Kestra Advisory Services LLC boosted its holdings in shares of First Republic Bank (NYSE:FRC – Get Rating) by 2.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,572 shares of the bank’s stock after purchasing an additional 321 shares during the quarter. Kestra Advisory Services LLC’s holdings in First Republic Bank were worth $1,511,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in FRC. Xponance Inc. increased its stake in First Republic Bank by 30.9% in the 2nd quarter. Xponance Inc. now owns 15,234 shares of the bank’s stock worth $2,197,000 after acquiring an additional 3,597 shares during the last quarter. Comerica Bank increased its stake in First Republic Bank by 0.9% in the 2nd quarter. Comerica Bank now owns 41,713 shares of the bank’s stock worth $6,572,000 after acquiring an additional 383 shares during the last quarter. Values First Advisors Inc. increased its stake in First Republic Bank by 5.5% in the 2nd quarter. Values First Advisors Inc. now owns 2,316 shares of the bank’s stock worth $334,000 after acquiring an additional 121 shares during the last quarter. FMR LLC increased its stake in First Republic Bank by 9.1% in the 2nd quarter. FMR LLC now owns 1,724,197 shares of the bank’s stock worth $248,628,000 after acquiring an additional 143,905 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in First Republic Bank by 14.5% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 116,043 shares of the bank’s stock worth $15,149,000 after acquiring an additional 14,698 shares during the last quarter. Institutional investors own 95.24% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on FRC. Jefferies Financial Group raised First Republic Bank from a “hold” rating to a “buy” rating in a research note on Monday, January 9th. Maxim Group dropped their target price on First Republic Bank from $200.00 to $185.00 in a report on Tuesday, January 17th. Wedbush dropped their target price on First Republic Bank from $135.00 to $130.00 in a report on Thursday, November 10th. Piper Sandler lifted their target price on First Republic Bank to $125.00 in a report on Wednesday, November 16th. Finally, The Goldman Sachs Group upgraded First Republic Bank from a “neutral” rating to a “buy” rating and set a $142.00 target price for the company in a report on Thursday, January 5th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, First Republic Bank has an average rating of “Moderate Buy” and a consensus target price of $144.90.
First Republic Bank Price Performance
First Republic Bank (NYSE:FRC – Get Rating) last issued its earnings results on Friday, January 13th. The bank reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.08. First Republic Bank had a return on equity of 12.66% and a net margin of 24.66%. The business had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.45 billion. During the same period in the prior year, the business earned $2.02 EPS. The business’s revenue for the quarter was up .0% compared to the same quarter last year. On average, analysts predict that First Republic Bank will post 6.28 EPS for the current fiscal year.
First Republic Bank Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 9th. Stockholders of record on Thursday, January 26th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 0.78%. The ex-dividend date of this dividend is Wednesday, January 25th. First Republic Bank’s payout ratio is 13.09%.
First Republic Bank Profile
First Republic Bank engages in the provision of private banking, business banking, real estate lending, and wealth management, including trust and custody services. It operates through the Commercial Banking and Wealth Management segments. The Commercial Banking segment represents most of the operations, including real estate secured lending, retail deposit gathering, private banking activities, mortgage sales and servicing, and managing capital, liquidity, and interest rate risk.
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