Thrivent Financial For Lutherans lowered its position in First Republic Bank (NYSE:FRC) by 2.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,356,795 shares of the bank’s stock after selling 27,280 shares during the period. Thrivent Financial For Lutherans owned about 0.88% of First Republic Bank worth $135,816,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in FRC. BlackRock Inc. raised its holdings in shares of First Republic Bank by 4,249.4% in the first quarter. BlackRock Inc. now owns 9,831,999 shares of the bank’s stock valued at $922,340,000 after purchasing an additional 9,605,945 shares during the last quarter. MARSHALL WACE ASIA Ltd purchased a new stake in shares of First Republic Bank in the first quarter valued at about $130,807,000. Marshall Wace North America L.P. purchased a new stake in shares of First Republic Bank in the first quarter valued at about $130,807,000. JPMorgan Chase & Co. raised its holdings in shares of First Republic Bank by 26.2% in the first quarter. JPMorgan Chase & Co. now owns 5,951,600 shares of the bank’s stock valued at $558,320,000 after purchasing an additional 1,236,848 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. raised its holdings in shares of First Republic Bank by 154.3% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,600,977 shares of the bank’s stock valued at $160,258,000 after purchasing an additional 971,514 shares during the last quarter.
A number of analysts recently issued reports on the stock. BidaskClub downgraded shares of First Republic Bank from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Piper Jaffray Companies restated a “hold” rating and set a $99.00 price objective on shares of First Republic Bank in a report on Friday, September 1st. Jefferies Group LLC restated a “buy” rating and set a $109.00 price objective on shares of First Republic Bank in a report on Sunday, June 11th. Barclays PLC restated an “equal weight” rating and set a $110.00 price objective (up previously from $101.00) on shares of First Republic Bank in a report on Wednesday, July 12th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $98.00 price objective on shares of First Republic Bank in a report on Friday, July 7th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. First Republic Bank currently has an average rating of “Hold” and an average target price of $104.54.
First Republic Bank (FRC) traded up 0.79% during trading on Friday, hitting $96.50. 1,304,744 shares of the stock traded hands. The firm has a 50-day moving average price of $97.82 and a 200 day moving average price of $96.18. First Republic Bank has a 52-week low of $72.40 and a 52-week high of $104.17. The company has a market cap of $15.22 billion, a P/E ratio of 23.54 and a beta of 1.01.
First Republic Bank (NYSE:FRC) last released its quarterly earnings results on Friday, July 14th. The bank reported $1.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.09 by ($0.03). First Republic Bank had a net margin of 27.37% and a return on equity of 12.16%. The business had revenue of $641.30 million for the quarter, compared to analysts’ expectations of $671.27 million. During the same period in the previous year, the company earned $0.97 EPS. First Republic Bank’s revenue for the quarter was up 19.8% compared to the same quarter last year. On average, equities analysts expect that First Republic Bank will post $4.45 EPS for the current year.
First Republic Bank Company Profile
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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