Beese Fulmer Investment Management Inc. cut its stake in shares of First Republic Bank (NYSE:FRC) by 0.5% during the second quarter, Holdings Channel reports. The fund owned 65,447 shares of the company’s stock after selling 300 shares during the period. First Republic Bank makes up 1.3% of Beese Fulmer Investment Management Inc.’s portfolio, making the stock its 28th largest position. Beese Fulmer Investment Management Inc.’s holdings in First Republic Bank were worth $4,581,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the stock. Springbok Capital Management LLC acquired a new stake in shares of First Republic Bank during the first quarter valued at $190,000. Raymond James Trust N.A. acquired a new stake in shares of First Republic Bank during the second quarter valued at $208,000. Daiwa Securities Group Inc. increased its stake in shares of First Republic Bank by 9.1% in the second quarter. Daiwa Securities Group Inc. now owns 3,600 shares of the company’s stock valued at $252,000 after buying an additional 300 shares during the last quarter. CrestPoint Capital Management LLC acquired a new stake in shares of First Republic Bank during the second quarter valued at $273,000. Finally, Hartford Investment Management Co. increased its stake in shares of First Republic Bank by 34.0% in the second quarter. Hartford Investment Management Co. now owns 4,156 shares of the company’s stock valued at $291,000 after buying an additional 1,054 shares during the last quarter. 98.21% of the stock is owned by institutional investors and hedge funds.
First Republic Bank (NYSE:FRC) traded up 2.98% during mid-day trading on Wednesday, hitting $76.49. The stock had a trading volume of 679,314 shares. First Republic Bank has a 52-week low of $56.32 and a 52-week high of $79.15. The firm has a 50-day moving average of $76.57 and a 200-day moving average of $71.87. The stock has a market cap of $11.46 billion, a P/E ratio of 21.47 and a beta of 1.06.
First Republic Bank (NYSE:FRC) last released its quarterly earnings results on Thursday, October 13th. The company reported $1.00 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.01. First Republic Bank had a net margin of 27.68% and a return on equity of 12.95%. The firm had revenue of $557.90 million for the quarter, compared to the consensus estimate of $592.65 million. During the same quarter in the previous year, the firm posted $0.79 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. On average, analysts forecast that First Republic Bank will post $3.91 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Thursday, October 27th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 0.86%. The ex-dividend date is Tuesday, October 25th. First Republic Bank’s dividend payout ratio (DPR) is 17.34%.
Several equities research analysts have recently weighed in on the company. Jefferies Group reiterated a “buy” rating and issued a $80.00 price target on shares of First Republic Bank in a report on Thursday, July 7th. JPMorgan Chase & Co. increased their price target on First Republic Bank from $80.00 to $83.00 and gave the stock an “overweight” rating in a report on Friday, July 15th. Keefe, Bruyette & Woods increased their price target on First Republic Bank from $70.00 to $73.00 and gave the stock a “market perform” rating in a report on Friday, July 15th. BMO Capital Markets reiterated a “market perform” rating and set a $71.00 price target on shares of First Republic Bank in a report on Friday, July 15th. Finally, Zacks Investment Research upgraded First Republic Bank from a “hold” rating to a “buy” rating and set a $80.00 price objective on the stock in a report on Tuesday, July 19th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $77.38.
About First Republic Bank
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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