Bank of New York Mellon Corp Raises Stock Position in First Republic Bank (NYSE:FRC)

Bank of New York Mellon Corp boosted its position in shares of First Republic Bank (NYSE:FRC – Get Rating) by 0.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,394,216 shares of the bank’s stock after purchasing an additional 3,075 shares during the period. Bank of New York Mellon Corp owned approximately 0.78% of First Republic Bank worth $182,016,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Guardian Wealth Advisors LLC purchased a new position in First Republic Bank during the third quarter worth about $29,000. Pacer Advisors Inc. raised its stake in First Republic Bank by 30.1% during the third quarter. Pacer Advisors Inc. now owns 372 shares of the bank’s stock worth $49,000 after purchasing an additional 86 shares during the period. Alta Advisers Ltd purchased a new position in First Republic Bank during the third quarter worth about $78,000. Itau Unibanco Holding S.A. purchased a new position in First Republic Bank during the third quarter worth about $116,000. Finally, Neo Ivy Capital Management purchased a new position in First Republic Bank during the third quarter worth about $156,000. 95.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on FRC shares. The Goldman Sachs Group upgraded shares of First Republic Bank from a “neutral” rating to a “buy” rating and set a $142.00 price target for the company in a research report on Thursday, January 5th. JPMorgan Chase & Co. dropped their price target on shares of First Republic Bank from $145.00 to $140.00 and set an “overweight” rating for the company in a research report on Tuesday, December 13th. StockNews.com started coverage on shares of First Republic Bank in a research report on Thursday. They set a “sell” rating for the company. 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. Finally, Piper Sandler lifted their price target on shares of First Republic Bank from $130.00 to $145.00 and gave the company a “neutral” rating in a research report on Wednesday, February 8th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $144.90.

First Republic Bank Trading Down 32.8 %

NYSE FRC opened at $23.03 on Friday. The stock has a market capitalization of $4.14 billion, a PE ratio of 2.79 and a beta of 1.15. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.62. First Republic Bank has a 52 week low of $17.53 and a 52 week high of $174.21. The firm has a 50 day moving average of $119.69 and a two-hundred day moving average of $125.03.

First Republic Bank (NYSE:FRC – Get Rating) last issued its quarterly earnings data on Friday, January 13th. The bank reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.06. The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.45 billion. First Republic Bank had a net margin of 24.66% and a return on equity of 12.66%. The company’s revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.02 EPS. As a group, research analysts expect that First Republic Bank will post 5.94 EPS for the current fiscal year.

First Republic Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 9th. Stockholders of record on Thursday, January 26th were given a dividend of $0.27 per share. The ex-dividend date was Wednesday, January 25th. This represents a $1.08 annualized dividend and a dividend yield of 4.69%. First Republic Bank’s dividend payout ratio is presently 13.09%.

About First Republic Bank

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First Republic Bank engages in the provision of private banking, business banking, real estate lending, and wealth management, including trust and custody services. It operates through the Commercial Banking and Wealth Management segments. The Commercial Banking segment represents most of the operations, including real estate secured lending, retail deposit gathering, private banking activities, mortgage sales and servicing, and managing capital, liquidity, and interest rate risk.