Shine Investment Advisory Services Inc. Buys Shares of 1,281 FIRST REPUBLIC BANK (NYSE:FRC)
Shine Investment Advisory Services Inc. bought a new stake in FIRST REPUBLIC BANK (NYSE:FRC) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 1,281 shares of the bank’s stock, valued at approximately $128,000.
A number of other hedge funds also recently bought and sold shares of the company. Bank of Nova Scotia bought a new stake in FIRST REPUBLIC BANK during the first quarter valued at approximately $483,000. Barnett & Company Inc. acquired a new position in shares of FIRST REPUBLIC BANK during the second quarter worth about $100,000. Whittier Trust Co. of Nevada Inc. increased its position in shares of 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 worth $107,000 after buying an additional 537 shares in the last quarter. Parallel Advisors LLC increased its position in shares of FIRST REPUBLIC BANK by 628.2% in the first quarter. Parallel Advisors LLC now owns 1,085 shares of the bank’s stock worth $101,000 after buying an additional 936 shares in the last quarter. Finally, Israel Discount Bank of New York acquired a new position in shares of FIRST REPUBLIC BANK during the first quarter worth about $107,000. 99.64% of the stock is currently owned by hedge funds and other institutional investors.
FIRST REPUBLIC BANK (NYSE:FRC) opened at 101.60 on Wednesday. The stock has a 50 day moving average price of $100.93 and a 200 day moving average price of $95.64. The stock has a market cap of $16.02 billion, a P/E ratio of 24.79 and a beta of 0.99. FIRST REPUBLIC BANK has a 52-week low of $71.66 and a 52-week 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 for the quarter, missing analysts’ consensus estimates of $1.09 by $0.03. The firm had revenue of $641.30 million during the quarter, compared to analyst estimates of $671.27 million. FIRST REPUBLIC BANK had a return on equity of 12.16% and a net margin of 27.37%. The business’s revenue was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.97 EPS. On average, equities research analysts forecast that FIRST REPUBLIC BANK will post $4.45 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 10th. Investors of record on Thursday, July 27th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date of this dividend is Tuesday, July 25th. FIRST REPUBLIC BANK’s dividend payout ratio is currently 16.59%.
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A number of equities analysts have issued reports on the company. BMO Capital Markets reiterated a “hold” rating and set a $97.00 price target on shares of FIRST REPUBLIC BANK in a research report on Friday, May 26th. Piper Jaffray Companies reiterated a “hold” rating and set a $99.00 price target on shares of FIRST REPUBLIC BANK in a research report on Friday, July 14th. Maxim Group reiterated 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. Barclays PLC increased their price target on FIRST REPUBLIC BANK from $100.00 to $101.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 19th. Finally, Wedbush reiterated an “outperform” rating and set a $121.00 price target on shares of FIRST REPUBLIC BANK in a research report on Tuesday, June 27th. 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’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $104.54.
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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