Pacific Heights Asset Management LLC cut its stake in First Republic Bank (NYSE:FRC) by 18.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,000 shares of the bank’s stock after selling 25,000 shares during the quarter. Pacific Heights Asset Management LLC owned 0.07% of First Republic Bank worth $10,560,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in FRC. SRS Capital Advisors Inc. bought a new stake in shares of First Republic Bank in the 3rd quarter valued at about $100,000. Capital Advisors Ltd. LLC bought a new stake in First Republic Bank during the 3rd quarter worth approximately $156,000. Crossmark Global Holdings Inc. bought a new stake in First Republic Bank during the 3rd quarter worth approximately $201,000. Claraphi Advisory Network LLC bought a new stake in First Republic Bank during the 3rd quarter worth approximately $206,000. Finally, Cambridge Investment Research Advisors Inc. bought a new stake in First Republic Bank during the 3rd quarter worth approximately $212,000.

NYSE FRC opened at $91.67 on Wednesday. First Republic Bank has a 52-week low of $84.47 and a 52-week high of $106.75. 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 company has a market cap of $14.77 billion, a P/E ratio of 21.27, a price-to-earnings-growth ratio of 1.62 and a beta of 0.79.

First Republic Bank (NYSE:FRC) last released its quarterly earnings results on Friday, October 12th. The bank reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $768.83 million for the quarter, compared to analyst estimates of $765.80 million. During the same period last year, the company earned $1.14 EPS. As a group, sell-side analysts expect that First Republic Bank will post 4.74 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, November 8th. Shareholders of record on Thursday, October 25th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend was Wednesday, October 24th. First Republic Bank’s dividend payout ratio (DPR) is currently 16.71%.

A number of research firms recently issued reports on FRC. Raymond James set a $104.00 target price on First Republic Bank and gave the stock a “buy” rating in a research note on Monday, October 15th. Piper Jaffray Companies reissued a “hold” rating and set a $94.00 target price on shares of First Republic Bank in a research note on Tuesday, October 9th. Finally, Royal Bank of Canada increased their target price on First Republic Bank to $102.00 and gave the stock a “sector perform” rating in a research note on Thursday, September 13th. They noted that the move was a valuation call. Ten analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $102.46.

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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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