Sit Investment Associates Inc. cut its holdings in shares of First Republic Bank (NYSE:FRC) by 5.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 47,050 shares of the bank’s stock after selling 2,650 shares during the quarter. Sit Investment Associates Inc.’s holdings in First Republic Bank were worth $4,076,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Harding Loevner LP raised its stake in shares of First Republic Bank by 112.9% in the 3rd quarter. Harding Loevner LP now owns 4,734,746 shares of the bank’s stock valued at $227,383,000 after acquiring an additional 2,510,888 shares in the last quarter. Artisan Partners Limited Partnership bought a new position in shares of First Republic Bank in the 2nd quarter valued at approximately $211,296,000. State Street Corp raised its stake in shares of First Republic Bank by 20.3% in the 2nd quarter. State Street Corp now owns 5,995,443 shares of the bank’s stock valued at $600,135,000 after acquiring an additional 1,010,648 shares in the last quarter. BlackRock Inc. increased its position in First Republic Bank by 8.9% in the 2nd quarter. BlackRock Inc. now owns 10,708,811 shares of the bank’s stock worth $1,071,954,000 after buying an additional 876,812 shares during the period. Finally, Janus Henderson Group PLC increased its position in shares of First Republic Bank by 1,796.1% during the second quarter. Janus Henderson Group PLC now owns 744,144 shares of the bank’s stock valued at $74,488,000 after purchasing an additional 704,897 shares during the period. Hedge funds and other institutional investors own 98.75% of the company’s stock.
Several analysts recently commented on the company. Barclays lowered First Republic Bank from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $108.00 to $104.00 in a research note on Tuesday, October 10th. Royal Bank of Canada reissued a “hold” rating on shares of First Republic Bank in a research note on Friday, September 29th. Jefferies Group boosted their target price on First Republic Bank from $109.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, September 29th. Zacks Investment Research downgraded First Republic Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. Finally, Raymond James Financial dropped their price objective on First Republic Bank from $108.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, October 16th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company. First Republic Bank currently has a consensus rating of “Hold” and a consensus price target of $102.21.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings data on Tuesday, January 16th. The bank reported $1.10 EPS for the quarter, missing the Zacks’ consensus estimate of $1.15 by ($0.05). The company had revenue of $699.20 million for the quarter, compared to the consensus estimate of $688.48 million. First Republic Bank had a return on equity of 11.80% and a net margin of 26.02%. First Republic Bank’s revenue was up 16.6% on a year-over-year basis. During the same quarter last year, the business earned $1.03 EPS. research analysts expect that First Republic Bank will post 4.88 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 8th. Shareholders of record on Thursday, January 25th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date of this dividend is Wednesday, January 24th. First Republic Bank’s dividend payout ratio is presently 15.78%.
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First Republic Bank Profile
First Republic Bank is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States.
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