Highbridge Capital Management LLC Takes Position in First Republic Bank (FRC)

Highbridge Capital Management LLC purchased a new position in First Republic Bank (NYSE:FRC) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 17,435 shares of the bank’s stock, valued at approximately $1,674,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of FRC. Bank of America Corp DE increased its stake in shares of First Republic Bank by 72.2% in the second quarter. Bank of America Corp DE now owns 3,428,956 shares of the bank’s stock worth $331,887,000 after acquiring an additional 1,437,779 shares during the last quarter. BlackRock Inc. increased its stake in shares of First Republic Bank by 6.5% in the third quarter. BlackRock Inc. now owns 12,082,935 shares of the bank’s stock worth $1,159,962,000 after acquiring an additional 733,112 shares during the last quarter. WCM Investment Management CA increased its stake in shares of First Republic Bank by 46.6% in the third quarter. WCM Investment Management CA now owns 1,291,526 shares of the bank’s stock worth $123,987,000 after acquiring an additional 410,403 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in shares of First Republic Bank by 17.9% in the third quarter. Canada Pension Plan Investment Board now owns 2,007,110 shares of the bank’s stock worth $192,683,000 after acquiring an additional 305,068 shares during the last quarter. Finally, Select Equity Group L.P. increased its stake in shares of First Republic Bank by 15.4% in the second quarter. Select Equity Group L.P. now owns 1,975,797 shares of the bank’s stock worth $191,237,000 after acquiring an additional 263,150 shares during the last quarter.

Shares of NYSE:FRC opened at $94.47 on Friday. The firm has a market capitalization of $15.27 billion, a P/E ratio of 20.95, a price-to-earnings-growth ratio of 1.68 and a beta of 0.82. First Republic Bank has a 1 year low of $84.47 and a 1 year high of $106.75. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.00 and a quick ratio of 1.00.

First Republic Bank (NYSE:FRC) last issued its quarterly earnings data on Friday, October 12th. The bank reported $1.19 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.20 by ($0.01). The business had revenue of $768.83 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the company posted $1.14 earnings per share. As a group, equities analysts anticipate that First Republic Bank will post 4.75 EPS 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 yield of 0.76%. The ex-dividend date of this dividend was Wednesday, October 24th. First Republic Bank’s dividend payout ratio is presently 16.71%.

A number of brokerages recently issued reports on FRC. Raymond James set a $104.00 price objective on shares of First Republic Bank and gave the stock a “buy” rating in a report on Monday, October 15th. Piper Jaffray Companies reiterated a “hold” rating and issued a $94.00 price objective on shares of First Republic Bank in a report on Tuesday, October 9th. Finally, Royal Bank of Canada upped their price objective on shares of First Republic Bank to $102.00 and gave the stock a “sector perform” rating in a report on Thursday, September 13th. They noted that the move was a valuation call. Ten equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $102.46.

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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.

Read More: Fundamental Analysis – How It Helps Investors

Institutional Ownership by Quarter for First Republic Bank (NYSE:FRC)

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