Tower Research Capital LLC TRC lifted its position in shares of First Republic Bank (NYSE:FRC) by 273.8% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 871 shares of the bank’s stock after buying an additional 638 shares during the quarter. Tower Research Capital LLC TRC’s holdings in First Republic Bank were worth $72,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Franklin Resources Inc. lifted its stake in shares of First Republic Bank by 7.9% during the 4th quarter. Franklin Resources Inc. now owns 6,522 shares of the bank’s stock valued at $766,000 after buying an additional 480 shares in the last quarter. First American Bank boosted its stake in shares of First Republic Bank by 0.7% during the 1st quarter. First American Bank now owns 90,603 shares of the bank’s stock worth $7,455,000 after purchasing an additional 618 shares during the period. Morgan Stanley boosted its stake in shares of First Republic Bank by 65.3% during the 1st quarter. Morgan Stanley now owns 772,984 shares of the bank’s stock worth $63,601,000 after purchasing an additional 305,411 shares during the period. APG Asset Management N.V. boosted its position in First Republic Bank by 77.9% in the 1st quarter. APG Asset Management N.V. now owns 1,886,324 shares of the bank’s stock valued at $155,207,000 after buying an additional 825,826 shares during the period. Finally, Piedmont Investment Advisors Inc. lifted its position in shares of First Republic Bank by 12.8% in the 4th quarter. Piedmont Investment Advisors Inc. now owns 5,419 shares of the bank’s stock worth $636,000 after purchasing an additional 613 shares during the period. Institutional investors own 97.91% of the company’s stock.
Several research firms recently commented on FRC. Keefe, Bruyette & Woods upgraded shares of First Republic Bank from a “market perform” rating to an “outperform” rating and set a $110.00 price objective for the company in a research note on Wednesday, April 1st. Wells Fargo & Co boosted their price objective on shares of First Republic Bank from $65.00 to $68.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 15th. Compass Point upped their price target on shares of First Republic Bank from $115.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. TheStreet upgraded shares of First Republic Bank from a “c+” rating to a “b-” rating in a research note on Tuesday, May 5th. Finally, Citigroup upped their price target on shares of First Republic Bank from $100.00 to $111.00 and gave the company a “neutral” rating in a research note on Thursday, June 18th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $110.12.
First Republic Bank (NYSE:FRC) last released its quarterly earnings data on Tuesday, April 14th. The bank reported $1.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.04. The firm had revenue of $916.20 million for the quarter, compared to analyst estimates of $882.80 million. First Republic Bank had a net margin of 21.46% and a return on equity of 10.64%. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.26 earnings per share. Equities analysts anticipate that First Republic Bank will post 5 EPS for the current fiscal year.
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 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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