FIRST REPUBLIC BANK (FRC) Shares Sold by Fisher Asset Management LLC
Fisher Asset Management LLC decreased its stake in FIRST REPUBLIC BANK (NYSE:FRC) by 3.5% during the second quarter, Holdings Channel reports. The fund owned 335,699 shares of the bank’s stock after selling 11,996 shares during the period. Fisher Asset Management LLC’s holdings in FIRST REPUBLIC BANK were worth $33,603,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Bank of Nova Scotia bought a new position in shares of FIRST REPUBLIC BANK during the first quarter valued at approximately $483,000. Parallel Advisors LLC boosted its position in shares of FIRST REPUBLIC BANK by 628.2% in the first quarter. Parallel Advisors LLC now owns 1,085 shares of the bank’s stock valued at $101,000 after buying an additional 936 shares during the last quarter. Israel Discount Bank of New York bought a new position in shares of FIRST REPUBLIC BANK during the first quarter valued at approximately $107,000. Creative Planning boosted its position in shares of FIRST REPUBLIC BANK by 5.5% in the first quarter. Creative Planning now owns 1,160 shares of the bank’s stock valued at $109,000 after buying an additional 60 shares during the last quarter. Finally, Toronto Dominion Bank boosted its position in shares of FIRST REPUBLIC BANK by 49.7% in the first quarter. Toronto Dominion Bank now owns 1,944 shares of the bank’s stock valued at $182,000 after buying an additional 645 shares during the last quarter. 98.66% of the stock is currently owned by institutional investors and hedge funds.
Shares of FIRST REPUBLIC BANK (NYSE FRC) opened at 101.21 on Monday. The company’s 50-day moving average is $96.01 and its 200 day moving average is $93.89. FIRST REPUBLIC BANK has a 1-year low of $70.00 and a 1-year high of $104.17. The firm has a market cap of $15.91 billion, a price-to-earnings ratio of 25.25 and a beta of 0.99.
FIRST REPUBLIC BANK (NYSE:FRC) last issued its earnings results on Friday, July 14th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.09 by $0.03. FIRST REPUBLIC BANK had a net margin of 27.37% and a return on equity of 12.16%. The business had revenue of $641.30 million for the quarter, compared to analyst estimates of $671.27 million. During the same quarter last year, the firm posted $0.97 earnings per share. FIRST REPUBLIC BANK’s revenue was up 19.8% on a year-over-year basis. On average, equities research analysts expect that FIRST REPUBLIC BANK will post $4.47 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 10th. Stockholders of record on Thursday, July 27th will be given a dividend of $0.17 per share. The ex-dividend date is Tuesday, July 25th. This represents a $0.68 annualized dividend and a dividend yield of 0.67%. FIRST REPUBLIC BANK’s dividend payout ratio (DPR) is currently 16.59%.
Several brokerages have recently commented on FRC. BMO Capital Markets reaffirmed a “hold” rating and set a $96.00 price target on shares of FIRST REPUBLIC BANK in a research report on Sunday. BidaskClub cut shares of FIRST REPUBLIC BANK from a “buy” rating to a “hold” rating in a research report on Thursday. Piper Jaffray Companies reaffirmed a “hold” rating and set a $99.00 price target on shares of FIRST REPUBLIC BANK in a research report on Friday. Jefferies Group LLC reaffirmed a “buy” rating and set a $109.00 price target on shares of FIRST REPUBLIC BANK in a research report on Friday. Finally, Maxim Group reaffirmed a “buy” rating and set a $110.00 price target (up previously from $105.00) on shares of FIRST REPUBLIC BANK in a research report on Friday. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price 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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