Moody National Bank Trust Division purchased a new stake in First Republic Bank (NYSE:FRC – Get Rating) in the second quarter, according to its most recent filing with the SEC. The fund purchased 2,018 shares of the bank’s stock, valued at approximately $291,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quent Capital LLC acquired a new position in First Republic Bank during the 4th quarter valued at approximately $45,000. Tcwp LLC acquired a new position in First Republic Bank during the 1st quarter valued at approximately $45,000. Ellevest Inc. boosted its position in First Republic Bank by 84.3% during the 1st quarter. Ellevest Inc. now owns 306 shares of the bank’s stock valued at $50,000 after purchasing an additional 140 shares during the period. Point72 Hong Kong Ltd boosted its position in First Republic Bank by 124.9% during the 4th quarter. Point72 Hong Kong Ltd now owns 442 shares of the bank’s stock valued at $91,000 after purchasing an additional 2,215 shares during the period. Finally, Standard Family Office LLC acquired a new position in First Republic Bank during the 4th quarter valued at approximately $111,000. Institutional investors and hedge funds own 95.17% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on FRC shares. Maxim Group restated a “buy” rating and set a $250.00 price objective on shares of First Republic Bank in a research report on Friday, July 15th. Morgan Stanley reduced their price target on First Republic Bank from $180.00 to $160.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 12th. TheStreet upgraded First Republic Bank from a “c+” rating to a “b” rating in a research report on Tuesday, August 9th. JPMorgan Chase & Co. reduced their price target on First Republic Bank from $215.00 to $200.00 and set an “overweight” rating for the company in a research report on Friday, July 1st. Finally, Jefferies Financial Group boosted their price target on First Republic Bank from $170.00 to $171.00 in a research report on Monday, July 11th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $187.33.
First Republic Bank Trading Up 1.7 %
First Republic Bank (NYSE:FRC – Get Rating) last announced its quarterly earnings data on Thursday, July 14th. The bank reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.11. The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.48 billion. First Republic Bank had a return on equity of 12.96% and a net margin of 27.65%. The company’s revenue was up 22.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.95 earnings per share. On average, equities analysts forecast that First Republic Bank will post 8.6 EPS for the current fiscal year.
First Republic Bank Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Stockholders of record on Thursday, July 28th were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date of this dividend was Wednesday, July 27th. First Republic Bank’s dividend payout ratio (DPR) is presently 13.35%.
First Republic Bank Profile
First Republic Bank, together with its subsidiaries, provides private banking, private business banking, and private wealth management services to clients in metropolitan areas in the United States. It operates in two segments, Commercial Banking and Wealth Management. The company accepts deposit products, such as noninterest-bearing checking, interest-bearing checking, money market checking accounts, money market savings accounts, and passbook accounts, as well as certificates of deposit.
- Get a free copy of the StockNews.com research report on First Republic Bank (FRC)
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