Royce & Associates LP lowered its position in First Republic Bank (NYSE:FRC) by 81.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,840 shares of the bank’s stock after selling 30,360 shares during the quarter. Royce & Associates LP’s holdings in First Republic Bank were worth $594,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Pearl River Capital LLC purchased a new stake in shares of First Republic Bank in the fourth quarter valued at about $26,000. Portfolio Solutions LLC purchased a new stake in shares of First Republic Bank in the fourth quarter valued at about $43,000. Ipswich Investment Management Co. Inc. purchased a new stake in shares of First Republic Bank in the fourth quarter valued at about $45,000. Benjamin F. Edwards & Company Inc. grew its holdings in shares of First Republic Bank by 42.9% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 726 shares of the bank’s stock valued at $63,000 after purchasing an additional 218 shares during the period. Finally, First Interstate Bank grew its holdings in shares of First Republic Bank by 191.2% in the fourth quarter. First Interstate Bank now owns 1,022 shares of the bank’s stock valued at $89,000 after purchasing an additional 671 shares during the period.

Shares of FRC stock opened at $103.56 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.34. The stock has a market cap of $16.34 billion, a price-to-earnings ratio of 21.53, a P/E/G ratio of 1.55 and a beta of 0.93. First Republic Bank has a 1-year low of $79.42 and a 1-year high of $106.75.

First Republic Bank (NYSE:FRC) last announced its earnings results on Tuesday, January 15th. The bank reported $1.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.05. The company had revenue of $810.75 million during the quarter, compared to analyst estimates of $812.10 million. First Republic Bank had a net margin of 23.88% and a return on equity of 11.62%. First Republic Bank’s revenue was up 16.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.10 earnings per share. Equities research analysts anticipate that First Republic Bank will post 5.34 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, February 14th. Shareholders of record on Thursday, January 31st were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 0.70%. The ex-dividend date was Wednesday, January 30th. First Republic Bank’s dividend payout ratio (DPR) is presently 14.97%.

A number of equities research analysts recently issued reports on the stock. BMO Capital Markets upped their price objective on shares of First Republic Bank from $95.00 to $111.00 and gave the company a “market perform” rating in a report on Friday. Atlantic Securities lowered shares of First Republic Bank from an “overweight” rating to a “neutral” rating and set a $104.98 target price for the company. in a research note on Friday, March 1st. Bank of America reaffirmed a “neutral” rating and set a $104.00 target price (up previously from $98.00) on shares of First Republic Bank in a research note on Tuesday, February 5th. ValuEngine raised shares of First Republic Bank from a “hold” rating to a “buy” rating in a research note on Wednesday, January 16th. Finally, Wells Fargo & Co increased their target price on shares of First Republic Bank from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 16th. Twelve analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. First Republic Bank presently has a consensus rating of “Hold” and an average target price of $102.57.

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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 of 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, and passbook deposits, as well as certificates of deposit.

Further Reading: How are institutional investors different from individual investors?

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Institutional Ownership by Quarter for First Republic Bank (NYSE:FRC)

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