First Republic Bank (NYSE:FRC) Position Boosted by First Trust Advisors LP
First Trust Advisors LP boosted its holdings in First Republic Bank (NYSE:FRC) by 35.5% during the first quarter, HoldingsChannel.com reports. The fund owned 96,084 shares of the bank’s stock after acquiring an additional 25,150 shares during the period. First Trust Advisors LP’s holdings in First Republic Bank were worth $7,906,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Russell Investments Group Ltd. lifted its holdings in First Republic Bank by 8.6% in the first quarter. Russell Investments Group Ltd. now owns 269,517 shares of the bank’s stock worth $22,585,000 after acquiring an additional 21,322 shares during the last quarter. Rhumbline Advisers lifted its holdings in First Republic Bank by 8.4% in the first quarter. Rhumbline Advisers now owns 279,295 shares of the bank’s stock worth $22,980,000 after acquiring an additional 21,746 shares during the last quarter. Integrated Advisors Network LLC lifted its holdings in First Republic Bank by 15.3% in the first quarter. Integrated Advisors Network LLC now owns 3,000 shares of the bank’s stock worth $247,000 after acquiring an additional 397 shares during the last quarter. Intrust Bank NA lifted its holdings in First Republic Bank by 160.9% in the first quarter. Intrust Bank NA now owns 5,341 shares of the bank’s stock worth $440,000 after acquiring an additional 3,294 shares during the last quarter. Finally, Wetherby Asset Management Inc. lifted its holdings in First Republic Bank by 32.4% in the first quarter. Wetherby Asset Management Inc. now owns 4,029 shares of the bank’s stock worth $332,000 after acquiring an additional 986 shares during the last quarter. 99.93% of the stock is currently owned by hedge funds and other institutional investors.
NYSE FRC opened at $97.30 on Friday. First Republic Bank has a 12 month low of $70.06 and a 12 month high of $122.34. The company has a debt-to-equity ratio of 1.96, a current ratio of 1.06 and a quick ratio of 1.05. The firm has a market capitalization of $16.89 billion, a PE ratio of 19.17, a P/E/G ratio of 2.71 and a beta of 1.17. The company’s 50 day simple moving average is $97.49 and its 200 day simple moving average is $105.98.
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Thursday, April 30th were given a $0.20 dividend. This is a positive change from First Republic Bank’s previous quarterly dividend of $0.19. The ex-dividend date was Wednesday, April 29th. This represents a $0.80 annualized dividend and a yield of 0.82%. First Republic Bank’s payout ratio is 15.38%.
A number of equities analysts have issued reports on FRC shares. Atlantic Securities raised shares of First Republic Bank from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a report on Tuesday, May 5th. BMO Capital Markets raised their target price on shares of First Republic Bank from $90.00 to $99.00 and gave the stock a “market perform” rating in a report on Wednesday, April 15th. Royal Bank of Canada reaffirmed a “hold” rating and set a $95.00 price target on shares of First Republic Bank in a report on Monday, April 13th. Compass Point lifted their price target on First Republic Bank from $115.00 to $118.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Finally, Citigroup cut their price target on First Republic Bank from $125.00 to $88.00 and set a “neutral” rating on the stock in a report on Tuesday, March 24th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $106.12.
First Republic Bank Company 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 in 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, passbook deposits, and individual retirement accounts, as well as certificates of deposit.
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