Rainier Investment Management LLC Sells 51,350 Shares of First Republic Bank (FRC)
Rainier Investment Management LLC cut its position in shares of First Republic Bank (NYSE:FRC) by 45.1% during the second quarter, Holdings Channel reports. The firm owned 62,580 shares of the bank’s stock after selling 51,350 shares during the period. First Republic Bank makes up about 1.2% of Rainier Investment Management LLC’s portfolio, making the stock its 19th largest position. Rainier Investment Management LLC’s holdings in First Republic Bank were worth $6,264,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in the stock. Macquarie Group Ltd. raised its stake in First Republic Bank by 37.7% in the fourth quarter. Macquarie Group Ltd. now owns 56,037 shares of the bank’s stock worth $5,163,000 after buying an additional 15,337 shares during the period. Creative Planning raised its stake in 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 period. Capstone Asset Management Co. raised its stake in First Republic Bank by 27.1% in the first quarter. Capstone Asset Management Co. now owns 3,372 shares of the bank’s stock worth $316,000 after buying an additional 720 shares during the period. Fox Run Management L.L.C. bought a new stake in First Republic Bank during the first quarter worth $553,000. Finally, Private Wealth Partners LLC raised its stake in First Republic Bank by 11.3% in the first quarter. Private Wealth Partners LLC now owns 70,367 shares of the bank’s stock worth $6,601,000 after buying an additional 7,167 shares during the period. 98.24% of the stock is owned by institutional investors.
First Republic Bank (NYSE:FRC) opened at 98.06 on Thursday. The company has a market cap of $15.47 billion, a price-to-earnings ratio of 23.92 and a beta of 0.99. First Republic Bank has a 52-week low of $72.40 and a 52-week high of $104.17. The firm’s 50-day moving average price is $100.76 and its 200-day moving average price is $96.00.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings results on Friday, July 14th. The bank reported $1.06 earnings per share for the quarter, missing the Thomson Reuters’ 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 company had revenue of $641.30 million for the quarter, compared to the consensus estimate of $671.27 million. During the same period in the prior year, the firm posted $0.97 EPS. The business’s revenue was up 19.8% on a year-over-year basis. On average, equities analysts anticipate that First Republic Bank will post $4.45 EPS for the current year.
The business 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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FRC has been the subject of a number of recent research reports. Barclays PLC boosted their target price 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. Jefferies Group LLC reissued a “buy” rating and issued a $109.00 target price on shares of First Republic Bank in a research note on Friday, May 5th. BMO Capital Markets reissued a “hold” rating and issued a $97.00 target price on shares of First Republic Bank in a research note on Friday, May 26th. Keefe, Bruyette & Woods set a $90.00 target price on First Republic Bank and gave the company a “hold” rating in a research note on Friday, May 26th. Finally, Morgan Stanley lowered their target price on First Republic Bank from $102.00 to $98.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 6th. One equities research analyst has rated the stock with a sell rating, nine have assigned 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 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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