Nisa Investment Advisors LLC Reduces Position in First Republic Bank (FRC)
Nisa Investment Advisors LLC cut its position in shares of First Republic Bank (NYSE:FRC) by 12.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,500 shares of the bank’s stock after selling 2,000 shares during the period. Nisa Investment Advisors LLC’s holdings in First Republic Bank were worth $1,271,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of FRC. Macquarie Group Ltd. raised its stake in shares of First Republic Bank by 37.7% in the fourth quarter. Macquarie Group Ltd. now owns 56,037 shares of the bank’s stock worth $5,163,000 after buying an additional 15,337 shares during the period. Raymond James Trust N.A. increased its stake in First Republic Bank by 28.8% in the first quarter. Raymond James Trust N.A. now owns 3,076 shares of the bank’s stock worth $288,000 after buying an additional 687 shares in the last quarter. Creative Planning increased 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 in the last quarter. Gulf International Bank UK Ltd increased its stake in First Republic Bank by 12.4% in the first quarter. Gulf International Bank UK Ltd now owns 47,115 shares of the bank’s stock worth $4,419,000 after buying an additional 5,200 shares in the last quarter. Finally, WCM Investment Management CA bought a new stake in First Republic Bank during the first quarter worth about $29,110,000. Institutional investors own 98.77% of the company’s stock.
Shares of First Republic Bank (FRC) traded up 1.05% during midday trading on Friday, hitting $101.92. The company had a trading volume of 131,464 shares. The company’s 50-day moving average price is $100.88 and its 200 day moving average price is $95.51. First Republic Bank has a 12-month low of $71.11 and a 12-month high of $104.17. The company has a market capitalization of $16.07 billion, a price-to-earnings ratio of 24.86 and a beta of 0.99.
First Republic Bank (NYSE:FRC) last released its quarterly earnings data on Friday, July 14th. The bank reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $671.27 million. During the same quarter in the prior year, the firm posted $0.97 earnings per share. The firm’s quarterly revenue was up 19.8% on a year-over-year basis. Equities research analysts predict that First Republic Bank will post $4.45 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 10th. Shareholders of record on Thursday, July 27th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 0.67%. The ex-dividend date of this dividend is Tuesday, July 25th. First Republic Bank’s payout ratio is 16.59%.
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A number of research firms recently issued reports on FRC. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $98.00 target price on shares of First Republic Bank in a research report on Friday, July 7th. Barclays PLC reaffirmed an “equal weight” rating and issued a $110.00 target price (up previously from $101.00) on shares of First Republic Bank in a research report on Wednesday, July 12th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $104.00 target price (up previously from $102.00) on shares of First Republic Bank in a research report on Thursday, July 6th. BidaskClub downgraded First Republic Bank from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Finally, Maxim Group reaffirmed a “buy” rating and issued a $110.00 target price (up previously from $105.00) on shares of First Republic Bank in a research report on Friday, July 14th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. First Republic Bank presently has an average rating of “Hold” and a consensus price target of $104.54.
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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