First Republic Bank (NYSE:FRC) Holdings Cut by Toronto Dominion Bank

Toronto Dominion Bank decreased its stake in First Republic Bank (NYSE:FRC) by 9.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 98,135 shares of the bank’s stock after selling 9,742 shares during the quarter. Toronto Dominion Bank owned approximately 0.06% of First Republic Bank worth $9,580,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Strategy Asset Managers LLC lifted its position in First Republic Bank by 1.5% in the 1st quarter. Strategy Asset Managers LLC now owns 6,825 shares of the bank’s stock worth $686,000 after buying an additional 100 shares in the last quarter. Hartford Investment Management Co. lifted its position in First Republic Bank by 0.6% in the 2nd quarter. Hartford Investment Management Co. now owns 17,824 shares of the bank’s stock worth $1,741,000 after buying an additional 113 shares in the last quarter. Commonwealth Bank of Australia lifted its position in First Republic Bank by 34.5% in the 2nd quarter. Commonwealth Bank of Australia now owns 452 shares of the bank’s stock worth $42,000 after buying an additional 116 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in First Republic Bank by 1.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 11,120 shares of the bank’s stock worth $1,086,000 after buying an additional 120 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its position in First Republic Bank by 2.9% in the 2nd quarter. Commonwealth Equity Services LLC now owns 4,722 shares of the bank’s stock worth $461,000 after buying an additional 132 shares in the last quarter.

A number of research firms have recently weighed in on FRC. Maxim Group restated a “buy” rating and set a $110.00 price target on shares of First Republic Bank in a report on Wednesday, July 17th. Zacks Investment Research downgraded shares of First Republic Bank from a “hold” rating to a “sell” rating and set a $104.00 price target on the stock. in a report on Friday, July 5th. Raymond James downgraded shares of First Republic Bank to a “hold” rating in a report on Monday, July 8th. Credit Suisse Group cut their price target on shares of First Republic Bank from $105.00 to $98.00 and set a “neutral” rating on the stock in a report on Thursday, July 18th. Finally, Wedbush restated an “outperform” rating on shares of First Republic Bank in a report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $103.17.

Shares of First Republic Bank stock traded up $1.99 during midday trading on Friday, reaching $95.70. 1,677,073 shares of the company’s stock traded hands, compared to its average volume of 1,187,604. The company has a market cap of $15.76 billion, a price-to-earnings ratio of 19.90, a price-to-earnings-growth ratio of 2.69 and a beta of 0.88. The company’s 50 day simple moving average is $92.84 and its 200 day simple moving average is $98.83. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.01 and a current ratio of 1.01. First Republic Bank has a 52 week low of $79.42 and a 52 week high of $107.75.

First Republic Bank (NYSE:FRC) last announced its earnings results on Tuesday, July 16th. The bank reported $1.24 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.02). The firm had revenue of $819.38 million during the quarter, compared to the consensus estimate 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 quarter last year, the business earned $1.20 EPS. As a group, equities research analysts predict that First Republic Bank will post 4.98 earnings per share for the current year.

First Republic Bank 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.

See Also: How does equity income fit into an investing strategy?

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

Receive News & Ratings for First Republic Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Republic Bank and related companies with MarketBeat.com's FREE daily email newsletter.