Allianz Asset Management AG boosted its position in First Republic Bank (NYSE:FRC) by 2.0% during the fourth quarter, Holdings Channel reports. The fund owned 845,579 shares of the company’s stock after buying an additional 16,387 shares during the period. Allianz Asset Management AG owned approximately 0.55% of First Republic Bank worth $77,911,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of FRC. Tower Research Capital LLC TRC boosted its stake in shares of First Republic Bank by 4,565.5% in the third quarter. Tower Research Capital LLC TRC now owns 2,566 shares of the company’s stock worth $197,000 after buying an additional 2,511 shares during the last quarter. National Asset Management Inc. purchased a new stake in shares of First Republic Bank during the third quarter worth $203,000. 1st Global Advisors Inc. purchased a new stake in shares of First Republic Bank during the third quarter worth $209,000. Peak Asset Management LLC purchased a new stake in shares of First Republic Bank during the third quarter worth $211,000. Finally, Douglass Winthrop Advisors LLC purchased a new stake in shares of First Republic Bank during the third quarter worth $215,000. Institutional investors and hedge funds own 97.08% of the company’s stock.
First Republic Bank (NYSE:FRC) traded up 0.04% during midday trading on Tuesday, hitting $96.42. 942,144 shares of the stock traded hands. The firm’s 50 day moving average is $93.38 and its 200-day moving average is $82.10. First Republic Bank has a 12-month low of $57.89 and a 12-month high of $97.29. The stock has a market capitalization of $14.88 billion, a PE ratio of 24.53 and a beta of 1.03.
First Republic Bank (NYSE:FRC) last released its quarterly earnings data on Friday, January 13th. The company reported $1.03 EPS for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.02. First Republic Bank had a net margin of 27.98% and a return on equity of 12.38%. The firm earned $599.50 million during the quarter, compared to analysts’ expectations of $623.91 million. During the same period in the previous year, the business posted $0.84 earnings per share. The company’s revenue for the quarter was up 21.1% compared to the same quarter last year. On average, analysts anticipate that First Republic Bank will post $4.51 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 9th. Shareholders of record on Thursday, January 26th were given a dividend of $0.16 per share. The ex-dividend date was Tuesday, January 24th. This represents a $0.64 dividend on an annualized basis and a yield of 0.66%. First Republic Bank’s dividend payout ratio (DPR) is 16.49%.
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FRC has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of First Republic Bank from a “hold” rating to a “buy” rating and set a $103.00 price objective for the company in a research note on Wednesday, January 11th. Jefferies Group LLC reiterated a “buy” rating and set a $85.00 target price on shares of First Republic Bank in a research note on Wednesday, October 19th. Maxim Group upped their target price on shares of First Republic Bank from $86.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, December 19th. Finally, Morgan Stanley cut shares of First Republic Bank from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $77.00 to $85.00 in a research note on Wednesday, November 16th. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $89.82.
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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