CIBC Asset Management Inc increased its holdings in First Republic Bank (NYSE:FRC) by 6.6% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 27,423 shares of the bank’s stock after buying an additional 1,694 shares during the quarter. CIBC Asset Management Inc’s holdings in First Republic Bank were worth $2,633,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FRC. Capital Advisors Ltd. LLC bought a new stake in First Republic Bank in the 3rd quarter worth about $156,000. Cambridge Investment Research Advisors Inc. bought a new stake in First Republic Bank in the 3rd quarter worth about $212,000. Visionary Asset Management Inc. bought a new stake in First Republic Bank in the 2nd quarter worth about $225,000. Gofen & Glossberg LLC IL bought a new stake in First Republic Bank in the 2nd quarter worth about $265,000. Finally, Brookmont Capital Management increased its holdings in First Republic Bank by 31.7% in the 2nd quarter. Brookmont Capital Management now owns 2,937 shares of the bank’s stock worth $284,000 after buying an additional 707 shares in the last quarter.
Shares of NYSE:FRC opened at $92.90 on Friday. The stock has a market capitalization of $14.72 billion, a price-to-earnings ratio of 21.55, a PEG ratio of 1.62 and a beta of 0.79. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.00 and a current ratio of 1.00. First Republic Bank has a 52-week low of $84.47 and a 52-week high of $106.75.
First Republic Bank (NYSE:FRC) last announced its earnings results on Friday, October 12th. The bank reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.01). The firm had revenue of $768.83 million during the quarter, compared to analysts’ expectations of $765.80 million. First Republic Bank had a return on equity of 11.47% and a net margin of 24.05%. During the same period in the previous year, the business posted $1.14 earnings per share. As a group, equities analysts anticipate that First Republic Bank will post 4.74 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 8th. Stockholders of record on Thursday, October 25th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, October 24th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.78%. First Republic Bank’s payout ratio is currently 16.71%.
Several research analysts have issued reports on the company. Raymond James set a $104.00 target price on First Republic Bank and gave the stock a “buy” rating in a research report on Monday, October 15th. Piper Jaffray Companies reissued a “hold” rating and issued a $94.00 target price on shares of First Republic Bank in a research report on Tuesday, October 9th. Royal Bank of Canada raised their target price on First Republic Bank to $102.00 and gave the stock a “sector perform” rating in a research report on Thursday, September 13th. They noted that the move was a valuation call. Wedbush reissued an “outperform” rating on shares of First Republic Bank in a research report on Friday, July 13th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $96.00 target price on shares of First Republic Bank in a research report on Monday, July 16th. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. First Republic Bank currently has an average rating of “Hold” and an average price target of $102.46.
First Republic Bank Profile
First Republic Bank, together with its subsidiaries, provides private banking, private business banking, real estate lending, and wealth management services to clients in metropolitan areas of the United States. It operates through two segments, Commercial Banking and Wealth Management. The company offers deposit products, such as checking, money market checking, savings, and passbook deposits, as well as certificates of deposit.
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