Handelsbanken Fonder AB Has $54.95 Million Holdings in First Republic Bank (FRC)

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Handelsbanken Fonder AB lessened its holdings in shares of First Republic Bank (NYSE:FRC) by 21.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 593,336 shares of the bank’s stock after selling 163,000 shares during the period. First Republic Bank comprises 1.1% of Handelsbanken Fonder AB’s holdings, making the stock its 27th largest holding. Handelsbanken Fonder AB owned 0.38% of First Republic Bank worth $54,949,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. BlackRock Inc. grew its position in shares of First Republic Bank by 17.0% during the 4th quarter. BlackRock Inc. now owns 12,442,562 shares of the bank’s stock worth $1,078,026,000 after purchasing an additional 1,804,494 shares in the last quarter. Baillie Gifford & Co. grew its position in shares of First Republic Bank by 2.5% during the 1st quarter. Baillie Gifford & Co. now owns 5,977,543 shares of the bank’s stock worth $553,580,000 after purchasing an additional 147,097 shares in the last quarter. Diamond Hill Capital Management Inc. grew its position in shares of First Republic Bank by 18.8% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 3,093,649 shares of the bank’s stock worth $286,503,000 after purchasing an additional 489,056 shares in the last quarter. Royal Bank of Canada grew its position in shares of First Republic Bank by 6.1% during the 1st quarter. Royal Bank of Canada now owns 2,699,827 shares of the bank’s stock worth $250,031,000 after purchasing an additional 155,154 shares in the last quarter. Finally, Artisan Partners Limited Partnership grew its position in shares of First Republic Bank by 3.9% during the 1st quarter. Artisan Partners Limited Partnership now owns 2,642,243 shares of the bank’s stock worth $244,698,000 after purchasing an additional 98,574 shares in the last quarter.

FRC has been the topic of a number of analyst reports. Citigroup initiated coverage on shares of First Republic Bank in a research report on Monday. They set a “buy” rating and a $120.00 target price on the stock. Keefe, Bruyette & Woods restated a “hold” rating and set a $95.00 target price on shares of First Republic Bank in a research report on Tuesday, February 27th. Zacks Investment Research upgraded shares of First Republic Bank from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 20th. Jefferies Financial Group restated a “hold” rating and set a $88.00 target price on shares of First Republic Bank in a research report on Wednesday, April 18th. Finally, Royal Bank of Canada restated a “hold” rating and set a $96.00 target price on shares of First Republic Bank in a research report on Friday, April 13th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $102.14.

Shares of First Republic Bank opened at $100.94 on Friday, Marketbeat Ratings reports. First Republic Bank has a 1-year low of $84.56 and a 1-year high of $105.52. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 1.45. The company has a market cap of $15.91 billion, a PE ratio of 22.76, a PEG ratio of 1.65 and a beta of 0.85.

First Republic Bank (NYSE:FRC) last issued its quarterly earnings results on Friday, April 13th. The bank reported $1.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.07. The company had revenue of $720.90 million during the quarter, compared to the consensus estimate of $732.68 million. First Republic Bank had a net margin of 25.33% and a return on equity of 11.76%. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.01 EPS. research analysts forecast that First Republic Bank will post 4.8 earnings per share for the current 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 of 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, and passbook deposits, as well as certificates of deposit.

Institutional Ownership by Quarter for First Republic Bank (NYSE:FRC)

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