California State Teachers Retirement System lifted its holdings in shares of First Republic Bank (NYSE:FRC – Get Rating) by 0.4% in the third quarter, Holdings Channel.com reports. The fund owned 297,216 shares of the bank’s stock after purchasing an additional 1,243 shares during the quarter. California State Teachers Retirement System’s holdings in First Republic Bank were worth $38,802,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Guardian Wealth Advisors LLC acquired a new stake in First Republic Bank during the third quarter valued at approximately $29,000. Pacer Advisors Inc. lifted its position in shares of First Republic Bank by 30.1% during the 3rd quarter. Pacer Advisors Inc. now owns 372 shares of the bank’s stock worth $49,000 after buying an additional 86 shares during the period. Alta Advisers Ltd acquired a new stake in First Republic Bank in the 3rd quarter valued at $78,000. Itau Unibanco Holding S.A. bought a new stake in First Republic Bank in the third quarter valued at $116,000. Finally, Quadrant Capital Group LLC raised its stake in First Republic Bank by 84.3% during the second quarter. Quadrant Capital Group LLC now owns 1,185 shares of the bank’s stock worth $171,000 after acquiring an additional 542 shares in the last quarter. 95.24% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities research analysts have recently commented on the stock. Atlantic Securities downgraded shares of First Republic Bank from an “overweight” rating to a “neutral” rating in a research note on Friday. Stephens reaffirmed an “overweight” rating and set a $140.00 price objective on shares of First Republic Bank in a research note on Tuesday. Barclays upped their target price on shares of First Republic Bank from $136.00 to $162.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 3rd. Jefferies Financial Group raised shares of First Republic Bank from a “hold” rating to a “buy” rating in a research report on Monday, January 9th. Finally, Wedbush reiterated a “neutral” rating on shares of First Republic Bank in a research note on Friday. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $144.90.
First Republic Bank Stock Down 32.8 %
First Republic Bank (NYSE:FRC – Get Rating) last announced its earnings results on Friday, January 13th. The bank reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.06. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.45 billion. First Republic Bank had a return on equity of 12.66% and a net margin of 24.66%. The firm’s quarterly revenue was up .0% compared to the same quarter last year. During the same quarter last year, the company earned $2.02 earnings per share. On average, analysts forecast that First Republic Bank will post 5.94 earnings per share for the current year.
First Republic Bank Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, February 9th. Stockholders of record on Thursday, January 26th were given a $0.27 dividend. The ex-dividend date was Wednesday, January 25th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.69%. First Republic Bank’s payout ratio is presently 13.09%.
About First Republic Bank
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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