Rainier Investment Management LLC Cuts Stake in First Republic Bank (FRC)
Rainier Investment Management LLC reduced its position in First Republic Bank (NYSE:FRC) by 25.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,490 shares of the bank’s stock after selling 13,370 shares during the quarter. Rainier Investment Management LLC’s holdings in First Republic Bank were worth $3,335,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of FRC. Harding Loevner LP boosted its holdings in shares of First Republic Bank by 112.9% in the 3rd quarter. Harding Loevner LP now owns 4,734,746 shares of the bank’s stock worth $227,383,000 after purchasing an additional 2,510,888 shares in the last quarter. State Street Corp boosted its holdings in shares of First Republic Bank by 20.3% in the 2nd quarter. State Street Corp now owns 5,995,443 shares of the bank’s stock worth $600,135,000 after purchasing an additional 1,010,648 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of First Republic Bank by 1,796.1% in the 2nd quarter. Janus Henderson Group PLC now owns 744,144 shares of the bank’s stock worth $74,488,000 after purchasing an additional 704,897 shares in the last quarter. Artisan Partners Limited Partnership boosted its holdings in shares of First Republic Bank by 32.9% in the 3rd quarter. Artisan Partners Limited Partnership now owns 2,804,290 shares of the bank’s stock worth $292,936,000 after purchasing an additional 693,442 shares in the last quarter. Finally, Congress Asset Management Co. MA boosted its holdings in shares of First Republic Bank by 704.9% in the 4th quarter. Congress Asset Management Co. MA now owns 712,479 shares of the bank’s stock worth $61,729,000 after purchasing an additional 623,957 shares in the last quarter. Hedge funds and other institutional investors own 98.59% of the company’s stock.
A number of research firms have recently issued reports on FRC. Piper Jaffray Companies set a $99.00 price objective on First Republic Bank and gave the stock a “hold” rating in a report on Sunday, October 15th. Barclays cut First Republic Bank from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $108.00 to $104.00 in a report on Tuesday, October 10th. Wells Fargo & Co cut their price objective on First Republic Bank from $100.00 to $95.00 and set a “market perform” rating for the company in a report on Monday, October 16th. Sandler O’Neill reiterated a “hold” rating and issued a $94.00 price objective on shares of First Republic Bank in a report on Wednesday, January 17th. Finally, BMO Capital Markets cut their price objective on First Republic Bank from $96.00 to $92.00 and set a “market perform” rating for the company in a report on Monday, October 16th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. First Republic Bank currently has a consensus rating of “Hold” and an average target price of $101.54.
First Republic Bank (NYSE:FRC) last issued its earnings results on Tuesday, January 16th. The bank reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.05). The company had revenue of $699.20 million for the quarter, compared to analysts’ expectations of $688.48 million. First Republic Bank had a net margin of 26.02% and a return on equity of 11.80%. The company’s revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.03 earnings per share. equities analysts predict that First Republic Bank will post 4.76 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 8th. Investors of record on Thursday, January 25th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 0.75%. The ex-dividend date of this dividend is Wednesday, January 24th. First Republic Bank’s dividend payout ratio is presently 15.78%.
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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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