Banc Funds Co. LLC lessened its holdings in Republic First Bancorp, Inc. (NASDAQ:FRBK) by 8.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,211,426 shares of the bank’s stock after selling 204,900 shares during the period. Republic First Bancorp comprises 0.9% of Banc Funds Co. LLC’s holdings, making the stock its 27th biggest position. Banc Funds Co. LLC owned 3.76% of Republic First Bancorp worth $15,812,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in FRBK. Point72 Asset Management L.P. purchased a new stake in shares of Republic First Bancorp in the 2nd quarter worth approximately $44,007,000. Wasatch Advisors Inc. lifted its position in shares of Republic First Bancorp by 362.3% in the 2nd quarter. Wasatch Advisors Inc. now owns 2,184,519 shares of the bank’s stock worth $17,148,000 after purchasing an additional 1,712,000 shares during the period. BlackRock Inc. lifted its position in Republic First Bancorp by 22.3% during the third quarter. BlackRock Inc. now owns 3,291,135 shares of the bank’s stock valued at $23,532,000 after acquiring an additional 600,423 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Republic First Bancorp by 30.5% during the third quarter. Dimensional Fund Advisors LP now owns 807,872 shares of the bank’s stock valued at $5,776,000 after acquiring an additional 188,580 shares during the last quarter. Finally, Millennium Management LLC purchased a new stake in Republic First Bancorp during the second quarter valued at approximately $1,415,000. 62.12% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts recently commented on FRBK shares. BidaskClub cut shares of Republic First Bancorp from a “sell” rating to a “strong sell” rating in a research report on Saturday, November 10th. TheStreet cut shares of Republic First Bancorp from a “b” rating to a “c+” rating in a research report on Monday, August 20th.
In other news, Director Theodore J. Flocco, Jr. bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 1st. The stock was bought at an average price of $6.79 per share, with a total value of $67,900.00. Following the completion of the transaction, the director now directly owns 40,000 shares of the company’s stock, valued at approximately $271,600. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 12.80% of the company’s stock.
NASDAQ:FRBK opened at $7.37 on Friday. Republic First Bancorp, Inc. has a 52 week low of $6.41 and a 52 week high of $9.75. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.65 and a quick ratio of 0.64. The company has a market cap of $406.23 million, a P/E ratio of 62.82 and a beta of 0.86.
Republic First Bancorp (NASDAQ:FRBK) last posted its earnings results on Thursday, October 25th. The bank reported $0.04 EPS for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.03). Republic First Bancorp had a net margin of 8.64% and a return on equity of 2.71%. The firm had revenue of $24.28 million for the quarter.
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About Republic First Bancorp
Republic First Bancorp, Inc operates as the holding company for Republic First Bank that provides a range of credit and depository banking products and services to individuals and businesses primarily in Greater Philadelphia and Southern New Jersey. It offers consumer and commercial deposit, checking, interest-bearing demand, money market, savings, sweep, and individual retirement accounts, as well as certificates of deposit.
Further Reading: Cost of Capital
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