Virginia Retirement Systems ET AL Cuts Holdings in First Republic Bank (FRC)
Virginia Retirement Systems ET AL reduced its position in shares of First Republic Bank (NYSE:FRC) by 45.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,600 shares of the bank’s stock after selling 12,200 shares during the period. Virginia Retirement Systems ET AL’s holdings in First Republic Bank were worth $1,525,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of FRC. Shine Investment Advisory Services Inc. purchased a new stake in shares of First Republic Bank in the second quarter valued at approximately $128,000. Parallel Advisors LLC grew its position in shares of First Republic Bank by 21.4% in the second quarter. Parallel Advisors LLC now owns 1,317 shares of the bank’s stock valued at $132,000 after purchasing an additional 232 shares in the last quarter. Creative Planning grew its position in First Republic Bank by 21.3% in the second quarter. Creative Planning now owns 1,407 shares of the bank’s stock worth $141,000 after acquiring an additional 247 shares during the period. Peddock Capital Advisors LLC purchased a new position in First Republic Bank in the second quarter worth approximately $180,000. Finally, Bronfman E.L. Rothschild L.P. grew its position in First Republic Bank by 0.3% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,953 shares of the bank’s stock worth $195,000 after acquiring an additional 5 shares during the period. Institutional investors own 99.14% of the company’s stock.
Shares of First Republic Bank (NYSE FRC) opened at $92.91 on Thursday. First Republic Bank has a one year low of $85.70 and a one year high of $105.52. The company has a market cap of $14,797.56, a P/E ratio of 22.12, a P/E/G ratio of 1.75 and a beta of 0.96. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 1.55.
First Republic Bank (NYSE:FRC) last issued its quarterly earnings results on Friday, October 13th. The bank reported $1.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.16 by ($0.02). The firm 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 revenue was up 20.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.00 EPS. equities analysts predict that First Republic Bank will post 4.36 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 9th. Investors of record on Thursday, October 26th were given a $0.17 dividend. The ex-dividend date was Wednesday, October 25th. This represents a $0.68 annualized dividend and a dividend yield of 0.73%. First Republic Bank’s dividend payout ratio (DPR) is presently 16.04%.
A number of research firms have weighed in on FRC. Jefferies Group raised their price target on First Republic Bank from $109.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, September 29th. Barclays set a $102.00 price target on shares of First Republic Bank and gave the company a “hold” rating in a research report on Monday, October 16th. Keefe, Bruyette & Woods restated a “hold” rating and set a $87.00 price objective on shares of First Republic Bank in a research report on Friday, October 13th. Piper Jaffray Companies set a $99.00 target price on shares of First Republic Bank and gave the stock a “hold” rating in a research note on Sunday, October 15th. Finally, Wells Fargo & Company lowered their price objective on shares of First Republic Bank from $100.00 to $95.00 and set a “market perform” rating for the company in a research note on Monday, October 16th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $102.93.
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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