FIRST REPUBLIC BANK (FRC) Shares Sold by Sentry Investments Corp.
Sentry Investments Corp. cut its position in shares of FIRST REPUBLIC BANK (NYSE:FRC) by 21.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 242,000 shares of the bank’s stock after selling 68,000 shares during the period. Sentry Investments Corp. owned about 0.16% of FIRST REPUBLIC BANK worth $24,224,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the stock. BlackRock Inc. increased its stake in FIRST REPUBLIC BANK by 4,249.4% in the first quarter. BlackRock Inc. now owns 9,831,999 shares of the bank’s stock worth $922,340,000 after buying an additional 9,605,945 shares in the last quarter. MARSHALL WACE ASIA Ltd acquired a new stake in FIRST REPUBLIC BANK during the first quarter worth approximately $130,807,000. Marshall Wace North America L.P. acquired a new stake in FIRST REPUBLIC BANK during the first quarter worth approximately $130,807,000. JPMorgan Chase & Co. increased its stake in FIRST REPUBLIC BANK by 26.2% in the first quarter. JPMorgan Chase & Co. now owns 5,951,600 shares of the bank’s stock worth $558,320,000 after buying an additional 1,236,848 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. increased its stake in FIRST REPUBLIC BANK by 154.3% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,600,977 shares of the bank’s stock worth $160,258,000 after buying an additional 971,514 shares in the last quarter.
Shares of FIRST REPUBLIC BANK (FRC) opened at 97.05 on Friday. The company has a 50 day moving average price of $99.27 and a 200 day moving average price of $96.20. FIRST REPUBLIC BANK has a 12-month low of $72.40 and a 12-month high of $104.17. The stock has a market cap of $15.31 billion, a P/E ratio of 23.68 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 Zacks’ 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 firm had revenue of $641.30 million during the quarter, compared to analyst estimates of $671.27 million. During the same quarter in the previous year, the business posted $0.97 EPS. FIRST REPUBLIC BANK’s revenue was up 19.8% compared to the same quarter last year. Analysts anticipate that FIRST REPUBLIC BANK will post $4.45 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 10th. Investors of record on Thursday, July 27th were issued a $0.17 dividend. 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 payout ratio is currently 16.59%.
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A number of equities research analysts have commented on FRC shares. Zacks Investment Research downgraded FIRST REPUBLIC BANK from a “hold” rating to a “sell” rating in a research report on Tuesday, June 6th. Wedbush restated an “outperform” rating and issued a $121.00 target price on shares of FIRST REPUBLIC BANK in a research report on Tuesday, June 27th. BidaskClub upgraded FIRST REPUBLIC BANK from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Jefferies Group LLC restated a “buy” rating and issued a $109.00 target price on shares of FIRST REPUBLIC BANK in a research report on Sunday, June 11th. Finally, Barclays PLC restated an “equal weight” rating and issued a $110.00 target price (up previously from $101.00) on shares of FIRST REPUBLIC BANK in a research report on Wednesday, July 12th. 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 stock. The company presently has a consensus 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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