State of New Jersey Common Pension Fund D trimmed its stake in shares of First Republic Bank (NYSE:FRC) by 25.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 200,000 shares of the bank’s stock after selling 70,000 shares during the period. State of New Jersey Common Pension Fund D owned about 0.13% of First Republic Bank worth $19,200,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Waddell & Reed Financial Inc. lifted its position in shares of First Republic Bank by 6.2% during the 2nd quarter. Waddell & Reed Financial Inc. now owns 1,309,725 shares of the bank’s stock valued at $126,768,000 after acquiring an additional 76,878 shares during the period. Meadow Creek Investment Management LLC raised its position in shares of First Republic Bank by 22.2% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 181,216 shares of the bank’s stock worth $17,540,000 after purchasing an additional 32,912 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of First Republic Bank by 3.2% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 16,706 shares of the bank’s stock worth $1,617,000 after purchasing an additional 514 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in shares of First Republic Bank by 139.9% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 5,757 shares of the bank’s stock worth $557,000 after purchasing an additional 3,357 shares during the last quarter. Finally, Whittier Trust Co. raised its position in shares of First Republic Bank by 6.0% during the 2nd quarter. Whittier Trust Co. now owns 29,046 shares of the bank’s stock worth $2,811,000 after purchasing an additional 1,644 shares during the last quarter.

Shares of FRC opened at $89.88 on Friday. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market capitalization of $14.19 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 1.56 and a beta of 0.84. First Republic Bank has a fifty-two week low of $84.56 and a fifty-two week high of $106.75.

First Republic Bank (NYSE:FRC) last issued its quarterly earnings results on Friday, October 12th. The bank reported $1.19 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.20 by ($0.01). The business had revenue of $768.83 million during the quarter, compared to analyst estimates of $765.80 million. First Republic Bank had a net margin of 24.05% and a return on equity of 11.47%. During the same quarter last year, the firm posted $1.14 earnings per share. On average, analysts forecast that First Republic Bank will post 4.74 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 8th. Shareholders of record on Thursday, October 25th will be issued a $0.18 dividend. The ex-dividend date is Wednesday, October 24th. This represents a $0.72 annualized dividend and a yield of 0.80%. First Republic Bank’s dividend payout ratio (DPR) is presently 16.71%.

Several brokerages recently issued reports on FRC. Royal Bank of Canada lifted their price objective on First Republic Bank to $102.00 and gave the stock a “sector perform” rating in a research report on Thursday, September 13th. They noted that the move was a valuation call. Wells Fargo & Co lifted their price objective on First Republic Bank from $95.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, June 26th. BMO Capital Markets lifted their price objective on First Republic Bank from $96.00 to $102.00 and gave the stock a “market perform” rating in a research report on Friday, July 13th. Jefferies Financial Group restated a “hold” rating and set a $96.00 price objective on shares of First Republic Bank in a research report on Monday, July 16th. Finally, Wedbush restated an “outperform” rating on shares of First Republic Bank in a research report on Friday, July 13th. Ten research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $102.46.

First Republic Bank Profile

First Republic Bank, together with its subsidiaries, provides private banking, private business banking, real estate lending, and wealth management services to clients in metropolitan areas of the United States. It operates through two segments, Commercial Banking and Wealth Management. The company offers deposit products, such as checking, money market checking, savings, and passbook deposits, as well as certificates of deposit.

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Institutional Ownership by Quarter for First Republic Bank (NYSE:FRC)

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