Boston Family Office LLC increased its position in shares of First Republic Bank (NYSE:FRC – Get Rating) by 1.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). . The fund held 154,547 shares in the bank after buying an additional 1,912 shares during the quarter. First Republic Bank represents approximately 1.8% of Boston Family Office LLC’s investment portfolio, making the shares its 13th largest holding. Boston Family Office LLC owned approximately 0.09% of First Republic Bank with a value of $20,176,000 at the end of the most recent reporting period.
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Other institutional investors have also made changes to their positions in the company. Spire Wealth Management increased its stake in First Republic Bank shares by 2,530.0% during the second quarter. Spire Wealth Management now owns 263 shares of the bank valued at $38,000 after purchasing an additional 253 shares during the last quarter. Pacer Advisors Inc. increased its position in First Republic Bank by 30.1% in the third quarter. Pacer Advisors Inc. now owns 372 shares of the bank worth $49,000 after purchasing an additional 86 shares during the period. Clear Street Markets LLC increased its position in First Republic Bank shares by 408.1% during the second quarter. Clear Street Markets LLC now owns 376 shares of the bank valued at $54,000 after purchasing an additional 302 shares during the period. CX Institutional purchased a new share of First Republic Bank stock during the second quarter valued at approximately $72,000. Finally, Trust Co. of Vermont purchased a new share of First Republic Bank stock during the second quarter valued at approximately $73,000. Currently, 95.24% of the shares are owned by institutional investors and hedge funds.
First Republic Bank Stock Performance
First Republic Bank shares were trading $0.96 lower in Tuesday’s trading, reaching $139.20. The company’s shares had a traded volume of 384,102 shares, compared to its average volume of 1,618,805. The company’s 50-day moving average price is $124.76 and its 200-day moving average price is $136.04. The company has a market capitalization of $25.01 billion, a PE ratio of 16.99, a P/E/E ratio of 8.61, and a beta of 1.07. First Republic Bank has a 52-week low of $106.86 and a 52-week high of $181.75. 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 (NYSE:FRC – Get Rating) last released its quarterly earnings data on Friday, January 13. The bank reported earnings per share of $1.88 for the quarter, beating the consensus estimate of $1.82 by $0.06. First Republic Bank had a net margin of 24.66% and a return on equity of 12.66%. The business had revenue of $1.4 billion during the quarter, compared with analyst expectations of $1.45 billion. During the same quarter last year, the company posted earnings per share of $2.02. First Republic Bank revenue increased 0.0% compared to the same quarter last year. Stock analysts forecast First Republic Bank to post 6.28 earnings per share for the current year.
First Republic Bank Dividend Announcement
The company also recently revealed a quarterly dividend, which will be paid on Thursday, February 9. Investors registered on Thursday, January 26 will receive a dividend of $0.27 per share. The ex-dividend date is Wednesday, January 25. This represents an annualized dividend of $1.08 and a yield of 0.78%. First Republic Bank’s dividend payout ratio is 13.09%.
Wall Street analysts forecast growth
Several brokerage firms have intervened in FRC. Maxim Group lowered its price target on First Republic Bank from $200.00 to $185.00 in a research report on Tuesday, January 17. StockNews.com downgraded First Republic Bank shares from a “hold” rating to a “sell” rating in a research note on Thursday, October 20. TheStreet downgraded First Republic Bank shares from a “b-” rating to a “c” rating in a report on Monday, November 7. Wedbush lowered the price target on First Republic Bank shares from $135.00 to $130.00 in a Thursday, November 10, report. Finally, Barclays raised its price target on First Republic Bank shares from $136.00 to $162.00 and gave the company an “equal weight” rating in a Tuesday, January 3, report. Two analysts gave the stock a Sell rating, six assigned a Hold rating, nine assigned a Buy rating and one assigned a Strong Buy rating on the stock. Based on data from MarketBeat.com, the company has an average “Moderate Buy” rating and a consensus price target of $144.90.
About First Republic Bank
First Republic Bank is engaged in the provision of private banking, business banking, real estate lending and wealth management services, including trust and custody services. It operates through the Commercial Banking and Wealth Management segments. The Commercial Banking segment represents the majority of operations, including loans secured by real estate, retail deposit-taking, private banking activities, mortgage sales and servicing, and capital management, liquidity, and Interest rate risk.
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