Rampart Investment Management Company LLC cut its holdings in shares of First Republic Bank (NYSE:FRC) by 58.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,118 shares of the bank’s stock after selling 2,979 shares during the quarter. Rampart Investment Management Company LLC’s holdings in First Republic Bank were worth $207,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. TRUE Private Wealth Advisors bought a new stake in shares of First Republic Bank in the 2nd quarter valued at about $28,000. Commonwealth Bank of Australia raised its holdings in shares of First Republic Bank by 34.5% in the 2nd quarter. Commonwealth Bank of Australia now owns 452 shares of the bank’s stock valued at $42,000 after purchasing an additional 116 shares during the period. Atlas Capital Advisors LLC bought a new stake in shares of First Republic Bank in the 2nd quarter valued at about $52,000. Bremer Bank National Association bought a new stake in shares of First Republic Bank in the 1st quarter valued at about $95,000. Finally, SRS Capital Advisors Inc. bought a new stake in shares of First Republic Bank in the 2nd quarter valued at about $92,000.
A number of equities research analysts have recently issued reports on FRC shares. Credit Suisse Group dropped their target price on shares of First Republic Bank from $105.00 to $98.00 and set a “neutral” rating on the stock in a report on Thursday, July 18th. Maxim Group reaffirmed a “buy” rating and issued a $110.00 target price on shares of First Republic Bank in a report on Wednesday, July 17th. Raymond James cut shares of First Republic Bank to a “hold” rating in a report on Monday, July 8th. Wedbush reaffirmed an “outperform” rating on shares of First Republic Bank in a report on Tuesday, July 16th. Finally, Zacks Investment Research cut shares of First Republic Bank from a “hold” rating to a “sell” rating and set a $104.00 target price on the stock. in a report on Friday, July 5th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $103.17.
FRC traded down $0.12 on Friday, reaching $95.23. The company had a trading volume of 2,122,767 shares, compared to its average volume of 1,115,285. First Republic Bank has a fifty-two week low of $79.42 and a fifty-two week high of $107.75. The stock has a market cap of $16.20 billion, a P/E ratio of 19.80, a P/E/G ratio of 2.77 and a beta of 0.88. The company’s fifty day moving average is $92.25 and its 200 day moving average is $98.51. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.01 and a current ratio of 1.01.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings results on Tuesday, July 16th. The bank reported $1.24 EPS for the quarter, missing the Zacks’ consensus estimate of $1.26 by ($0.02). First Republic Bank had a net margin of 22.94% and a return on equity of 11.30%. The company had revenue of $819.38 million during the quarter, compared to analyst estimates of $836.26 million. During the same quarter last year, the company posted $1.20 EPS. On average, sell-side analysts expect that First Republic Bank will post 4.97 EPS for the current year.
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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