Alliancebernstein L.P. Grows Holdings in First Republic Bank (FRC)
Alliancebernstein L.P. grew its holdings in shares of First Republic Bank (NYSE:FRC) by 17.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 108,967 shares of the bank’s stock after purchasing an additional 16,223 shares during the period. Alliancebernstein L.P.’s holdings in First Republic Bank were worth $10,461,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Waddell & Reed Financial Inc. boosted its stake in shares of First Republic Bank by 6.2% in the second quarter. Waddell & Reed Financial Inc. now owns 1,309,725 shares of the bank’s stock valued at $126,768,000 after purchasing an additional 76,878 shares during the period. Putnam Investments LLC boosted its stake in shares of First Republic Bank by 12.1% in the second quarter. Putnam Investments LLC now owns 712,799 shares of the bank’s stock valued at $68,992,000 after purchasing an additional 76,732 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of First Republic Bank by 120.0% in the third quarter. State of Alaska Department of Revenue now owns 36,439 shares of the bank’s stock valued at $3,497,000 after purchasing an additional 19,879 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in shares of First Republic Bank by 3.2% in the second quarter. Oppenheimer Asset Management Inc. now owns 16,706 shares of the bank’s stock valued at $1,617,000 after purchasing an additional 514 shares during the period. Finally, Meadow Creek Investment Management LLC boosted its stake in shares of First Republic Bank by 22.2% in the second quarter. Meadow Creek Investment Management LLC now owns 181,216 shares of the bank’s stock valued at $17,540,000 after purchasing an additional 32,912 shares during the period.
NYSE FRC opened at $94.47 on Friday. First Republic Bank has a 12 month low of $84.47 and a 12 month high of $106.75. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $15.28 billion, a price-to-earnings ratio of 21.92, a P/E/G ratio of 1.68 and a beta of 0.82.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 8th. Shareholders of record on Thursday, October 25th were paid a dividend of $0.18 per share. The ex-dividend date was Wednesday, October 24th. This represents a $0.72 dividend on an annualized basis and a yield of 0.76%. First Republic Bank’s dividend payout ratio (DPR) is 16.71%.
Several research analysts have recently weighed in on the stock. Raymond James set a $104.00 target price on shares of First Republic Bank and gave the company a “buy” rating in a research note on Monday, October 15th. Piper Jaffray Companies restated a “hold” rating and issued 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 price objective on shares of First Republic Bank to $102.00 and gave the company 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 assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $102.46.
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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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