First Republic Bank (FRC) Stake Lowered by Majedie Asset Management Ltd

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Majedie Asset Management Ltd lessened its holdings in shares of First Republic Bank (NYSE:FRC) by 1.7% during the first quarter, HoldingsChannel reports. The institutional investor owned 409,970 shares of the bank’s stock after selling 7,123 shares during the period. First Republic Bank makes up 2.9% of Majedie Asset Management Ltd’s investment portfolio, making the stock its 9th largest position. Majedie Asset Management Ltd’s holdings in First Republic Bank were worth $41,219,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Pearl River Capital LLC bought a new position in First Republic Bank in the 4th quarter worth about $26,000. Destination Wealth Management bought a new position in First Republic Bank in the 1st quarter worth about $32,000. Carroll Financial Associates Inc. boosted its stake in First Republic Bank by 112.6% in the 1st quarter. Carroll Financial Associates Inc. now owns 404 shares of the bank’s stock worth $40,000 after purchasing an additional 214 shares in the last quarter. Portfolio Solutions LLC bought a new position in First Republic Bank in the 4th quarter worth about $43,000. Finally, Ipswich Investment Management Co. Inc. bought a new position in First Republic Bank in the 4th quarter worth about $45,000.

FRC traded down $1.01 during midday trading on Wednesday, hitting $99.26. 15,063 shares of the company traded hands, compared to its average volume of 1,108,044. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market capitalization of $15.59 billion, a P/E ratio of 20.60, a P/E/G ratio of 1.66 and a beta of 0.92. First Republic Bank has a 52 week low of $79.42 and a 52 week high of $107.75.

First Republic Bank (NYSE:FRC) last posted its earnings results on Friday, April 12th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.04. The business had revenue of $807.36 million for the quarter, compared to analysts’ expectations of $813.99 million. First Republic Bank had a net margin of 23.61% and a return on equity of 11.56%. During the same quarter in the prior year, the business earned $1.13 EPS. Research analysts forecast that First Republic Bank will post 5.28 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Thursday, April 25th were paid a dividend of $0.19 per share. The ex-dividend date was Wednesday, April 24th. This represents a $0.76 annualized dividend and a yield of 0.77%. This is a boost from First Republic Bank’s previous quarterly dividend of $0.18. First Republic Bank’s dividend payout ratio is currently 15.80%.

FRC has been the topic of a number of analyst reports. ValuEngine upgraded shares of First Republic Bank from a “hold” rating to a “buy” rating in a research note on Wednesday, January 16th. Bank of America reiterated a “neutral” rating and issued a $104.00 price target (up previously from $98.00) on shares of First Republic Bank in a research note on Tuesday, February 5th. Maxim Group reiterated a “buy” rating and issued a $110.00 price target on shares of First Republic Bank in a research note on Tuesday, January 15th. BMO Capital Markets upped their price target on shares of First Republic Bank from $95.00 to $111.00 and gave the stock a “market perform” rating in a research note on Friday, March 15th. Finally, Atlantic Securities cut shares of First Republic Bank from an “overweight” rating to a “neutral” rating and set a $104.98 price target on the stock. in a research note on Friday, March 1st. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. First Republic Bank has an average rating of “Hold” and an average target price of $104.54.

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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 in 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, passbook deposits, and individual retirement accounts, as well as certificates of deposit.

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

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