Raymond James Trust N.A. reduced its position in First Republic Bank (NYSE:FRC – Get Rating) by 5.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,220 shares of the bank’s stock after selling 116 shares during the quarter. Raymond James Trust N.A.’s holdings in First Republic Bank were worth $290,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently modified their holdings of FRC. American Century Companies Inc. lifted its position in shares of First Republic Bank by 10.8% during the 1st quarter. American Century Companies Inc. now owns 11,026 shares of the bank’s stock valued at $1,787,000 after acquiring an additional 1,074 shares during the period. Prudential PLC acquired a new position in shares of First Republic Bank during the 1st quarter valued at $612,000. Cetera Investment Advisers lifted its position in shares of First Republic Bank by 1.4% during the 1st quarter. Cetera Investment Advisers now owns 10,227 shares of the bank’s stock valued at $1,658,000 after acquiring an additional 141 shares during the period. Vanguard Group Inc. lifted its position in shares of First Republic Bank by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 19,456,873 shares of the bank’s stock valued at $3,153,959,000 after acquiring an additional 373,312 shares during the period. Finally, Candriam Luxembourg S.C.A. lifted its position in shares of First Republic Bank by 129.4% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 116,738 shares of the bank’s stock valued at $18,922,000 after acquiring an additional 65,859 shares during the period. Institutional investors and hedge funds own 95.24% of the company’s stock.
First Republic Bank Price Performance
FRC opened at $128.78 on Monday. The firm has a market cap of $23.13 billion, a P/E ratio of 15.61, a PEG ratio of 6.97 and a beta of 1.07. The firm has a 50-day moving average of $122.11 and a 200 day moving average of $136.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.92 and a current ratio of 0.92. First Republic Bank has a fifty-two week low of $106.86 and a fifty-two week high of $199.91.
First Republic Bank Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 9th. Shareholders of record on Thursday, January 26th will be given a dividend of $0.27 per share. The ex-dividend date is Wednesday, January 25th. This represents a $1.08 dividend on an annualized basis and a yield of 0.84%. First Republic Bank’s dividend payout ratio is presently 13.09%.
Analysts Set New Price Targets
A number of research firms recently issued reports on FRC. Jefferies Financial Group upgraded shares of First Republic Bank from a “hold” rating to a “buy” rating in a research report on Monday, January 9th. Sterne Agee CRT upped their price objective on shares of First Republic Bank from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Wednesday, December 14th. Stephens upped their price objective on shares of First Republic Bank to $140.00 in a report on Wednesday, December 14th. Evercore ISI lowered their price objective on shares of First Republic Bank to $125.00 in a report on Tuesday, November 15th. Finally, Royal Bank of Canada lowered their price objective on shares of First Republic Bank from $163.00 to $140.00 and set a “sector perform” rating on the stock in a report on Monday, October 17th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, First Republic Bank has a consensus rating of “Moderate Buy” and a consensus price target of $145.90.
First Republic Bank Company 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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