Steward Partners Investment Advisory LLC Invests $564,000 in First Republic Bank (FRC) Stock
Steward Partners Investment Advisory LLC acquired a new stake in First Republic Bank (NYSE:FRC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,401 shares of the bank’s stock, valued at approximately $564,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Crossmark Global Holdings Inc. acquired a new position in shares of First Republic Bank in the third quarter valued at $388,000. CI Global Investments Inc. raised its stake in First Republic Bank by 1,074.8% during the second quarter. CI Global Investments Inc. now owns 6,238 shares of the bank’s stock worth $624,000 after acquiring an additional 5,707 shares in the last quarter. California Capital Advisors Inc. acquired a new position in First Republic Bank during the third quarter worth $639,000. Utah Retirement Systems raised its stake in First Republic Bank by 2.1% during the second quarter. Utah Retirement Systems now owns 28,602 shares of the bank’s stock worth $2,863,000 after acquiring an additional 600 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in First Republic Bank by 13.3% during the second quarter. JPMorgan Chase & Co. now owns 6,745,564 shares of the bank’s stock worth $675,230,000 after acquiring an additional 793,964 shares in the last quarter. 99.14% of the stock is owned by institutional investors.
First Republic Bank (NYSE:FRC) opened at $87.57 on Monday. 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 has a 1-year low of $86.73 and a 1-year high of $105.52. The stock has a market capitalization of $13,814.78, a PE ratio of 20.65, a price-to-earnings-growth ratio of 1.62 and a beta of 0.96.
First Republic Bank (NYSE:FRC) last issued its earnings results on Friday, October 13th. The bank reported $1.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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 company had revenue of $670.30 million for the quarter, compared to the consensus estimate of $678.25 million. During the same quarter last year, the business posted $1.00 EPS. First Republic Bank’s quarterly revenue was up 20.1% on a year-over-year basis. sell-side analysts expect that First Republic Bank will post 4.42 EPS for the current year.
A number of brokerages have recently weighed in on FRC. Piper Jaffray Companies set a $99.00 target price on First Republic Bank and gave the company a “hold” rating in a research note on Sunday, October 15th. Jefferies Group raised their target price 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 lowered First Republic Bank from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $108.00 to $104.00 in a research note on Tuesday, October 10th. Wells Fargo & Company lowered their target price on 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. Finally, BMO Capital Markets lowered their target price on First Republic Bank from $96.00 to $92.00 and set a “market perform” rating for the company in a research note on Monday, October 16th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $103.07.
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First Republic Bank 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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