Welch & Forbes LLC Has $496,000 Position in FIRST REPUBLIC BANK (FRC)
Welch & Forbes LLC continued to hold its stake in FIRST REPUBLIC BANK (NYSE:FRC) during the second quarter, according to its most recent filing with the SEC. The fund owned 4,951 shares of the bank’s stock at the end of the second quarter. Welch & Forbes LLC’s holdings in FIRST REPUBLIC BANK were worth $496,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of the company. Barnett & Company Inc. purchased a new stake in FIRST REPUBLIC BANK during the second quarter valued at about $100,000. Parallel Advisors LLC raised its stake in FIRST REPUBLIC BANK by 628.2% in the first quarter. Parallel Advisors LLC now owns 1,085 shares of the bank’s stock valued at $101,000 after buying an additional 936 shares during the last quarter. Israel Discount Bank of New York purchased a new stake in FIRST REPUBLIC BANK during the first quarter valued at about $107,000. Whittier Trust Co. of Nevada Inc. raised its stake in FIRST REPUBLIC BANK by 100.6% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,071 shares of the bank’s stock valued at $107,000 after buying an additional 537 shares during the last quarter. Finally, Creative Planning raised its stake in FIRST REPUBLIC BANK by 5.5% in the first quarter. Creative Planning now owns 1,160 shares of the bank’s stock valued at $109,000 after buying an additional 60 shares during the last quarter. Hedge funds and other institutional investors own 99.64% of the company’s stock.
Shares of FIRST REPUBLIC BANK (FRC) opened at 101.57 on Monday. The stock has a market capitalization of $16.02 billion, a P/E ratio of 24.78 and a beta of 0.99. The firm’s 50-day moving average is $100.88 and its 200 day moving average is $95.51. FIRST REPUBLIC BANK has a 12-month low of $71.11 and a 12-month high of $104.17.
FIRST REPUBLIC BANK (NYSE:FRC) last released its quarterly earnings results on Friday, July 14th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.09 by $0.03. The firm had revenue of $641.30 million for the quarter, compared to the consensus estimate of $671.27 million. FIRST REPUBLIC BANK had a net margin of 27.37% and a return on equity of 12.16%. The company’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.97 earnings per share. On average, equities research analysts forecast that FIRST REPUBLIC BANK will post $4.45 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 10th. Shareholders of record on Thursday, July 27th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, July 25th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.67%. FIRST REPUBLIC BANK’s dividend payout ratio is currently 16.59%.
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Several research firms have recently issued reports on FRC. Piper Jaffray Companies reduced their target price on shares of FIRST REPUBLIC BANK from $97.00 to $92.00 and set a “neutral” rating for the company in a research note on Monday, April 17th. Zacks Investment Research lowered shares of FIRST REPUBLIC BANK from a “hold” rating to a “sell” rating in a research report on Tuesday, June 6th. BidaskClub lowered shares of FIRST REPUBLIC BANK from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Barclays PLC increased their price target on shares of FIRST REPUBLIC BANK from $100.00 to $101.00 and gave the company an “overweight” rating in a research report on Wednesday, April 19th. Finally, Maxim Group restated a “buy” rating and set a $110.00 price target (up previously from $105.00) on shares of FIRST REPUBLIC BANK in a research report on Friday, July 14th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $104.54.
FIRST REPUBLIC BANK Company 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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