Wells Fargo & Company MN cut its stake in First Republic Bank (NYSE:FRC) by 2.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,723,525 shares of the bank’s stock after selling 52,347 shares during the quarter. Wells Fargo & Company MN owned 1.09% of First Republic Bank worth $165,458,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Capital Advisors Ltd. LLC bought a new stake in shares of First Republic Bank in the third quarter worth approximately $156,000. Visionary Asset Management Inc. bought a new stake in shares of First Republic Bank in the second quarter worth approximately $225,000. Gofen & Glossberg LLC IL bought a new stake in shares of First Republic Bank in the second quarter worth approximately $265,000. Brookmont Capital Management grew its stake in shares of First Republic Bank by 31.7% in the second quarter. Brookmont Capital Management now owns 2,937 shares of the bank’s stock worth $284,000 after acquiring an additional 707 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. grew its stake in shares of First Republic Bank by 30.6% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 2,985 shares of the bank’s stock worth $289,000 after acquiring an additional 699 shares during the period.
FRC opened at $92.90 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $14.66 billion, a P/E ratio of 20.11, a price-to-earnings-growth ratio of 1.61 and a beta of 0.79. First Republic Bank has a 12-month low of $84.47 and a 12-month high of $106.75.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings data on Friday, October 12th. The bank reported $1.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.01). The business 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 EPS. On average, equities research analysts predict that First Republic Bank will post 4.74 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 8th. Investors of record on Thursday, October 25th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date was Wednesday, October 24th. First Republic Bank’s payout ratio is 16.71%.
A number of brokerages have recently commented on FRC. Royal Bank of Canada lifted their price target on shares of First Republic Bank to $102.00 and gave the stock a “sector perform” rating in a research note on Thursday, September 13th. They noted that the move was a valuation call. BMO Capital Markets lifted their price target on shares of First Republic Bank from $96.00 to $102.00 and gave the stock a “market perform” rating in a research note on Friday, July 13th. Jefferies Financial Group reiterated a “hold” rating and issued a $96.00 price target on shares of First Republic Bank in a research note on Monday, July 16th. Wedbush reiterated an “outperform” rating on shares of First Republic Bank in a research note on Friday, July 13th. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $94.00 price target on shares of First Republic Bank in a research note on Tuesday, October 9th. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $102.46.
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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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