Marsico Capital Management LLC reduced its stake in shares of FIRST REPUBLIC BANK (NYSE:FRC) by 16.5% during the first quarter, Holdings Channel reports. The institutional investor owned 194,418 shares of the bank’s stock after selling 38,321 shares during the period. Marsico Capital Management LLC’s holdings in FIRST REPUBLIC BANK were worth $18,238,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its position in shares of FIRST REPUBLIC BANK by 4,249.4% in the first quarter. BlackRock Inc. now owns 9,831,999 shares of the bank’s stock valued at $922,340,000 after buying an additional 9,605,945 shares in the last quarter. MARSHALL WACE ASIA Ltd acquired a new position in shares of FIRST REPUBLIC BANK during the first quarter valued at about $130,807,000. Marshall Wace North America L.P. acquired a new position in shares of FIRST REPUBLIC BANK during the first quarter valued at about $130,807,000. JPMorgan Chase & Co. raised its position in shares of FIRST REPUBLIC BANK by 26.2% in the first quarter. JPMorgan Chase & Co. now owns 5,951,600 shares of the bank’s stock valued at $558,320,000 after buying an additional 1,236,848 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of FIRST REPUBLIC BANK during the fourth quarter valued at about $108,694,000. Institutional investors and hedge funds own 98.62% of the company’s stock.
FIRST REPUBLIC BANK (FRC) traded down 0.55% during midday trading on Tuesday, reaching $100.89. The company’s stock had a trading volume of 411,912 shares. FIRST REPUBLIC BANK has a 52-week low of $63.97 and a 52-week high of $101.99. The firm has a market cap of $15.86 billion, a P/E ratio of 25.17 and a beta of 1.02. The firm has a 50 day moving average of $94.56 and a 200 day moving average of $93.23.
FIRST REPUBLIC BANK (NYSE:FRC) last announced its quarterly earnings data on Thursday, April 13th. The bank reported $1.01 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.01. FIRST REPUBLIC BANK had a return on equity of 12.16% and a net margin of 27.99%. The firm had revenue of $601.14 million during the quarter, compared to analysts’ expectations of $626.14 million. During the same quarter last year, the firm posted $0.88 earnings per share. Analysts anticipate that FIRST REPUBLIC BANK will post $4.51 earnings per share for the current fiscal year.
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FRC has been the subject of several research analyst reports. Deutsche Bank AG boosted their price objective on FIRST REPUBLIC BANK from $98.00 to $101.00 and gave the company a “hold” rating in a research report on Tuesday, April 18th. Piper Jaffray Companies decreased their price objective on FIRST REPUBLIC BANK from $97.00 to $92.00 and set a “neutral” rating for the company in a research report on Monday, April 17th. Barclays PLC boosted their price objective on FIRST REPUBLIC BANK from $100.00 to $101.00 and gave the company an “overweight” rating in a research report on Wednesday, April 19th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $98.00 price objective (up from $95.00) on shares of FIRST REPUBLIC BANK in a research report on Friday, March 10th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $98.00 price objective on shares of FIRST REPUBLIC BANK in a research report on Wednesday, March 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company. FIRST REPUBLIC BANK presently has a consensus rating of “Hold” and a consensus target price of $99.62.
FIRST REPUBLIC BANK Company Profile
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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