Gateway Investment Advisers LLC reduced its position in First Republic Bank (NYSE:FRC) by 3.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 132,149 shares of the bank’s stock after selling 4,677 shares during the period. Gateway Investment Advisers LLC owned approximately 0.08% of First Republic Bank worth $12,779,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. TRUE Private Wealth Advisors bought a new position in shares of First Republic Bank in the 2nd quarter worth $28,000. CSat Investment Advisory L.P. lifted its stake in First Republic Bank by 113.6% during the 2nd quarter. CSat Investment Advisory L.P. now owns 361 shares of the bank’s stock valued at $35,000 after acquiring an additional 192 shares in the last quarter. Commonwealth Bank of Australia lifted its stake in First Republic Bank by 34.5% during the 2nd quarter. Commonwealth Bank of Australia now owns 452 shares of the bank’s stock valued at $42,000 after acquiring an additional 116 shares in the last quarter. Atlas Capital Advisors LLC bought a new position in First Republic Bank during the 2nd quarter valued at $52,000. Finally, SRS Capital Advisors Inc. bought a new position in First Republic Bank during the 2nd quarter valued at $92,000.
FRC has been the topic of several recent analyst reports. Wells Fargo & Co cut First Republic Bank from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $112.00 to $100.00 in a research note on Wednesday, October 2nd. They noted that the move was a valuation call. Maxim Group raised their price objective on First Republic Bank from $110.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday. Citigroup raised their price objective on First Republic Bank from $111.00 to $119.00 and gave the company a “buy” rating in a research note on Wednesday. Wedbush restated an “outperform” rating on shares of First Republic Bank in a research note on Tuesday, July 16th. Finally, Royal Bank of Canada raised their price objective on First Republic Bank to $105.00 and gave the company a “sector perform” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $104.69.
Shares of NYSE:FRC opened at $103.08 on Thursday. The stock has a market cap of $16.34 billion, a PE ratio of 21.43, a price-to-earnings-growth ratio of 3.78 and a beta of 0.89. First Republic Bank has a 1-year low of $79.42 and a 1-year high of $107.75. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.34. The stock’s fifty day simple moving average is $93.95 and its two-hundred day simple moving average is $97.72.
First Republic Bank (NYSE:FRC) last released its earnings results on Tuesday, October 15th. The bank reported $1.31 EPS for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.10. The company had revenue of $837.19 million for the quarter, compared to analysts’ expectations of $830.60 million. First Republic Bank had a return on equity of 11.30% and a net margin of 22.94%. During the same period in the previous year, the business posted $1.19 EPS. On average, sell-side analysts forecast that First Republic Bank will post 4.94 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date is Wednesday, October 30th. First Republic Bank’s payout ratio is 15.80%.
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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