We Are One Seven LLC raised its stake in First Republic Bank (NYSE:FRC) by 16.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,449 shares of the bank’s stock after acquiring an additional 782 shares during the quarter. We Are One Seven LLC’s holdings in First Republic Bank were worth $527,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in First Republic Bank by 3.0% in the second quarter. BlackRock Inc. now owns 12,147,623 shares of the bank’s stock valued at $1,186,214,000 after acquiring an additional 350,766 shares during the period. JPMorgan Chase & Co. lifted its holdings in First Republic Bank by 1.5% in the second quarter. JPMorgan Chase & Co. now owns 5,918,481 shares of the bank’s stock valued at $567,345,000 after acquiring an additional 87,873 shares during the period. Royal Bank of Canada lifted its holdings in First Republic Bank by 3.4% in the second quarter. Royal Bank of Canada now owns 3,476,401 shares of the bank’s stock valued at $339,471,000 after acquiring an additional 113,032 shares during the period. Canada Pension Plan Investment Board lifted its holdings in First Republic Bank by 8.1% in the second quarter. Canada Pension Plan Investment Board now owns 2,144,779 shares of the bank’s stock valued at $209,438,000 after acquiring an additional 161,331 shares during the period. Finally, Northern Trust Corp lifted its holdings in First Republic Bank by 1.0% in the second quarter. Northern Trust Corp now owns 1,737,582 shares of the bank’s stock valued at $169,676,000 after acquiring an additional 17,404 shares during the period.
Shares of FRC stock opened at $97.30 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $16.36 billion, a price-to-earnings ratio of 20.23, a PEG ratio of 2.70 and a beta of 0.89. The stock has a 50 day simple moving average of $92.98 and a 200-day simple moving average of $97.72. First Republic Bank has a 1-year low of $79.42 and a 1-year high of $107.75.
First Republic Bank (NYSE:FRC) last announced its earnings results on Tuesday, July 16th. The bank reported $1.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.26 by ($0.02). The business had revenue of $819.38 million for the quarter, compared to analyst estimates of $836.26 million. First Republic Bank had a return on equity of 11.30% and a net margin of 22.94%. During the same period in the previous year, the company earned $1.20 earnings per share. Analysts anticipate that First Republic Bank will post 4.94 earnings per share for the current fiscal year.
FRC has been the subject of a number of analyst reports. Wells Fargo & Co downgraded First Republic Bank from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $112.00 to $100.00 in a report on Wednesday, October 2nd. They noted that the move was a valuation call. Raymond James downgraded First Republic Bank to a “hold” rating in a report on Monday, July 8th. Zacks Investment Research downgraded First Republic Bank from a “hold” rating to a “sell” rating and set a $104.00 price target for the company. in a report on Friday, July 5th. Wedbush reissued an “outperform” rating on shares of First Republic Bank in a report on Tuesday, July 16th. Finally, Credit Suisse Group decreased their price target on First Republic Bank from $105.00 to $98.00 and set a “neutral” rating for the company in a report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $102.91.
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 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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