Russell Investments Group Ltd. Lowers Holdings in First Republic Bank (FRC)

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Russell Investments Group Ltd. cut its position in First Republic Bank (NYSE:FRC) by 16.5% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 457,154 shares of the bank’s stock after selling 90,307 shares during the period. Russell Investments Group Ltd.’s holdings in First Republic Bank were worth $44,348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of FRC. Picton Mahoney Asset Management raised its stake in shares of First Republic Bank by 1.2% during the 2nd quarter. Picton Mahoney Asset Management now owns 42,500 shares of the bank’s stock valued at $4,114,000 after purchasing an additional 500 shares during the period. Blair William & Co. IL raised its stake in shares of First Republic Bank by 7.7% during the 1st quarter. Blair William & Co. IL now owns 7,166 shares of the bank’s stock valued at $664,000 after purchasing an additional 510 shares during the period. Barings LLC raised its stake in shares of First Republic Bank by 2.9% during the 2nd quarter. Barings LLC now owns 19,047 shares of the bank’s stock valued at $1,844,000 after purchasing an additional 538 shares during the period. Candriam Luxembourg S.C.A. raised its stake in shares of First Republic Bank by 3.4% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 18,817 shares of the bank’s stock valued at $1,743,000 after purchasing an additional 615 shares during the period. Finally, LPL Financial LLC raised its stake in shares of First Republic Bank by 12.9% during the 1st quarter. LPL Financial LLC now owns 5,731 shares of the bank’s stock valued at $531,000 after purchasing an additional 656 shares during the period.

First Republic Bank stock opened at $105.06 on Tuesday. First Republic Bank has a 52 week low of $84.56 and a 52 week high of $105.52. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market cap of $16.49 billion, a P/E ratio of 24.38, a price-to-earnings-growth ratio of 1.79 and a beta of 0.80.

First Republic Bank (NYSE:FRC) last posted its earnings results on Friday, July 13th. The bank reported $1.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.05. First Republic Bank had a return on equity of 11.73% and a net margin of 24.80%. The business had revenue of $744.11 million during the quarter, compared to analysts’ expectations of $734.03 million. equities research analysts predict that First Republic Bank will post 4.77 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 9th. Investors of record on Thursday, July 26th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 0.69%. The ex-dividend date was Wednesday, July 25th. First Republic Bank’s payout ratio is 16.71%.

FRC has been the topic of a number of analyst reports. Jefferies Financial Group reiterated a “hold” rating and set a $96.00 price objective on shares of First Republic Bank in a research note on Monday, July 16th. Wedbush reiterated an “outperform” rating on shares of First Republic Bank in a research note on Friday, July 13th. BMO Capital Markets boosted their price objective on First Republic Bank from $96.00 to $102.00 and gave the company a “market perform” rating in a research note on Friday, July 13th. Citigroup initiated coverage on First Republic Bank in a research note on Monday, June 18th. They set a “buy” rating and a $120.00 price objective on the stock. Finally, Wells Fargo & Co boosted their price objective on First Republic Bank from $95.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, June 26th. Ten investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $102.46.

First Republic Bank Company 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 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.

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

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