Macquarie Group Ltd. Has $5.90 Million Stake in First Republic Bank (FRC)
Macquarie Group Ltd. lowered its position in First Republic Bank (NYSE:FRC) by 30.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 58,906 shares of the bank’s stock after selling 25,305 shares during the period. Macquarie Group Ltd.’s holdings in First Republic Bank were worth $5,896,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Highwater Wealth Management LLC purchased a new position in shares of First Republic Bank in the 2nd quarter worth approximately $256,000. CI Global Investments Inc. grew its position in shares of First Republic Bank by 1,074.8% in the 2nd quarter. CI Global Investments Inc. now owns 6,238 shares of the bank’s stock worth $624,000 after buying an additional 5,707 shares during the last quarter. Barings LLC grew its position in shares of First Republic Bank by 262.3% in the 1st quarter. Barings LLC now owns 29,708 shares of the bank’s stock worth $2,787,000 after buying an additional 21,508 shares during the last quarter. Utah Retirement Systems grew its position in shares of First Republic Bank by 2.1% in the 2nd quarter. Utah Retirement Systems now owns 28,602 shares of the bank’s stock worth $2,863,000 after buying an additional 600 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of First Republic Bank by 13.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,745,564 shares of the bank’s stock worth $675,230,000 after buying an additional 793,964 shares during the last quarter. 97.72% of the stock is currently owned by hedge funds and other institutional investors.
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Shares of First Republic Bank (FRC) opened at 96.46 on Wednesday. First Republic Bank has a 52-week low of $72.43 and a 52-week high of $105.52. The stock has a market cap of $15.23 billion, a P/E ratio of 22.75 and a beta of 1.01. The firm’s 50-day moving average is $99.63 and its 200 day moving average is $97.34.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings results on Friday, October 13th. The bank reported $1.14 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.02). The business had revenue of $670.30 million during the quarter, compared to analysts’ expectations of $678.25 million. First Republic Bank had a net margin of 26.85% and a return on equity of 12.06%. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.00 EPS. Analysts forecast that First Republic Bank will post $4.38 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Thursday, October 26th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 0.70%. The ex-dividend date of this dividend is Wednesday, October 25th. First Republic Bank’s dividend payout ratio (DPR) is 16.04%.
FRC has been the topic of a number of analyst reports. Jefferies Group LLC lifted their price objective on shares of First Republic Bank from $109.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, September 29th. BidaskClub downgraded shares of First Republic Bank from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $98.00 price objective on shares of First Republic Bank in a research report on Friday, July 7th. Barclays PLC set a $102.00 price objective on shares of First Republic Bank and gave the stock a “hold” rating in a research report on Monday. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $87.00 price objective on shares of First Republic Bank in a research report on Friday, October 13th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the stock. First Republic Bank has a consensus rating of “Hold” and a consensus target price of $103.57.
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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