Welch & Forbes LLC increased its holdings in First Republic Bank (NYSE:FRC – Get Rating) by 20.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,889 shares of the bank's stock after buying an additional 1,339 shares during the quarter. Welch & Forbes LLC's holdings in First Republic Bank were worth $1,138,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in FRC. LPL Financial LLC grew its holdings 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 buying an additional 4,071 shares in the last quarter. Point72 Hong Kong Ltd boosted its stake in First Republic Bank by 124.9% during the 4th quarter. Point72 Hong Kong Ltd now owns 442 shares of the bank's stock valued at $91,000 after purchasing an additional 2,215 shares in the last quarter. Squarepoint Ops LLC boosted its stake in First Republic Bank by 11.8% during the 4th quarter. Squarepoint Ops LLC now owns 16,409 shares of the bank's stock valued at $3,389,000 after purchasing an additional 1,732 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec bought a new position in First Republic Bank during the 4th quarter valued at $2,685,000. Finally, MML Investors Services LLC boosted its stake in First Republic Bank by 12.9% during the 4th quarter. MML Investors Services LLC now owns 22,225 shares of the bank's stock valued at $4,590,000 after purchasing an additional 2,534 shares in the last quarter. 95.17% of the stock is owned by institutional investors.
Get First Republic Bank alerts:First Republic Bank Price Performance
FRC opened at $130.55 on Monday. The stock has a fifty day moving average of $153.70 and a 200-day moving average of $152.93. The firm has a market capitalization of $23.45 billion, a P/E ratio of 16.14, a PEG ratio of 1.73 and a beta of 1.13. First Republic Bank has a 12-month low of $130.35 and a 12-month high of $222.86. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.47.
First Republic Bank (NYSE:FRC – Get Rating) last released its earnings results on Thursday, July 14th. The bank reported $2.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.05 by $0.11. The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.48 billion. First Republic Bank had a return on equity of 12.96% and a net margin of 27.65%. The company's revenue for the quarter was up 22.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.95 earnings per share. Equities analysts forecast that First Republic Bank will post 8.59 EPS for the current fiscal year.First Republic Bank Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, August 11th. Stockholders of record on Thursday, July 28th were paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date was Wednesday, July 27th. First Republic Bank's dividend payout ratio (DPR) is presently 13.35%.
Analyst Upgrades and Downgrades
FRC has been the subject of a number of research reports. Compass Point set a $175.00 price target on First Republic Bank in a research note on Tuesday, July 19th. Morgan Stanley decreased their price target on First Republic Bank from $180.00 to $160.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 12th. Jefferies Financial Group increased their price target on First Republic Bank from $170.00 to $171.00 in a research note on Monday, July 11th. TheStreet raised First Republic Bank from a "c+" rating to a "b" rating in a research note on Tuesday, August 9th. Finally, Piper Sandler cut their price objective on First Republic Bank to $145.00 in a research report on Friday. One equities 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, First Republic Bank presently has a consensus rating of "Hold" and an average price target of $185.00.
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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