BlackRock Inc. boosted its stake in First Republic Bank (NYSE:FRC) by 8.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,708,811 shares of the bank’s stock after purchasing an additional 876,812 shares during the quarter. BlackRock Inc. owned about 6.94% of First Republic Bank worth $1,071,954,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Highwater Wealth Management LLC purchased a new stake in First Republic Bank in the second quarter valued at approximately $256,000. Barings LLC raised its stake in First Republic Bank by 262.3% in the first quarter. Barings LLC now owns 29,708 shares of the bank’s stock valued at $2,787,000 after purchasing an additional 21,508 shares in the last quarter. Utah Retirement Systems raised its stake in First Republic Bank by 2.1% in the second quarter. Utah Retirement Systems now owns 28,602 shares of the bank’s stock valued at $2,863,000 after purchasing an additional 600 shares in the last quarter. Majedie Asset Management Ltd raised its stake in First Republic Bank by 0.6% in the first quarter. Majedie Asset Management Ltd now owns 308,078 shares of the bank’s stock valued at $28,901,000 after purchasing an additional 1,777 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in First Republic Bank in the first quarter valued at approximately $19,569,000. 99.92% of the stock is currently owned by institutional investors and hedge funds.

FRC has been the topic of several research reports. BMO Capital Markets reissued a “hold” rating and set a $97.00 price target on shares of First Republic Bank in a research note on Friday, May 26th. Maxim Group reissued a “buy” rating and set a $110.00 price target (up from $105.00) on shares of First Republic Bank in a research note on Friday, July 14th. Piper Jaffray Companies reissued a “hold” rating and set a $99.00 price target on shares of First Republic Bank in a research note on Friday, July 14th. Zacks Investment Research downgraded shares of First Republic Bank from a “hold” rating to a “sell” rating in a research note on Monday. Finally, BidaskClub downgraded shares of First Republic Bank from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $104.54.

Shares of First Republic Bank (NYSE:FRC) opened at 96.50 on Monday. First Republic Bank has a 12-month low of $72.40 and a 12-month high of $104.17. The company has a 50-day moving average of $97.82 and a 200 day moving average of $96.18. The company has a market cap of $15.22 billion, a PE ratio of 23.54 and a beta of 1.01.

First Republic Bank (NYSE:FRC) last released its earnings results 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 return on equity of 12.16% and a net margin of 27.37%. 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 previous year, the business earned $0.97 EPS. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. On average, equities research analysts expect that First Republic Bank will post $4.45 EPS for the current year.

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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.

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

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