First Republic Bank (FRC) Plans $0.16 Quarterly Dividend
First Republic Bank (NYSE:FRC) declared a quarterly dividend on Thursday, October 13th. Shareholders of record on Thursday, October 27th will be paid a dividend of 0.16 per share on Thursday, November 10th. This represents a $0.64 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend is Tuesday, October 25th.
Shares of First Republic Bank (NYSE:FRC) traded down 4.07% during trading on Thursday, reaching $73.99. 2,986,300 shares of the company’s stock were exchanged. The firm has a market capitalization of $11.09 billion, a P/E ratio of 20.77 and a beta of 1.06. First Republic Bank has a 52-week low of $56.32 and a 52-week high of $79.15. The company has a 50 day moving average of $76.67 and a 200 day moving average of $71.63.
First Republic Bank (NYSE:FRC) last announced its earnings results on Thursday, October 13th. The company reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.01. The business earned $557.90 million during the quarter, compared to analysts’ expectations of $592.65 million. First Republic Bank had a net margin of 27.20% and a return on equity of 12.59%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the company posted $0.79 EPS. Equities analysts anticipate that First Republic Bank will post $3.91 earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Profund Advisors LLC purchased a new position in First Republic Bank during the second quarter valued at $211,000. Advisor Group Inc. purchased a new position in First Republic Bank during the second quarter valued at $264,000. Prudential Financial Inc. raised its position in First Republic Bank by 18.4% in the second quarter. Prudential Financial Inc. now owns 3,868 shares of the company’s stock valued at $271,000 after buying an additional 600 shares during the last quarter. Franklin Resources Inc. raised its position in First Republic Bank by 1.4% in the second quarter. Franklin Resources Inc. now owns 3,904 shares of the company’s stock valued at $273,000 after buying an additional 55 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC purchased a new position in First Republic Bank during the second quarter valued at $360,000. 98.24% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts recently issued reports on FRC shares. Jefferies Group reiterated a “buy” rating and set a $80.00 target price on shares of First Republic Bank in a research report on Thursday, July 7th. BMO Capital Markets reiterated a “hold” rating and set a $70.00 target price on shares of First Republic Bank in a research report on Thursday, July 7th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of First Republic Bank in a research report on Saturday, July 9th. FBR & Co increased their target price on shares of First Republic Bank from $70.00 to $73.00 and gave the stock a “mkt perform” rating in a research report on Friday, July 15th. Finally, Keefe, Bruyette & Woods increased their target price on shares of First Republic Bank from $70.00 to $73.00 and gave the stock a “market perform” rating in a research report on Friday, July 15th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $76.46.
About First Republic Bank
First Republic Bank is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States.
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