Bessemer Group Inc. Cuts Holdings in First Republic Bank (FRC)
Bessemer Group Inc. decreased its position in First Republic Bank (NYSE:FRC) by 6.9% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 8,573 shares of the bank’s stock after selling 633 shares during the period. Bessemer Group Inc.’s holdings in First Republic Bank were worth $896,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Barnett & Company Inc. bought a new stake in First Republic Bank in the 2nd quarter valued at approximately $100,000. Whittier Trust Co. of Nevada Inc. raised its stake in shares of First Republic Bank by 100.6% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,071 shares of the bank’s stock worth $107,000 after purchasing an additional 537 shares in the last quarter. Shine Investment Advisory Services Inc. bought a new stake in shares of First Republic Bank during the 2nd quarter worth approximately $128,000. Parallel Advisors LLC raised its stake in shares of First Republic Bank by 21.4% during the 2nd quarter. Parallel Advisors LLC now owns 1,317 shares of the bank’s stock worth $132,000 after purchasing an additional 232 shares in the last quarter. Finally, Creative Planning raised its stake in shares of First Republic Bank by 21.3% during the 2nd quarter. Creative Planning now owns 1,407 shares of the bank’s stock worth $141,000 after purchasing an additional 247 shares in the last quarter. Hedge funds and other institutional investors own 98.40% of the company’s stock.
First Republic Bank (NYSE FRC) opened at $91.50 on Friday. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.94 and a current ratio of 0.95. The firm has a market capitalization of $14,518.33, a P/E ratio of 21.70, a P/E/G ratio of 1.71 and a beta of 0.99. First Republic Bank has a 1-year low of $80.55 and a 1-year high of $105.52.
First Republic Bank (NYSE:FRC) last posted its earnings results on Friday, October 13th. The bank reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.02). The business had revenue of $670.30 million for the quarter, compared to analyst estimates of $678.25 million. First Republic Bank had a return on equity of 12.06% and a net margin of 26.85%. The firm’s revenue was up 20.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.00 earnings per share. analysts anticipate that First Republic Bank will post 4.37 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 9th. Shareholders of record on Thursday, October 26th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 0.74%. The ex-dividend date of this dividend was Wednesday, October 25th. First Republic Bank’s dividend payout ratio is 16.04%.
A number of brokerages have recently issued reports on FRC. Wells Fargo & Company dropped their price objective on First Republic Bank from $100.00 to $95.00 and set a “market perform” rating on the stock in a research note on Monday, October 16th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $87.00 price objective on shares of First Republic Bank in a research note on Friday, October 13th. BMO Capital Markets dropped their price objective on First Republic Bank from $96.00 to $92.00 and set a “market perform” rating on the stock in a research note on Monday, October 16th. Royal Bank Of Canada reiterated a “hold” rating on shares of First Republic Bank in a research note on Friday, September 29th. Finally, Zacks Investment Research cut First Republic Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $102.93.
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First Republic Bank Company Profile
First Republic Bank is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States.
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