First Republic Bank Announces Quarterly Dividend of $0.16 (FRC)
First Republic Bank (NYSE:FRC) announced a quarterly dividend on Thursday, October 13th. Shareholders of record on Thursday, October 27th will be paid a dividend of 0.16 per share on Thursday, November 10th. This represents a $0.64 annualized dividend and a yield of 0.86%. The ex-dividend date is Tuesday, October 25th.
Shares of First Republic Bank (NYSE:FRC) opened at 73.99 on Friday. The firm has a market capitalization of $11.09 billion, a P/E ratio of 20.77 and a beta of 1.06. First Republic Bank has a one year low of $56.32 and a one year high of $79.15. The firm’s 50-day moving average is $76.68 and its 200 day moving average is $71.65.
First Republic Bank (NYSE:FRC) last released its quarterly earnings data on Thursday, October 13th. The company reported $1.00 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.01. First Republic Bank had a return on equity of 12.59% and a net margin of 27.20%. The company earned $557.90 million during the quarter, compared to the consensus estimate of $592.65 million. During the same quarter in the prior year, the firm posted $0.79 earnings per share. The firm’s revenue was up 10.6% compared to the same quarter last year. Equities research analysts predict that First Republic Bank will post $3.91 earnings per share for the current year.
FRC has been the subject of several recent research reports. Zacks Investment Research downgraded First Republic Bank from a “buy” rating to a “hold” rating in a research note on Thursday, August 4th. Keefe, Bruyette & Woods reaffirmed a “hold” rating on shares of First Republic Bank in a research note on Sunday, July 17th. Deutsche Bank AG upped their price objective on First Republic Bank from $83.00 to $85.00 and gave the company a “hold” rating in a research note on Tuesday. JPMorgan Chase & Co. reissued a “buy” rating on shares of First Republic Bank in a research report on Sunday, July 17th. Finally, FBR & Co reissued a “hold” rating on shares of First Republic Bank in a research report on Sunday, July 17th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. First Republic Bank has an average rating of “Buy” and a consensus target price of $76.46.
Several institutional investors have recently modified their holdings of the company. Franklin Resources Inc. boosted its position in shares of First Republic Bank by 1.4% in the second quarter. Franklin Resources Inc. now owns 3,904 shares of the company’s stock worth $273,000 after buying an additional 55 shares in the last quarter. Sei Investments Co. raised its stake in First Republic Bank by 10.9% in the second quarter. Sei Investments Co. now owns 50,205 shares of the company’s stock worth $3,514,000 after buying an additional 4,921 shares during the last quarter. Fifth Third Bancorp raised its stake in First Republic Bank by 11.1% in the second quarter. Fifth Third Bancorp now owns 7,432 shares of the company’s stock worth $520,000 after buying an additional 744 shares during the last quarter. National Pension Service raised its stake in First Republic Bank by 62,865.8% in the second quarter. National Pension Service now owns 119,635 shares of the company’s stock worth $8,373,000 after buying an additional 119,445 shares during the last quarter. Finally, AXA raised its stake in First Republic Bank by 1,283.1% in the second quarter. AXA now owns 163,307 shares of the company’s stock worth $11,430,000 after buying an additional 151,500 shares during the last quarter. Institutional investors own 98.24% of the company’s stock.
About First Republic Bank
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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