Goldman Sachs Group Inc. raised its stake in First Republic Bank (NYSE:FRC) by 20.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,193,530 shares of the bank’s stock after purchasing an additional 367,961 shares during the period. Goldman Sachs Group Inc. owned about 1.39% of First Republic Bank worth $190,047,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of FRC. YorkBridge Wealth Partners LLC raised its position in shares of First Republic Bank by 3,865.5% during the 4th quarter. YorkBridge Wealth Partners LLC now owns 1,150 shares of the bank’s stock worth $101,000 after acquiring an additional 1,121 shares in the last quarter. Cerebellum GP LLC acquired a new stake in shares of First Republic Bank during the 4th quarter worth about $127,000. Zions Bancorporation acquired a new stake in shares of First Republic Bank during the 3rd quarter worth about $160,000. Intrust Bank NA acquired a new stake in shares of First Republic Bank during the 4th quarter worth about $203,000. Finally, Mawer Investment Management Ltd. acquired a new stake in shares of First Republic Bank during the 3rd quarter worth about $209,000. 99.00% of the stock is currently owned by institutional investors.
Several equities research analysts have recently weighed in on the company. Barclays raised First Republic Bank from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $93.00 to $110.00 in a research report on Tuesday, March 6th. Keefe, Bruyette & Woods restated a “hold” rating on shares of First Republic Bank in a research note on Wednesday, January 17th. Royal Bank of Canada restated a “hold” rating on shares of First Republic Bank in a research note on Wednesday, January 17th. Maxim Group restated a “buy” rating and set a $110.00 price target on shares of First Republic Bank in a research note on Thursday, January 4th. Finally, Zacks Investment Research downgraded First Republic Bank from a “hold” rating to a “sell” rating in a research note on Monday, January 22nd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $102.85.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings results on Tuesday, January 16th. The bank reported $1.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.15 by ($0.05). First Republic Bank had a net margin of 26.02% and a return on equity of 11.80%. The business had revenue of $699.20 million during the quarter, compared to analysts’ expectations of $688.48 million. During the same quarter last year, the firm earned $1.03 earnings per share. The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. research analysts anticipate that First Republic Bank will post 4.74 EPS for the current year.
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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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