NGAM Advisors L.P. cut its position in FIRST REPUBLIC BANK (NYSE:FRC) by 12.9% during the second quarter, Holdings Channel reports. The fund owned 15,654 shares of the bank’s stock after selling 2,325 shares during the period. NGAM Advisors L.P.’s holdings in FIRST REPUBLIC BANK were worth $1,567,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. Jaffetilchin Investment Partners LLC increased its position in shares of FIRST REPUBLIC BANK by 1.1% in the first quarter. Jaffetilchin Investment Partners LLC now owns 2,473 shares of the bank’s stock worth $232,000 after buying an additional 28 shares during the last quarter. Somerset Trust Co increased its position in shares of FIRST REPUBLIC BANK by 0.4% in the second quarter. Somerset Trust Co now owns 9,186 shares of the bank’s stock worth $919,000 after buying an additional 40 shares during the last quarter. Creative Planning increased 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 worth $109,000 after buying an additional 60 shares during the last quarter. Xact Kapitalforvaltning AB increased its position in shares of FIRST REPUBLIC BANK by 0.3% in the second quarter. Xact Kapitalforvaltning AB now owns 19,486 shares of the bank’s stock worth $1,951,000 after buying an additional 65 shares during the last quarter. Finally, Pacer Advisors Inc. increased its position in shares of FIRST REPUBLIC BANK by 3.3% in the first quarter. Pacer Advisors Inc. now owns 2,725 shares of the bank’s stock worth $256,000 after buying an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 98.24% of the company’s stock.

Shares of FIRST REPUBLIC BANK (FRC) opened at 98.65 on Tuesday. The firm’s 50-day moving average is $100.80 and its 200-day moving average is $95.95. FIRST REPUBLIC BANK has a one year low of $72.40 and a one year high of $104.17. The company has a market cap of $15.56 billion, a PE ratio of 24.07 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 (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.09 by $0.03. FIRST REPUBLIC BANK had a return on equity of 12.16% and a net margin of 27.37%. The company had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $671.27 million. During the same quarter in the prior year, the business posted $0.97 EPS. The company’s revenue for the quarter was up 19.8% compared to the same quarter last year. On average, equities analysts anticipate that FIRST REPUBLIC BANK will post $4.45 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 10th. Stockholders of record on Thursday, July 27th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 0.69%. The ex-dividend date was Tuesday, July 25th. FIRST REPUBLIC BANK’s dividend payout ratio is presently 16.59%.

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A number of equities analysts have recently weighed in on the company. BMO Capital Markets restated a “hold” rating and issued a $97.00 target price on shares of FIRST REPUBLIC BANK in a research note on Friday, May 26th. Piper Jaffray Companies restated a “hold” rating and issued a $99.00 target price on shares of FIRST REPUBLIC BANK in a research note on Friday, July 14th. Maxim Group restated a “buy” rating and issued a $110.00 target price (up previously from $105.00) on shares of FIRST REPUBLIC BANK in a research note on Friday, July 14th. Wedbush restated an “outperform” rating and issued a $121.00 target price on shares of FIRST REPUBLIC BANK in a research note on Tuesday, June 27th. Finally, Barclays PLC upped their price objective on FIRST REPUBLIC BANK from $100.00 to $101.00 and gave the company an “overweight” rating in a research note on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. FIRST REPUBLIC BANK has a consensus rating of “Hold” and a consensus 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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Institutional Ownership by Quarter for FIRST REPUBLIC BANK (NYSE:FRC)

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