DAVENPORT & Co LLC cut its stake in shares of First Republic Bank (NYSE:FRC – Get Rating) by 6.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,813 shares of the bank's stock after selling 331 shares during the period. DAVENPORT & Co LLC's holdings in First Republic Bank were worth $694,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the stock. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in First Republic Bank by 0.6% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 11,522 shares of the bank's stock valued at $1,868,000 after purchasing an additional 67 shares during the period. Allworth Financial LP increased its holdings in First Republic Bank by 4.5% in the first quarter. Allworth Financial LP now owns 1,661 shares of the bank's stock valued at $269,000 after purchasing an additional 71 shares during the period. Mount Yale Investment Advisors LLC increased its holdings in First Republic Bank by 1.0% in the first quarter. Mount Yale Investment Advisors LLC now owns 8,124 shares of the bank's stock valued at $1,317,000 after purchasing an additional 80 shares during the period. Seven Eight Capital LP increased its holdings in First Republic Bank by 2.7% in the first quarter. Seven Eight Capital LP now owns 3,293 shares of the bank's stock valued at $534,000 after purchasing an additional 88 shares during the period. Finally, Louisiana State Employees Retirement System increased its holdings in First Republic Bank by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 11,300 shares of the bank's stock valued at $1,856,000 after purchasing an additional 100 shares during the period. 95.17% of the stock is currently owned by institutional investors and hedge funds.
Get First Republic Bank alerts:First Republic Bank Trading Down 1.6 %
FRC opened at $130.55 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.91 and a quick ratio of 0.91. First Republic Bank has a fifty-two week low of $130.35 and a fifty-two week high of $222.86. The firm has a market capitalization of $23.45 billion, a PE ratio of 16.14, a P/E/G ratio of 1.80 and a beta of 1.12. The company's 50-day moving average is $153.70 and its 200 day moving average is $153.15.
First Republic Bank (NYSE:FRC – Get Rating) last posted its quarterly earnings data on Thursday, July 14th. The bank reported $2.16 EPS for the quarter, beating the consensus estimate of $2.05 by $0.11. The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.48 billion. First Republic Bank had a net margin of 27.65% and a return on equity of 12.96%. The company's revenue for the quarter was up 22.6% on a year-over-year basis. During the same quarter last year, the business posted $1.95 EPS. As a group, research analysts predict that First Republic Bank will post 8.6 earnings per share for the current fiscal year.First Republic Bank Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 11th. Shareholders of record on Thursday, July 28th were paid a $0.27 dividend. The ex-dividend date of this dividend was Wednesday, July 27th. This represents a $1.08 annualized dividend and a yield of 0.83%. First Republic Bank's dividend payout ratio (DPR) is 13.35%.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on FRC. JPMorgan Chase & Co. decreased their price objective on First Republic Bank from $215.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, July 1st. Atlantic Securities raised shares of First Republic Bank from a "neutral" rating to an "overweight" rating and cut their price target for the company from $210.00 to $188.00 in a research report on Friday, July 1st. Jefferies Financial Group upped their price target on shares of First Republic Bank from $170.00 to $171.00 in a research report on Monday, July 11th. Compass Point set a $175.00 price target on shares of First Republic Bank in a research report on Tuesday, July 19th. Finally, Morgan Stanley cut their price target on shares of First Republic Bank from $180.00 to $160.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 12th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, First Republic Bank presently has an average rating of "Hold" and an average price target of $185.00.
First Republic Bank 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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