First Republic Bank (FRC) Shares Sold by Hennessy Advisors Inc.
Hennessy Advisors Inc. lowered its holdings in shares of First Republic Bank (NYSE:FRC) by 38.5% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,000 shares of the bank’s stock after selling 5,000 shares during the period. Hennessy Advisors Inc.’s holdings in First Republic Bank were worth $836,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the company. Bronfman E.L. Rothschild L.P. raised its holdings in shares of First Republic Bank by 0.3% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,953 shares of the bank’s stock worth $195,000 after buying an additional 5 shares in the last quarter. Alps Advisors Inc. grew its position in First Republic Bank by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 4,979 shares of the bank’s stock worth $498,000 after acquiring an additional 13 shares during the last quarter. Global X Management Co. LLC grew its position in First Republic Bank by 1.1% during the 2nd quarter. Global X Management Co. LLC now owns 5,935 shares of the bank’s stock worth $594,000 after acquiring an additional 62 shares during the last quarter. D.A. Davidson & CO. grew its position in First Republic Bank by 3.2% during the 2nd quarter. D.A. Davidson & CO. now owns 2,612 shares of the bank’s stock worth $261,000 after acquiring an additional 81 shares during the last quarter. Finally, World Asset Management Inc grew its position in First Republic Bank by 1.7% during the 2nd quarter. World Asset Management Inc now owns 6,776 shares of the bank’s stock worth $678,000 after acquiring an additional 115 shares during the last quarter. 98.40% of the stock is owned by institutional investors.
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FRC has been the topic of a number of research reports. BidaskClub lowered First Republic Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Piper Jaffray Companies reiterated a “hold” rating and issued a $99.00 price target on shares of First Republic Bank in a research report on Friday, September 1st. Barclays PLC lowered First Republic Bank from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $108.00 to $104.00 in a research report on Tuesday, October 10th. Jefferies Group LLC upped their price target on First Republic Bank from $109.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, September 29th. Finally, Raymond James Financial, Inc. reduced their price target on First Republic Bank from $108.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, October 16th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $102.93.
First Republic Bank (NYSE FRC) traded down $0.77 during mid-day trading on Monday, reaching $90.22. The company had a trading volume of 1,304,900 shares, compared to its average volume of 979,239. First Republic Bank has a fifty-two week low of $80.55 and a fifty-two week high of $105.52. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 1.55. The firm has a market cap of $14,232.79, a P/E ratio of 21.28, a P/E/G ratio of 1.68 and a beta of 0.99.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings results on Friday, October 13th. The bank reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.02). First Republic Bank had a return on equity of 12.06% and a net margin of 26.85%. The firm had revenue of $670.30 million for the quarter, compared to analyst estimates of $678.25 million. During the same period last year, the company posted $1.00 earnings per share. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. equities analysts predict that First Republic Bank will post 4.37 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 9th. Stockholders of record on Thursday, October 26th were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 0.75%. The ex-dividend date was Wednesday, October 25th. First Republic Bank’s dividend payout ratio (DPR) is presently 16.04%.
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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