Calamos Advisors LLC Trims Stake in First Republic Bank (NYSE:FRC)

Calamos Advisors LLC reduced its stake in shares of First Republic Bank (NYSE:FRC) by 24.7% in the 4th quarter, Holdings Channel reports. The fund owned 140,967 shares of the bank’s stock after selling 46,276 shares during the period. Calamos Advisors LLC’s holdings in First Republic Bank were worth $16,557,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. raised its position in First Republic Bank by 3.0% during the second quarter. BlackRock Inc. now owns 12,147,623 shares of the bank’s stock valued at $1,186,214,000 after acquiring an additional 350,766 shares in the last quarter. State Street Corp increased its position in shares of First Republic Bank by 2.5% in the third quarter. State Street Corp now owns 9,563,764 shares of the bank’s stock valued at $924,816,000 after buying an additional 233,424 shares in the last quarter. Select Equity Group L.P. increased its position in shares of First Republic Bank by 32.1% in the third quarter. Select Equity Group L.P. now owns 4,305,031 shares of the bank’s stock valued at $416,296,000 after buying an additional 1,046,666 shares in the last quarter. Royal Bank of Canada increased its position in shares of First Republic Bank by 3.4% in the second quarter. Royal Bank of Canada now owns 3,476,401 shares of the bank’s stock valued at $339,471,000 after buying an additional 113,032 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. increased its position in shares of First Republic Bank by 12.2% in the third quarter. Diamond Hill Capital Management Inc. now owns 2,834,906 shares of the bank’s stock valued at $274,135,000 after buying an additional 309,164 shares in the last quarter.

Shares of NYSE:FRC opened at $117.38 on Thursday. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.02 and a quick ratio of 1.02. The business’s 50 day moving average price is $115.04 and its 200-day moving average price is $102.69. The firm has a market capitalization of $20.34 billion, a PE ratio of 22.57, a P/E/G ratio of 2.96 and a beta of 0.91. First Republic Bank has a 1 year low of $87.43 and a 1 year high of $122.34.

First Republic Bank (NYSE:FRC) last issued its quarterly earnings results on Tuesday, January 14th. The bank reported $1.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.12. The firm had revenue of $877.50 million for the quarter, compared to analyst estimates of $876.90 million. First Republic Bank had a return on equity of 11.22% and a net margin of 22.38%. The business’s revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.29 earnings per share. As a group, analysts expect that First Republic Bank will post 5.32 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 13th. Stockholders of record on Thursday, January 30th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.65%. The ex-dividend date is Wednesday, January 29th. First Republic Bank’s dividend payout ratio is presently 14.62%.

A number of analysts have recently commented on FRC shares. BMO Capital Markets restated a “market perform” rating and issued a $119.00 price objective on shares of First Republic Bank in a research report on Wednesday. They noted that the move was a valuation call. Maxim Group boosted their price objective on First Republic Bank from $116.00 to $125.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Stephens boosted their price objective on First Republic Bank from $121.00 to $128.00 and gave the company an “overweight” rating in a research report on Wednesday. Wells Fargo & Co cut First Republic Bank from an “equal weight” rating to an “underweight” rating and set a $100.00 price objective for the company. in a research report on Monday, January 6th. They noted that the move was a valuation call. Finally, Piper Sandler boosted their price objective on First Republic Bank from $119.00 to $126.00 and gave the company a “neutral” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company. First Republic Bank presently has a consensus rating of “Hold” and a consensus target price of $114.93.

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

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