Nissay Asset Management Corp Japan ADV lowered its stake in shares of First Republic Bank (NYSE:FRC) by 9.7% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 26,088 shares of the bank’s stock after selling 2,798 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in First Republic Bank were worth $2,621,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in FRC. Vanguard Group Inc grew its stake in First Republic Bank by 0.3% in the 3rd quarter. Vanguard Group Inc now owns 13,738,532 shares of the bank’s stock valued at $1,318,899,000 after purchasing an additional 46,588 shares during the period. BlackRock Inc. grew its stake in First Republic Bank by 7.8% in the 4th quarter. BlackRock Inc. now owns 13,031,329 shares of the bank’s stock valued at $1,132,423,000 after purchasing an additional 948,394 shares during the period. Baillie Gifford & Co. grew its stake in First Republic Bank by 7.9% in the 4th quarter. Baillie Gifford & Co. now owns 6,708,104 shares of the bank’s stock valued at $582,934,000 after purchasing an additional 491,194 shares during the period. JPMorgan Chase & Co. grew its stake in First Republic Bank by 1.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,498,231 shares of the bank’s stock valued at $623,830,000 after purchasing an additional 121,115 shares during the period. Finally, Parnassus Investments CA grew its stake in First Republic Bank by 18.6% in the 4th quarter. Parnassus Investments CA now owns 5,601,934 shares of the bank’s stock valued at $486,808,000 after purchasing an additional 878,285 shares during the period.
FRC has been the subject of a number of recent analyst reports. BMO Capital Markets upped their price objective on First Republic Bank from $95.00 to $111.00 and gave the company a “market perform” rating in a research note on Friday, March 15th. Maxim Group restated a “buy” rating and issued a $115.00 price objective (up previously from $110.00) on shares of First Republic Bank in a research note on Friday, April 12th. ValuEngine upgraded First Republic Bank from a “hold” rating to a “buy” rating in a research note on Wednesday, January 16th. Wells Fargo & Co upped their price objective on First Republic Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Tuesday, April 2nd. Finally, Bank of America restated a “neutral” rating and issued a $104.00 price objective (up previously from $98.00) on shares of First Republic Bank in a research note on Tuesday, February 5th. Eleven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $104.54.
Shares of NYSE FRC opened at $100.27 on Thursday. First Republic Bank has a one year low of $79.42 and a one year high of $107.75. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $15.59 billion, a PE ratio of 20.85, a PEG ratio of 1.66 and a beta of 0.92.
First Republic Bank (NYSE:FRC) last issued its quarterly earnings data on Friday, April 12th. The bank reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.04. The business had revenue of $807.36 million for the quarter, compared to analysts’ expectations of $813.99 million. First Republic Bank had a return on equity of 11.56% and a net margin of 23.61%. During the same quarter in the prior year, the firm posted $1.13 EPS. As a group, research analysts expect that First Republic Bank will post 5.28 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Investors of record on Thursday, April 25th were issued a dividend of $0.19 per share. This is a boost from First Republic Bank’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Wednesday, April 24th. This represents a $0.76 dividend on an annualized basis and a yield of 0.76%. First Republic Bank’s dividend payout ratio is 15.80%.
First Republic Bank 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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