Sumitomo Mitsui DS Asset Management Company Ltd Boosts Position in First Republic Bank (NYSE:FRC)

Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of First Republic Bank (NYSE:FRCGet Rating) by 11.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,843 shares of the bank’s stock after purchasing an additional 1,321 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in First Republic Bank were worth $1,852,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Allworth Financial LP lifted its stake in First Republic Bank by 4.5% during the first quarter. Allworth Financial LP now owns 1,661 shares of the bank’s stock worth $269,000 after purchasing an additional 71 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in First Republic Bank by 0.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 9,463 shares of the bank’s stock worth $1,954,000 after purchasing an additional 80 shares during the last quarter. Mount Yale Investment Advisors LLC lifted its stake in First Republic Bank by 1.0% in the first quarter. Mount Yale Investment Advisors LLC now owns 8,124 shares of the bank’s stock valued at $1,317,000 after buying an additional 80 shares during the last quarter. Seven Eight Capital LP lifted its stake in First Republic Bank by 2.7% in the first quarter. Seven Eight Capital LP now owns 3,293 shares of the bank’s stock valued at $534,000 after buying an additional 88 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its stake in First Republic Bank by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 11,300 shares of the bank’s stock valued at $1,856,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 95.17% of the company’s stock.

First Republic Bank Trading Down 3.6 %

Shares of FRC stock opened at $134.81 on Friday. The business’s fifty day moving average price is $156.62 and its 200 day moving average price is $154.27. First Republic Bank has a 1-year low of $133.37 and a 1-year high of $222.86. The firm has a market capitalization of $24.22 billion, a PE ratio of 16.66, a P/E/G ratio of 1.88 and a beta of 1.12. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.91 and a quick ratio of 0.91.

First Republic Bank (NYSE:FRCGet Rating) last announced its quarterly earnings data on Thursday, July 14th. The bank reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. First Republic Bank had a return on equity of 12.96% and a net margin of 27.65%. The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the prior year, the company posted $1.95 earnings per share. First Republic Bank’s quarterly revenue was up 22.6% on a year-over-year basis. As a group, sell-side analysts forecast that First Republic Bank will post 8.6 EPS for the current fiscal year.

First Republic Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Shareholders of record on Thursday, July 28th were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 0.80%. The ex-dividend date of this dividend was Wednesday, July 27th. First Republic Bank’s dividend payout ratio (DPR) is 13.35%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Compass Point set a $175.00 price objective on First Republic Bank in a research note on Tuesday, July 19th. StockNews.com upgraded First Republic Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, August 10th. Barclays reduced their price objective on First Republic Bank from $223.00 to $198.00 and set an “equal weight” rating for the company in a research note on Friday, July 15th. Atlantic Securities upgraded First Republic Bank from a “neutral” rating to an “overweight” rating and reduced their price objective for the company from $210.00 to $188.00 in a research note on Friday, July 1st. Finally, Jefferies Financial Group upped their price target on First Republic Bank from $170.00 to $171.00 in a research note on Monday, July 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, First Republic Bank currently has a consensus rating of “Hold” and an average price target of $187.33.

First Republic Bank Profile

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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.

See Also

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Institutional Ownership by Quarter for First Republic Bank (NYSE:FRC)

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