First Republic Bank (FRC) Shares Sold by Cabot Wealth Management Inc.

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Cabot Wealth Management Inc. lessened its position in First Republic Bank (NYSE:FRC) by 2.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 113,931 shares of the bank’s stock after selling 3,007 shares during the quarter. First Republic Bank accounts for approximately 2.3% of Cabot Wealth Management Inc.’s portfolio, making the stock its 10th largest holding. Cabot Wealth Management Inc. owned about 0.07% of First Republic Bank worth $10,937,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of America Corp DE grew its stake in shares of First Republic Bank by 72.2% during the second quarter. Bank of America Corp DE now owns 3,428,956 shares of the bank’s stock valued at $331,887,000 after buying an additional 1,437,779 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of First Republic Bank by 15,027.7% during the first quarter. Principal Financial Group Inc. now owns 1,349,696 shares of the bank’s stock valued at $124,995,000 after buying an additional 1,340,774 shares during the last quarter. Bank of Montreal Can bought a new position in shares of First Republic Bank during the second quarter valued at about $55,305,000. Select Equity Group L.P. grew its stake in shares of First Republic Bank by 15.4% during the second quarter. Select Equity Group L.P. now owns 1,975,797 shares of the bank’s stock valued at $191,237,000 after buying an additional 263,150 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of First Republic Bank by 15.9% during the second quarter. Bank of New York Mellon Corp now owns 1,345,785 shares of the bank’s stock valued at $130,259,000 after buying an additional 184,829 shares during the last quarter.

NYSE FRC opened at $91.40 on Wednesday. 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 stock has a market capitalization of $13.66 billion, a P/E ratio of 21.21, a price-to-earnings-growth ratio of 1.50 and a beta of 0.84. First Republic Bank has a 1 year low of $84.47 and a 1 year high of $106.75.

First Republic Bank (NYSE:FRC) last posted its earnings results on Friday, October 12th. The bank reported $1.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 period in the previous year, the business earned $1.14 earnings per share. As a group, analysts anticipate that First Republic Bank will post 4.74 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 8th. Investors of record on Thursday, October 25th will be paid a $0.18 dividend. The ex-dividend date is Wednesday, October 24th. This represents a $0.72 annualized dividend and a dividend yield of 0.79%. First Republic Bank’s payout ratio is presently 16.71%.

A number of brokerages have recently issued reports on FRC. Royal Bank of Canada raised their price objective on First Republic Bank to $102.00 and gave the company a “sector perform” rating in a research note on Thursday, September 13th. They noted that the move was a valuation call. BMO Capital Markets raised their price objective on First Republic Bank from $96.00 to $102.00 and gave the company a “market perform” rating in a research note on Friday, July 13th. Jefferies Financial Group reaffirmed a “hold” rating and set a $96.00 price objective on shares of First Republic Bank in a research note on Monday, July 16th. Wedbush reaffirmed an “outperform” rating on shares of First Republic Bank in a research note on Friday, July 13th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $94.00 price objective 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 assigned a buy rating to the stock. First Republic Bank has an average rating of “Hold” and an average target price of $102.46.

About First Republic Bank

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

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