings per share. As a group, analysts anticipate that First Republic Bank will post 8.19 EPS for the current year.
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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