New York State Common Retirement Fund boosted its holdings in shares of Focus Financial Partners Inc (NASDAQ:FOCS) by 51.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,687 shares of the company’s stock after acquiring an additional 16,560 shares during the period. New York State Common Retirement Fund’s holdings in Focus Financial Partners were worth $1,735,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of FOCS. Redwood Investments LLC lifted its position in Focus Financial Partners by 193.0% during the 1st quarter. Redwood Investments LLC now owns 505,780 shares of the company’s stock valued at $18,026,000 after acquiring an additional 333,160 shares during the period. Buckingham Asset Management LLC purchased a new position in Focus Financial Partners during the 1st quarter valued at about $9,270,000. JPMorgan Chase & Co. lifted its position in Focus Financial Partners by 8.5% during the 1st quarter. JPMorgan Chase & Co. now owns 1,643,287 shares of the company’s stock valued at $58,566,000 after acquiring an additional 128,178 shares during the period. Fairview Capital Investment Management LLC lifted its position in Focus Financial Partners by 7.0% during the 4th quarter. Fairview Capital Investment Management LLC now owns 1,741,269 shares of the company’s stock valued at $45,847,000 after acquiring an additional 113,897 shares during the period. Finally, California Public Employees Retirement System purchased a new position in Focus Financial Partners in the first quarter worth about $3,208,000. 79.61% of the stock is owned by institutional investors.
Several brokerages have issued reports on FOCS. Zacks Investment Research raised shares of Focus Financial Partners from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a report on Friday, March 1st. SunTrust Banks lifted their target price on shares of Focus Financial Partners to $42.00 and gave the stock a “hold” rating in a report on Tuesday, March 5th. Bank of America set a $37.00 target price on shares of Focus Financial Partners and gave the stock a “hold” rating in a report on Tuesday, April 9th. Oppenheimer began coverage on shares of Focus Financial Partners in a report on Monday, April 8th. They issued an “outperform” rating and a $48.00 target price for the company. Finally, BMO Capital Markets lifted their target price on shares of Focus Financial Partners from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Monday, February 25th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $41.83.
Focus Financial Partners (NASDAQ:FOCS) last issued its earnings results on Thursday, May 9th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.06. The business had revenue of $259.90 million during the quarter, compared to analysts’ expectations of $258.97 million. Focus Financial Partners had a negative net margin of 3.12% and a positive return on equity of 21.17%. The business’s revenue for the quarter was up 32.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.35 earnings per share. As a group, research analysts predict that Focus Financial Partners Inc will post 1.94 EPS for the current year.
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About Focus Financial Partners
Focus Financial Partners Inc provides wealth management services to primarily high net worth individuals and families. Its wealth management services include investment advice, financial and tax planning, consulting, tax return preparation, family office services, and other services. The company also offers recordkeeping and administration services.
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