Highland Private Wealth Management Takes $222,000 Position in First Republic Bank (NYSE:FRC)

Highland Private Wealth Management bought a new stake in shares of First Republic Bank (NYSE:FRCGet Rating) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,538 shares of the bank’s stock, valued at approximately $222,000.

Several other institutional investors and hedge funds also recently made changes to their positions in FRC. O Shaughnessy Asset Management LLC raised its stake in shares of First Republic Bank by 34.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 1,702 shares of the bank’s stock worth $351,000 after purchasing an additional 438 shares during the last quarter. American International Group Inc. boosted its holdings in shares of First Republic Bank by 2.6% in the fourth quarter. American International Group Inc. now owns 59,108 shares of the bank’s stock worth $12,206,000 after acquiring an additional 1,495 shares during the period. Public Sector Pension Investment Board boosted its holdings in shares of First Republic Bank by 0.7% in the fourth quarter. Public Sector Pension Investment Board now owns 29,915 shares of the bank’s stock worth $6,178,000 after acquiring an additional 200 shares during the period. Gotham Asset Management LLC boosted its holdings in shares of First Republic Bank by 1.6% in the fourth quarter. Gotham Asset Management LLC now owns 14,397 shares of the bank’s stock worth $2,973,000 after acquiring an additional 233 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its stake in First Republic Bank by 0.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 9,463 shares of the bank’s stock valued at $1,954,000 after buying an additional 80 shares during the period. Institutional investors own 95.17% of the company’s stock.

First Republic Bank Stock Down 3.6 %

FRC opened at $134.81 on Friday. The company has a market cap of $24.22 billion, a P/E ratio of 16.66, a P/E/G ratio of 1.86 and a beta of 1.12. The business’s 50-day moving average price is $156.62 and its 200-day moving average price is $154.27. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47. First Republic Bank has a 12 month low of $133.37 and a 12 month high of $222.86.

First Republic Bank (NYSE:FRCGet Rating) last posted its quarterly earnings data on Thursday, July 14th. The bank reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.11. First Republic Bank had a return on equity of 12.96% and a net margin of 27.65%. The business had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the firm posted $1.95 EPS. The business’s revenue was up 22.6% on a year-over-year basis. On average, equities analysts expect that First Republic Bank will post 8.6 EPS for the current year.

First Republic Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 11th. Stockholders of record on Thursday, July 28th were given a $0.27 dividend. The ex-dividend date of this dividend was Wednesday, July 27th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.80%. First Republic Bank’s dividend payout ratio is currently 13.35%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FRC. Atlantic Securities raised First Republic Bank from a “neutral” rating to an “overweight” rating and dropped their price objective for the company from $210.00 to $188.00 in a research note on Friday, July 1st. Barclays dropped their price objective on First Republic Bank from $223.00 to $198.00 and set an “equal weight” rating for the company in a research note on Friday, July 15th. Compass Point set a $175.00 price objective on First Republic Bank in a research note on Tuesday, July 19th. StockNews.com raised First Republic Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, August 10th. Finally, Wolfe Research dropped their price target on First Republic Bank from $194.00 to $157.00 and set an “outperform” rating for the company in a research note on Thursday, May 26th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $187.33.

First Republic Bank Profile

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First Republic Bank, together with its subsidiaries, provides private banking, private business banking, and private wealth management services to clients in metropolitan areas in the United States. It operates in two segments, Commercial Banking and Wealth Management. The company accepts deposit products, such as noninterest-bearing checking, interest-bearing checking, money market checking accounts, money market savings accounts, and passbook 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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