State Board of Administration of Florida Retirement System lowered its position in shares of First Republic Bank (NYSE:FRC) by 2.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 198,553 shares of the bank’s stock after selling 4,346 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.13% of First Republic Bank worth $19,061,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC bought a new stake in First Republic Bank in the third quarter valued at about $156,000. Visionary Asset Management Inc. bought a new stake in First Republic Bank in the second quarter valued at about $225,000. Gofen & Glossberg LLC IL bought a new stake in First Republic Bank in the second quarter valued at about $265,000. Brookmont Capital Management increased its holdings in First Republic Bank by 31.7% in the second quarter. Brookmont Capital Management now owns 2,937 shares of the bank’s stock valued at $284,000 after purchasing an additional 707 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in First Republic Bank by 30.6% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 2,985 shares of the bank’s stock valued at $289,000 after purchasing an additional 699 shares during the last quarter.

A number of equities research analysts recently commented on FRC shares. Royal Bank of Canada upped their price objective on First Republic Bank to $102.00 and gave the company a “sector perform” rating in a report on Thursday, September 13th. They noted that the move was a valuation call. Jefferies Financial Group reiterated a “hold” rating and issued a $96.00 price objective on shares of First Republic Bank in a report on Monday, July 16th. BMO Capital Markets upped their price objective on First Republic Bank from $96.00 to $102.00 and gave the company a “market perform” rating in a report on Friday, July 13th. Wedbush reiterated an “outperform” rating on shares of First Republic Bank in a report on Friday, July 13th. Finally, Raymond James set a $104.00 price objective on First Republic Bank and gave the company a “buy” rating in a report on Monday, October 15th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $102.46.

Shares of First Republic Bank stock opened at $92.90 on Friday. First Republic Bank has a 1 year low of $84.47 and a 1 year high of $106.75. The stock has a market capitalization of $14.66 billion, a price-to-earnings ratio of 20.11, a price-to-earnings-growth ratio of 1.61 and a beta of 0.79. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.50.

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

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 8th. Shareholders of record on Thursday, October 25th were issued a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, October 24th. This represents a $0.72 annualized dividend and a dividend yield of 0.78%. First Republic Bank’s dividend payout ratio (DPR) is currently 16.71%.

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About First Republic Bank

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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