Trust Co. of Vermont acquired a new stake in First Republic Bank (NYSE:FRC – Get Rating) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 506 shares of the bank's stock, valued at approximately $73,000.
A number of other large investors have also made changes to their positions in the company. LPL Financial LLC boosted its stake in First Republic Bank by 7.3% in the 4th quarter. LPL Financial LLC now owns 59,678 shares of the bank's stock worth $12,324,000 after purchasing an additional 4,071 shares during the period. Point72 Hong Kong Ltd boosted its stake in First Republic Bank by 124.9% in the 4th quarter. Point72 Hong Kong Ltd now owns 442 shares of the bank's stock worth $91,000 after purchasing an additional 2,215 shares during the period. Squarepoint Ops LLC boosted its stake in First Republic Bank by 11.8% in the 4th quarter. Squarepoint Ops LLC now owns 16,409 shares of the bank's stock worth $3,389,000 after purchasing an additional 1,732 shares during the period. Caisse DE Depot ET Placement DU Quebec acquired a new position in First Republic Bank in the 4th quarter worth $2,685,000. Finally, MML Investors Services LLC boosted its stake in First Republic Bank by 12.9% in the 4th quarter. MML Investors Services LLC now owns 22,225 shares of the bank's stock worth $4,590,000 after purchasing an additional 2,534 shares during the period. Institutional investors own 95.17% of the company's stock.
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Wall Street Analyst Weigh In
A number of equities analysts recently weighed in on FRC shares. Piper Sandler reduced their target price on shares of First Republic Bank to $145.00 in a research note on Friday. Compass Point set a $175.00 price objective on shares of First Republic Bank in a research note on Tuesday, July 19th. Maxim Group restated a "buy" rating and set a $250.00 price objective on shares of First Republic Bank in a research note on Friday, July 15th. JPMorgan Chase & Co. reduced their price objective on shares of First Republic Bank from $215.00 to $200.00 and set an "overweight" rating for the company in a research note on Friday, July 1st. Finally, StockNews.com upgraded shares of First Republic Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, August 10th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $185.00.
First Republic Bank Trading Down 1.6 %
Shares of NYSE:FRC opened at $130.55 on Monday. First Republic Bank has a 52-week low of $130.35 and a 52-week high of $222.86. The company has a market capitalization of $23.45 billion, a P/E ratio of 16.14, a price-to-earnings-growth ratio of 1.76 and a beta of 1.12. The company has a 50-day simple moving average of $153.70 and a 200 day simple moving average of $152.93. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 0.91.
First Republic Bank (NYSE:FRC – Get Rating) last issued its earnings results on Thursday, July 14th. The bank reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.11. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.48 billion. First Republic Bank had a net margin of 27.65% and a return on equity of 12.96%. First Republic Bank's revenue was up 22.6% on a year-over-year basis. During the same period last year, the business posted $1.95 EPS. Sell-side analysts forecast that First Republic Bank will post 8.59 earnings per share for the current year.
First Republic Bank Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, August 11th. Shareholders of record on Thursday, July 28th were issued a $0.27 dividend. The ex-dividend date was Wednesday, July 27th. This represents a $1.08 annualized dividend and a yield of 0.83%. First Republic Bank's dividend payout ratio is currently 13.35%.
First Republic Bank Company Profile
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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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