First Republic Bank (NYSE:FRC) Shares Purchased by First Trust Advisors LP
First Trust Advisors LP boosted its stake in First Republic Bank (NYSE:FRC) by 35.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 96,084 shares of the bank’s stock after acquiring an additional 25,150 shares during the period. First Trust Advisors LP owned 0.06% of First Republic Bank worth $7,906,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of FRC. TRUE Private Wealth Advisors acquired a new position in First Republic Bank during the 4th quarter worth approximately $34,000. Valeo Financial Advisors LLC increased its position in First Republic Bank by 100.9% during the 1st quarter. Valeo Financial Advisors LLC now owns 436 shares of the bank’s stock worth $41,000 after purchasing an additional 219 shares during the period. Clean Yield Group acquired a new position in First Republic Bank during the 1st quarter worth approximately $51,000. Allred Capital Management LLC increased its position in First Republic Bank by 24.4% during the 1st quarter. Allred Capital Management LLC now owns 688 shares of the bank’s stock worth $57,000 after purchasing an additional 135 shares during the period. Finally, Advisors Asset Management Inc. increased its position in First Republic Bank by 52.6% during the 4th quarter. Advisors Asset Management Inc. now owns 693 shares of the bank’s stock worth $81,000 after purchasing an additional 239 shares during the period. Hedge funds and other institutional investors own 99.93% of the company’s stock.
Several equities analysts have issued reports on FRC shares. Royal Bank of Canada reiterated a “hold” rating and set a $95.00 target price on shares of First Republic Bank in a research report on Monday, April 13th. Bank of America restated a “buy” rating and issued a $108.00 price target (up previously from $104.00) on shares of First Republic Bank in a report on Wednesday, April 15th. BMO Capital Markets upped their price target on First Republic Bank from $90.00 to $99.00 and gave the stock a “market perform” rating in a report on Wednesday, April 15th. Credit Suisse Group restated a “hold” rating and issued a $93.00 price target on shares of First Republic Bank in a report on Wednesday, April 15th. Finally, UBS Group upped their price target on First Republic Bank from $79.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, May 15th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the company’s stock. First Republic Bank presently has a consensus rating of “Hold” and a consensus price target of $106.12.
First Republic Bank (NYSE:FRC) last posted its earnings results on Tuesday, April 14th. The bank reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.04. First Republic Bank had a return on equity of 10.64% and a net margin of 21.46%. The firm had revenue of $916.20 million for the quarter, compared to analyst estimates of $882.80 million. During the same quarter in the prior year, the company earned $1.26 EPS. First Republic Bank’s revenue was up 10.1% on a year-over-year basis. On average, research analysts predict that First Republic Bank will post 4.89 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Thursday, April 30th were paid a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, April 29th. This represents a $0.80 dividend on an annualized basis and a yield of 0.82%. This is a positive change from First Republic Bank’s previous quarterly dividend of $0.19. First Republic Bank’s dividend payout ratio is presently 15.38%.
First Republic Bank Company Profile
First Republic Bank, together with its subsidiaries, provides private banking, private business banking, real estate lending, and wealth management services to clients in metropolitan areas in the United States. It operates through two segments, Commercial Banking and Wealth Management. The company offers deposit products, such as checking, money market checking, savings, passbook deposits, and individual retirement accounts, as well as certificates of deposit.
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