Bessemer Group Inc. Sells 2,998 Shares of FIRST REPUBLIC BANK (FRC)
Bessemer Group Inc. cut its position in shares of FIRST REPUBLIC BANK (NYSE:FRC) by 24.6% during the second quarter, Holdings Channel reports. The institutional investor owned 9,206 shares of the bank’s stock after selling 2,998 shares during the period. Bessemer Group Inc.’s holdings in FIRST REPUBLIC BANK were worth $922,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Macquarie Group Ltd. raised its position in FIRST REPUBLIC BANK by 37.7% in the fourth quarter. Macquarie Group Ltd. now owns 56,037 shares of the bank’s stock worth $5,163,000 after buying an additional 15,337 shares in the last quarter. Raymond James Trust N.A. raised its position in FIRST REPUBLIC BANK by 28.8% in the first quarter. Raymond James Trust N.A. now owns 3,076 shares of the bank’s stock worth $288,000 after buying an additional 687 shares in the last quarter. Creative Planning raised its position in FIRST REPUBLIC BANK by 5.5% in the first quarter. Creative Planning now owns 1,160 shares of the bank’s stock worth $109,000 after buying an additional 60 shares in the last quarter. Gulf International Bank UK Ltd raised its position in FIRST REPUBLIC BANK by 12.4% in the first quarter. Gulf International Bank UK Ltd now owns 47,115 shares of the bank’s stock worth $4,419,000 after buying an additional 5,200 shares in the last quarter. Finally, Capstone Asset Management Co. raised its position in FIRST REPUBLIC BANK by 27.1% in the first quarter. Capstone Asset Management Co. now owns 3,372 shares of the bank’s stock worth $316,000 after buying an additional 720 shares in the last quarter. Institutional investors and hedge funds own 98.24% of the company’s stock.
FIRST REPUBLIC BANK (NYSE:FRC) opened at 98.75 on Wednesday. The company has a market capitalization of $15.58 billion, a P/E ratio of 24.09 and a beta of 0.99. FIRST REPUBLIC BANK has a one year low of $72.40 and a one year high of $104.17. The firm has a 50-day moving average of $100.78 and a 200 day moving average of $95.98.
FIRST REPUBLIC BANK (NYSE:FRC) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations 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 for the quarter was up 19.8% on a year-over-year basis. During the same period last year, the company earned $0.97 earnings per share. On average, equities analysts forecast that FIRST REPUBLIC BANK will post $4.45 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 10th. Stockholders of record on Thursday, July 27th were paid a $0.17 dividend. The ex-dividend date was Tuesday, July 25th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.69%. FIRST REPUBLIC BANK’s dividend payout ratio (DPR) is presently 16.59%.
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FRC has been the subject of a number of recent research reports. Deutsche Bank AG lifted 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 lifted 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. Jefferies Group LLC reiterated a “buy” rating and issued a $109.00 price objective on shares of FIRST REPUBLIC BANK in a research note on Friday, May 5th. BMO Capital Markets reiterated a “hold” rating and issued a $97.00 price objective on shares of FIRST REPUBLIC BANK in a research note on Friday, May 26th. Finally, Keefe, Bruyette & Woods set a $90.00 price objective on shares of FIRST REPUBLIC BANK and gave the company a “hold” rating in a research note on Friday, May 26th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. FIRST REPUBLIC BANK currently has an average 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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