Strs Ohio Sells 1,272 Shares of FIRST REPUBLIC BANK (FRC)
Strs Ohio reduced its position in shares of FIRST REPUBLIC BANK (NYSE:FRC) by 4.6% during the second quarter, Holdings Channel reports. The fund owned 26,659 shares of the bank’s stock after selling 1,272 shares during the period. Strs Ohio’s holdings in FIRST REPUBLIC BANK were worth $2,668,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. BlackRock Inc. boosted its position in shares of FIRST REPUBLIC BANK by 4,249.4% in the first quarter. BlackRock Inc. now owns 9,831,999 shares of the bank’s stock worth $922,340,000 after buying an additional 9,605,945 shares during the last quarter. MARSHALL WACE ASIA Ltd acquired a new position in shares of FIRST REPUBLIC BANK during the first quarter worth approximately $130,807,000. Marshall Wace North America L.P. acquired a new position in shares of FIRST REPUBLIC BANK during the first quarter worth approximately $130,807,000. JPMorgan Chase & Co. boosted its position in shares of FIRST REPUBLIC BANK by 26.2% in the first quarter. JPMorgan Chase & Co. now owns 5,951,600 shares of the bank’s stock worth $558,320,000 after buying an additional 1,236,848 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of FIRST REPUBLIC BANK by 3.3% in the first quarter. Vanguard Group Inc. now owns 12,245,387 shares of the bank’s stock worth $1,148,739,000 after buying an additional 389,007 shares during the last quarter. 99.64% of the stock is currently owned by institutional investors and hedge funds.
Shares of FIRST REPUBLIC BANK (NYSE:FRC) opened at 100.35 on Thursday. FIRST REPUBLIC BANK has a 12 month low of $71.66 and a 12 month high of $104.17. The firm’s 50 day moving average is $100.94 and its 200 day moving average is $95.86. The stock has a market capitalization of $15.82 billion, a price-to-earnings ratio of 24.48 and a beta of 0.99.
FIRST REPUBLIC BANK (NYSE:FRC) last released its earnings results on Friday, July 14th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by $0.03. The firm had revenue of $641.30 million for 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%. FIRST REPUBLIC BANK’s revenue was up 19.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.97 earnings per share. On average, equities analysts predict that FIRST REPUBLIC BANK will post $4.45 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 10th. Investors of record on Thursday, July 27th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date is Tuesday, July 25th. FIRST REPUBLIC BANK’s payout ratio is currently 16.59%.
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FRC has been the topic of a number of recent research reports. Piper Jaffray Companies cut their target price on shares of FIRST REPUBLIC BANK from $97.00 to $92.00 and set a “neutral” rating on the stock in a report on Monday, April 17th. Deutsche Bank AG boosted their price objective on shares of FIRST REPUBLIC BANK from $98.00 to $101.00 and gave the company a “hold” rating in a research note on Tuesday, April 18th. Barclays PLC boosted their price objective on shares of FIRST REPUBLIC BANK from $100.00 to $101.00 and gave the company an “overweight” rating in a research note on Wednesday, April 19th. Zacks Investment Research cut shares of FIRST REPUBLIC BANK from a “hold” rating to a “sell” rating in a research note on Tuesday, June 6th. Finally, Wedbush reissued an “outperform” rating and issued a $121.00 price objective on shares of FIRST REPUBLIC BANK in a research note on Tuesday, June 27th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. FIRST REPUBLIC BANK has a consensus rating of “Hold” and a consensus target price 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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