Congress Asset Management Co. MA Raises Stake in First Republic Bank (FRC)

Congress Asset Management Co. MA increased its position in shares of First Republic Bank (NYSE:FRC) by 4.2% during the first quarter, Holdings Channel reports. The firm owned 83,958 shares of the bank’s stock after buying an additional 3,367 shares during the period. Congress Asset Management Co. MA’s holdings in First Republic Bank were worth $7,876,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Israel Discount Bank of New York GFN acquired a new stake in shares of First Republic Bank during the fourth quarter worth $106,000. Creative Planning boosted its stake in First Republic Bank by 5.5% in the first quarter. Creative Planning now owns 1,160 shares of the bank’s stock worth $109,000 after buying an additional 60 shares during the period. Seven Eight Capital LP purchased a new stake in First Republic Bank during the fourth quarter worth $141,000. Toronto Dominion Bank boosted its stake in First Republic Bank by 49.7% in the first quarter. Toronto Dominion Bank now owns 1,944 shares of the bank’s stock worth $182,000 after buying an additional 645 shares during the period. Finally, Jaffetilchin Investment Partners LLC boosted its stake in First Republic Bank by 1.1% in the first quarter. Jaffetilchin Investment Partners LLC now owns 2,473 shares of the bank’s stock worth $232,000 after buying an additional 28 shares during the period. Hedge funds and other institutional investors own 97.08% of the company’s stock.

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

Shares of First Republic Bank (NYSE:FRC) traded up 0.30% on Thursday, hitting $93.23. 514,045 shares of the company’s stock traded hands. First Republic Bank has a 1-year low of $63.97 and a 1-year high of $97.43. The firm’s 50-day moving average price is $92.01 and its 200 day moving average price is $91.21. The company has a market cap of $14.66 billion, a price-to-earnings ratio of 23.26 and a beta of 1.03.

First Republic Bank (NYSE:FRC) last posted its earnings results on Thursday, April 13th. The bank reported $1.01 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.01. The company had revenue of $601.14 million during the quarter, compared to analyst estimates of $626.14 million. First Republic Bank had a return on equity of 12.38% and a net margin of 27.98%. During the same period in the previous year, the company earned $0.88 EPS. On average, equities research analysts expect that First Republic Bank will post $4.49 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, May 11th. Stockholders of record on Thursday, April 27th were given a dividend of $0.17 per share. This is a positive change from First Republic Bank’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a dividend yield of 0.73%. The ex-dividend date was Tuesday, April 25th. First Republic Bank’s payout ratio is presently 16.49%.

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FRC has been the topic of a number of analyst reports. JMP Securities initiated coverage on shares of First Republic Bank in a report on Thursday, February 2nd. They issued an “outperform” rating and a $111.00 price objective on the stock. Zacks Investment Research cut shares of First Republic Bank from a “buy” rating to a “hold” rating in a report on Tuesday, February 28th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $98.00 price objective (up previously from $95.00) on shares of First Republic Bank in a report on Friday, March 10th. BMO Capital Markets reiterated a “hold” rating and issued a $98.00 target price on shares of First Republic Bank in a research report on Wednesday, March 22nd. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $105.00 target price on shares of First Republic Bank in a research report on Friday, March 31st. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $97.38.

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.

12 Month Chart for NYSE:FRC

Want to see what other hedge funds are holding FRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Republic Bank (NYSE:FRC).

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