Congress Wealth Management LLC DE boosted its stake in First Republic Bank (NYSE:FRC – Get Rating) by 3.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 140,445 shares of the bank's stock after buying an additional 4,460 shares during the quarter. Congress Wealth Management LLC DE's holdings in First Republic Bank were worth $18,334,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Spire Wealth Management lifted its stake in shares of First Republic Bank by 2,530.0% in the second quarter. Spire Wealth Management now owns 263 shares of the bank's stock worth $38,000 after buying an additional 253 shares in the last quarter. Pacer Advisors Inc. raised its holdings in First Republic Bank by 30.1% in the 3rd quarter. Pacer Advisors Inc. now owns 372 shares of the bank's stock valued at $49,000 after acquiring an additional 86 shares during the last quarter. Clear Street Markets LLC raised its holdings in First Republic Bank by 408.1% in the 2nd quarter. Clear Street Markets LLC now owns 376 shares of the bank's stock valued at $54,000 after acquiring an additional 302 shares during the last quarter. CX Institutional acquired a new position in shares of First Republic Bank during the 2nd quarter worth approximately $72,000. Finally, Tobam purchased a new stake in shares of First Republic Bank in the second quarter valued at approximately $76,000. 95.24% of the stock is currently owned by institutional investors and hedge funds.
Get First Republic Bank alerts:First Republic Bank Stock Down 1.7 %
Shares of NYSE:FRC opened at $144.50 on Monday. The firm has a market capitalization of $25.96 billion, a PE ratio of 17.52, a price-to-earnings-growth ratio of 9.15 and a beta of 1.11. First Republic Bank has a 1 year low of $106.86 and a 1 year high of $181.75. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.93 and a quick ratio of 0.92. The firm's 50-day moving average is $126.75 and its two-hundred day moving average is $135.77.
First Republic Bank (NYSE:FRC – Get Rating) last announced its quarterly earnings data on Friday, January 13th. The bank reported $1.88 earnings per share for the quarter, beating analysts' consensus estimates of $1.82 by $0.06. The firm had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.45 billion. First Republic Bank had a net margin of 24.66% and a return on equity of 12.66%. The business's quarterly revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.02 earnings per share. Analysts predict that First Republic Bank will post 6.05 EPS for the current year.First Republic Bank Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 9th. Investors of record on Thursday, January 26th will be issued a $0.27 dividend. The ex-dividend date of this dividend is Wednesday, January 25th. This represents a $1.08 dividend on an annualized basis and a yield of 0.75%. First Republic Bank's dividend payout ratio (DPR) is presently 13.09%.
Analysts Set New Price Targets
A number of equities analysts recently commented on FRC shares. Piper Sandler lifted their price objective on First Republic Bank to $125.00 in a research report on Wednesday, November 16th. Morgan Stanley lowered their price target on shares of First Republic Bank from $102.00 to $97.00 and set an "underweight" rating on the stock in a research report on Tuesday, January 17th. Sterne Agee CRT raised their price objective on shares of First Republic Bank from $130.00 to $140.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 14th. Credit Suisse Group decreased their target price on shares of First Republic Bank from $150.00 to $136.00 and set a "neutral" rating on the stock in a report on Thursday, November 10th. Finally, StockNews.com downgraded shares of First Republic Bank from a "hold" rating to a "sell" rating in a report on Thursday, October 20th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $144.90.
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.
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