Bp Plc Purchases New Stake in FIRST REPUBLIC BANK (NYSE:FRC)
Bp Plc purchased a new stake in FIRST REPUBLIC BANK (NYSE:FRC) during the second quarter, Holdings Channel reports. The firm purchased 19,000 shares of the bank’s stock, valued at approximately $1,902,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Teza Capital Management LLC acquired a new position in FIRST REPUBLIC BANK during the first quarter valued at about $549,000. Boston Family Office LLC raised its position in FIRST REPUBLIC BANK by 0.5% in the first quarter. Boston Family Office LLC now owns 123,922 shares of the bank’s stock valued at $11,625,000 after buying an additional 652 shares during the period. Highwater Wealth Management LLC acquired a new position in FIRST REPUBLIC BANK during the second quarter valued at about $256,000. Barings LLC raised its stake in FIRST REPUBLIC BANK by 262.3% in the first quarter. Barings LLC now owns 29,708 shares of the bank’s stock valued at $2,787,000 after buying an additional 21,508 shares during the last quarter. Finally, Private Wealth Partners LLC raised its stake in FIRST REPUBLIC BANK by 11.3% in the first quarter. Private Wealth Partners LLC now owns 70,367 shares of the bank’s stock valued at $6,601,000 after buying an additional 7,167 shares during the last quarter. 99.64% of the stock is owned by hedge funds and other institutional investors.
Shares of FIRST REPUBLIC BANK (FRC) opened at 97.37 on Friday. The company has a market capitalization of $15.35 billion, a PE ratio of 23.75 and a beta of 0.99. FIRST REPUBLIC BANK has a 1-year low of $72.08 and a 1-year high of $104.17. The stock’s 50 day moving average is $100.81 and its 200 day moving average is $95.90.
FIRST REPUBLIC BANK (NYSE:FRC) last released its quarterly earnings data on Friday, July 14th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.09 by $0.03. The company had revenue of $641.30 million for the quarter, compared to analyst estimates of $671.27 million. FIRST REPUBLIC BANK had a return on equity of 12.16% and a net margin of 27.37%. FIRST REPUBLIC BANK’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.97 earnings per share. On average, equities research analysts anticipate that FIRST REPUBLIC BANK will post $4.45 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 10th. Investors of record on Thursday, July 27th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date was Tuesday, July 25th. FIRST REPUBLIC BANK’s dividend payout ratio is 16.59%.
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Several analysts have recently weighed in on the stock. BMO Capital Markets reaffirmed a “hold” rating and set a $97.00 price objective on shares of FIRST REPUBLIC BANK in a report on Friday, May 26th. Maxim Group reaffirmed a “buy” rating and set a $110.00 price objective (up previously from $105.00) on shares of FIRST REPUBLIC BANK in a report on Friday, July 14th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $99.00 price objective on shares of FIRST REPUBLIC BANK in a report on Friday, July 14th. Wedbush reaffirmed an “outperform” rating and set a $121.00 price objective on shares of FIRST REPUBLIC BANK in a report on Tuesday, June 27th. Finally, Barclays PLC raised their price objective on shares of FIRST REPUBLIC BANK from $100.00 to $101.00 and gave the stock an “overweight” rating in a report on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $104.54.
About FIRST REPUBLIC BANK
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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