Baldwin Brothers Inc. MA reduced its stake in shares of First Republic Bank (NYSE:FRC) by 1.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 106,522 shares of the bank’s stock after selling 1,722 shares during the quarter. First Republic Bank comprises about 1.6% of Baldwin Brothers Inc. MA’s investment portfolio, making the stock its 22nd largest holding. Baldwin Brothers Inc. MA owned 0.06% of First Republic Bank worth $11,617,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Berman Capital Advisors LLC raised its stake in shares of First Republic Bank by 35.8% during the second quarter. Berman Capital Advisors LLC now owns 334 shares of the bank’s stock valued at $34,000 after purchasing an additional 88 shares in the last quarter. Ovata Capital Management Ltd acquired a new position in First Republic Bank during the second quarter worth about $38,000. Ameritas Investment Company LLC acquired a new position in First Republic Bank during the first quarter worth about $46,000. Ellevest Inc. grew its holdings in First Republic Bank by 52.1% during the second quarter. Ellevest Inc. now owns 432 shares of the bank’s stock worth $46,000 after acquiring an additional 148 shares during the period. Finally, Orion Portfolio Solutions LLC grew its holdings in First Republic Bank by 625.7% during the second quarter. Orion Portfolio Solutions LLC now owns 508 shares of the bank’s stock worth $54,000 after acquiring an additional 438 shares during the period. Institutional investors and hedge funds own 95.70% of the company’s stock.
A number of research analysts recently issued reports on FRC shares. JPMorgan Chase & Co. lifted their target price on First Republic Bank from $125.00 to $139.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Barclays lifted their target price on First Republic Bank from $120.00 to $130.00 and gave the stock an “equal weight” rating in a report on Wednesday. Wolfe Research initiated coverage on First Republic Bank in a report on Friday, July 31st. They set an “outperform” rating on the stock. Citigroup lifted their price target on First Republic Bank from $114.00 to $123.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Piper Sandler initiated coverage on First Republic Bank in a research note on Thursday, September 17th. They issued a “neutral” rating and a $115.00 price target on the stock. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $120.18.
NYSE:FRC traded up $1.16 on Friday, hitting $126.78. 749,653 shares of the company’s stock traded hands, compared to its average volume of 1,115,247. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.82. First Republic Bank has a 1 year low of $70.06 and a 1 year high of $128.79. The firm has a 50-day moving average price of $112.56 and a 200-day moving average price of $107.21. The company has a market cap of $21.82 billion, a PE ratio of 22.64, a price-to-earnings-growth ratio of 2.95 and a beta of 1.16.
First Republic Bank (NYSE:FRC) last released its earnings results on Sunday, October 18th. The bank reported $1.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.23. First Republic Bank had a return on equity of 10.68% and a net margin of 22.03%. During the same quarter in the previous year, the firm posted $1.31 EPS. On average, research analysts forecast that First Republic Bank will post 5.43 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 12th. Shareholders of record on Thursday, October 29th will be paid a dividend of $0.20 per share. The ex-dividend date is Wednesday, October 28th. This represents a $0.80 annualized dividend and a yield of 0.63%. First Republic Bank’s dividend payout ratio (DPR) is presently 15.38%.
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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