BNP Paribas Arbitrage SA Has $3.10 Million Position in FIRST REPUBLIC BANK (FRC)
BNP Paribas Arbitrage SA cut its stake in FIRST REPUBLIC BANK (NYSE:FRC) by 6.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,956 shares of the bank’s stock after selling 2,181 shares during the period. BNP Paribas Arbitrage SA’s holdings in FIRST REPUBLIC BANK were worth $3,099,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. BlackRock Inc. raised its stake in FIRST REPUBLIC BANK by 4,249.4% in the first quarter. BlackRock Inc. now owns 9,831,999 shares of the bank’s stock worth $922,340,000 after buying an additional 9,605,945 shares during the last quarter. MARSHALL WACE ASIA Ltd acquired a new stake in FIRST REPUBLIC BANK during the first quarter worth about $130,807,000. Marshall Wace North America L.P. acquired a new stake in FIRST REPUBLIC BANK during the first quarter worth about $130,807,000. JPMorgan Chase & Co. raised its stake in FIRST REPUBLIC BANK by 26.2% in the first quarter. JPMorgan Chase & Co. now owns 5,951,600 shares of the bank’s stock worth $558,320,000 after buying an additional 1,236,848 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. raised its stake in 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 worth $160,258,000 after buying an additional 971,514 shares during the last quarter.
Shares of FIRST REPUBLIC BANK (FRC) opened at 97.83 on Tuesday. The stock has a market cap of $15.43 billion, a price-to-earnings ratio of 23.87 and a beta of 0.99. The company has a 50 day moving average of $99.90 and a 200-day moving average of $96.12. FIRST REPUBLIC BANK has a one year low of $72.40 and a one year high of $104.17.
FIRST REPUBLIC BANK (NYSE:FRC) last posted its quarterly earnings results on Friday, July 14th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.09 by $0.03. The business had revenue of $641.30 million for the quarter, compared to analyst estimates of $671.27 million. FIRST REPUBLIC BANK had a net margin of 27.37% and a return on equity of 12.16%. The firm’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.97 earnings per share. On average, analysts anticipate that FIRST REPUBLIC BANK will post $4.45 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 10th. Investors of record on Thursday, July 27th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 0.70%. The ex-dividend date of this dividend was Tuesday, July 25th. FIRST REPUBLIC BANK’s payout ratio is 16.59%.
A number of equities research analysts have recently issued reports on the stock. BidaskClub lowered shares of FIRST REPUBLIC BANK from a “sell” rating to a “strong sell” rating in a report on Saturday, August 19th. Jefferies Group LLC reaffirmed a “buy” rating and set a $109.00 target price on shares of FIRST REPUBLIC BANK in a report on Friday, May 5th. Maxim Group reaffirmed a “buy” rating and set a $110.00 target price (up previously from $105.00) on shares of FIRST REPUBLIC BANK in a report on Friday, July 14th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $99.00 target price on shares of FIRST REPUBLIC BANK in a report on Friday, July 14th. Finally, Zacks Investment Research raised shares of FIRST REPUBLIC BANK from a “sell” rating to a “hold” rating in a report on Wednesday, June 21st. 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. The company currently has an average rating of “Hold” and an average price target of $104.54.
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.
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