First Republic Bank (NYSE:FRC) Stake Increased by State of Tennessee Treasury Department
State of Tennessee Treasury Department lifted its stake in shares of First Republic Bank (NYSE:FRC) by 5.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,231 shares of the bank’s stock after buying an additional 2,231 shares during the quarter. State of Tennessee Treasury Department’s holdings in First Republic Bank were worth $4,142,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc lifted its position in shares of First Republic Bank by 0.3% during the 3rd quarter. Vanguard Group Inc now owns 13,738,532 shares of the bank’s stock worth $1,318,899,000 after purchasing an additional 46,588 shares during the last quarter. Creative Planning grew its position in First Republic Bank by 9.5% during the 4th quarter. Creative Planning now owns 3,827 shares of the bank’s stock worth $333,000 after acquiring an additional 332 shares during the last quarter. TD Asset Management Inc. bought a new stake in First Republic Bank during the 4th quarter worth approximately $1,160,000. Comerica Securities Inc. grew its position in First Republic Bank by 4.1% during the 4th quarter. Comerica Securities Inc. now owns 4,084 shares of the bank’s stock worth $355,000 after acquiring an additional 160 shares during the last quarter. Finally, Portfolio Solutions LLC bought a new stake in First Republic Bank during the 4th quarter worth approximately $43,000.
FRC has been the topic of a number of research analyst reports. Maxim Group restated a “buy” rating and set a $115.00 price target (up from $110.00) on shares of First Republic Bank in a research report on Friday, April 12th. Stephens restated a “buy” rating and set a $115.00 price target on shares of First Republic Bank in a research report on Thursday, March 21st. ValuEngine downgraded First Republic Bank from a “buy” rating to a “hold” rating in a report on Wednesday, March 20th. BMO Capital Markets reduced their price objective on First Republic Bank from $111.00 to $106.00 and set a “market perform” rating on the stock in a report on Monday, April 15th. Finally, Atlantic Securities downgraded First Republic Bank from an “overweight” rating to a “neutral” rating and set a $104.98 price objective on the stock. in a report on Friday, March 1st. Twelve research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $104.57.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings data on Friday, April 12th. The bank reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.04. The company had revenue of $807.36 million during the quarter, compared to analysts’ expectations of $813.99 million. First Republic Bank had a return on equity of 11.56% and a net margin of 23.61%. During the same quarter last year, the company earned $1.13 EPS. As a group, sell-side analysts forecast that First Republic Bank will post 5.29 EPS for the current fiscal year.
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About First Republic Bank
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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