Alliancebernstein L.P. raised its holdings in First Republic Bank (NYSE:FRC) by 17.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 108,967 shares of the bank’s stock after purchasing an additional 16,223 shares during the period. Alliancebernstein L.P. owned 0.07% of First Republic Bank worth $10,461,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. SRS Capital Advisors Inc. acquired a new position in shares of First Republic Bank in the third quarter valued at approximately $100,000. Capital Advisors Ltd. LLC acquired a new position in shares of First Republic Bank in the third quarter valued at approximately $156,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of First Republic Bank in the third quarter valued at approximately $212,000. Wetherby Asset Management Inc. acquired a new position in shares of First Republic Bank in the third quarter valued at approximately $244,000. Finally, D.A. Davidson & CO. acquired a new position in shares of First Republic Bank in the second quarter valued at approximately $297,000.
Shares of FRC stock opened at $94.47 on Friday. First Republic Bank has a one year low of $84.47 and a one year high of $106.75. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.50. The company has a market cap of $15.28 billion, a P/E ratio of 21.92, a P/E/G ratio of 1.68 and a beta of 0.82.
First Republic Bank (NYSE:FRC) last issued its quarterly earnings results on Friday, October 12th. The bank reported $1.19 EPS for the quarter, missing the consensus estimate of $1.20 by ($0.01). First Republic Bank had a return on equity of 11.47% and a net margin of 24.05%. The company had revenue of $768.83 million for the quarter, compared to analyst estimates of $765.80 million. During the same period last year, the company posted $1.14 EPS. Research analysts anticipate that First Republic Bank will post 4.75 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 8th. Investors of record on Thursday, October 25th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend was Wednesday, October 24th. First Republic Bank’s dividend payout ratio (DPR) is 16.71%.
A number of equities analysts have recently weighed in on the stock. Royal Bank of Canada boosted their price objective on shares of First Republic Bank to $102.00 and gave the company a “sector perform” rating in a research report on Thursday, September 13th. They noted that the move was a valuation call. Piper Jaffray Companies reissued a “hold” rating and issued a $94.00 price objective on shares of First Republic Bank in a research report on Tuesday, October 9th. Finally, Raymond James set a $104.00 price objective on shares of First Republic Bank and gave the company a “buy” rating in a research report on Monday, October 15th. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. First Republic Bank presently has an average rating of “Hold” and an average price target of $102.46.
First Republic Bank Company 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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