First Republic Bank (NYSE:FRC) Stake Lowered by Granite Investment Partners LLC
Granite Investment Partners LLC cut its stake in First Republic Bank (NYSE:FRC) by 9.2% during the second quarter, Holdings Channel reports. The fund owned 104,036 shares of the bank’s stock after selling 10,583 shares during the period. Granite Investment Partners LLC’s holdings in First Republic Bank were worth $10,414,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Barometer Capital Management Inc. boosted its position in shares of First Republic Bank by 19.2% in the first quarter. Barometer Capital Management Inc. now owns 90,200 shares of the bank’s stock valued at $8,462,000 after buying an additional 14,500 shares during the last quarter. DnB Asset Management AS bought a new stake in First Republic Bank during the first quarter valued at approximately $1,144,000. SFE Investment Counsel bought a new stake in First Republic Bank during the first quarter valued at approximately $1,864,000. Private Wealth Partners LLC boosted its stake in First Republic Bank by 11.3% in the first quarter. Private Wealth Partners LLC now owns 70,367 shares of the bank’s stock valued at $6,601,000 after buying an additional 7,167 shares in the last quarter. Finally, Howland Capital Management LLC boosted its stake in First Republic Bank by 0.8% in the first quarter. Howland Capital Management LLC now owns 130,465 shares of the bank’s stock valued at $12,239,000 after buying an additional 1,021 shares in the last quarter. Institutional investors own 99.64% of the company’s stock.
First Republic Bank (FRC) opened at 97.82 on Friday. First Republic Bank has a 12 month low of $71.66 and a 12 month high of $104.17. The company has a market cap of $15.42 billion, a price-to-earnings ratio of 23.86 and a beta of 0.99. The company’s 50-day moving average is $100.89 and its 200 day moving average is $95.87.
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. First Republic Bank had a return on equity of 12.16% and a net margin of 27.37%. The firm had revenue of $641.30 million for the quarter, compared to analyst estimates of $671.27 million. During the same period last year, the company earned $0.97 EPS. The company’s revenue was up 19.8% compared to the same quarter last year. Equities analysts forecast that First Republic Bank will post $4.45 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 10th. Shareholders of record on Thursday, July 27th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date of this dividend was Tuesday, July 25th. First Republic Bank’s dividend payout ratio (DPR) is currently 16.59%.
Several analysts recently commented on the stock. Royal Bank Of Canada restated a “hold” rating and set a $98.00 price target on shares of First Republic Bank in a report on Friday, July 7th. Barclays PLC restated an “equal weight” rating and set a $110.00 price target (up from $101.00) on shares of First Republic Bank in a report on Wednesday, July 12th. Morgan Stanley restated an “equal weight” rating and set a $104.00 price target (up from $102.00) on shares of First Republic Bank in a report on Thursday, July 6th. BidaskClub cut shares of First Republic Bank from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Finally, Maxim Group restated a “buy” rating and set a $110.00 price target (up from $105.00) on shares of First Republic Bank in a report on Friday, July 14th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average 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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