First Republic Bank (FRC) Short Interest Up 73.0% in April
First Republic Bank (NYSE:FRC) saw a large increase in short interest in April. As of April 28th, there was short interest totalling 3,472,506 shares, an increase of 73.0% from the April 13th total of 2,006,834 shares. Based on an average trading volume of 1,142,865 shares, the short-interest ratio is presently 3.0 days.
First Republic Bank (NYSE:FRC) opened at 91.73 on Tuesday. The firm has a market cap of $14.41 billion, a PE ratio of 22.88 and a beta of 1.03. First Republic Bank has a 1-year low of $63.97 and a 1-year high of $97.43. The firm’s 50-day moving average is $92.29 and its 200 day moving average is $90.10.
First Republic Bank (NYSE:FRC) last issued its quarterly earnings results on Thursday, April 13th. The bank reported $1.01 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.01. The business had revenue of $601.14 million for the quarter, compared to the consensus estimate of $626.14 million. First Republic Bank had a net margin of 27.98% and a return on equity of 12.38%. During the same quarter in the prior year, the company earned $0.88 EPS. On average, equities analysts forecast that First Republic Bank will post $4.50 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, May 11th. Investors of record on Thursday, April 27th were given a dividend of $0.17 per share. This is an increase from First Republic Bank’s previous quarterly dividend of $0.16. The ex-dividend date was Tuesday, April 25th. This represents a $0.68 annualized dividend and a yield of 0.74%. First Republic Bank’s dividend payout ratio is 16.49%.
A number of research firms have recently issued reports on FRC. Royal Bank of Canada raised their price target on shares of First Republic Bank from $95.00 to $98.00 and gave the stock a “sector perform” rating in a research report on Friday, March 10th. Zacks Investment Research downgraded shares of First Republic Bank from a “buy” rating to a “hold” rating in a research report on Tuesday, February 28th. Jefferies Group LLC restated a “buy” rating and issued a $109.00 price target on shares of First Republic Bank in a research report on Friday, May 5th. JMP Securities began coverage on shares of First Republic Bank in a research report on Thursday, February 2nd. They issued an “outperform” rating and a $111.00 price target on the stock. Finally, Maxim Group raised their price target on shares of First Republic Bank from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, January 17th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $97.38.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Parallel Advisors LLC increased its position in First Republic Bank by 628.2% in the first quarter. Parallel Advisors LLC now owns 1,085 shares of the bank’s stock worth $101,000 after buying an additional 936 shares during the last quarter. Israel Discount Bank of New York GFN acquired a new position in First Republic Bank during the fourth quarter worth about $106,000. Israel Discount Bank of New York acquired a new position in First Republic Bank during the first quarter worth about $107,000. Creative Planning increased its position in First Republic Bank by 5.5% in the first quarter. Creative Planning now owns 1,160 shares of the bank’s stock worth $109,000 after buying an additional 60 shares during the last quarter. Finally, Seven Eight Capital LP acquired a new position in First Republic Bank during the fourth quarter worth about $141,000. Institutional investors and hedge funds own 97.08% of the company’s stock.
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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