TIAA CREF Investment Management LLC Increases Stake in First Republic Bank (FRC)
TIAA CREF Investment Management LLC lifted its stake in shares of First Republic Bank (NYSE:FRC) by 6.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 448,534 shares of the bank’s stock after purchasing an additional 25,551 shares during the quarter. TIAA CREF Investment Management LLC owned about 0.29% of First Republic Bank worth $44,898,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. Barnett & Company Inc. acquired a new stake in shares of First Republic Bank during the 2nd quarter worth approximately $100,000. Parallel Advisors LLC raised its position in shares of First Republic Bank by 628.2% during the 1st quarter. Parallel Advisors LLC now owns 1,085 shares of the bank’s stock worth $101,000 after purchasing an additional 936 shares during the period. Israel Discount Bank of New York acquired a new stake in shares of First Republic Bank during the 1st quarter worth approximately $107,000. Whittier Trust Co. of Nevada Inc. raised its position in shares of First Republic Bank by 100.6% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,071 shares of the bank’s stock worth $107,000 after purchasing an additional 537 shares during the period. Finally, Shine Investment Advisory Services Inc. acquired a new stake in shares of First Republic Bank during the 2nd quarter worth approximately $128,000. Institutional investors and hedge funds own 99.92% of the company’s stock.
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A number of analysts have recently weighed in on FRC shares. BidaskClub cut First Republic Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Piper Jaffray Companies reiterated a “hold” rating and set a $99.00 price target on shares of First Republic Bank in a research report on Friday, September 1st. Jefferies Group LLC reiterated a “buy” rating and set a $109.00 price target on shares of First Republic Bank in a research report on Sunday, June 11th. Barclays PLC reiterated an “equal weight” rating and set a $110.00 price target (up from $101.00) on shares of First Republic Bank in a research report on Wednesday, July 12th. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $98.00 price target on shares of First Republic Bank in a research report on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $104.54.
Shares of First Republic Bank (NYSE FRC) opened at 97.83 on Wednesday. First Republic Bank has a 52-week low of $72.40 and a 52-week high of $104.17. The firm has a market capitalization of $15.43 billion, a PE ratio of 23.87 and a beta of 1.01. The company has a 50-day moving average price of $97.68 and a 200 day moving average price of $96.21.
First Republic Bank (NYSE:FRC) last announced its earnings results on Friday, July 14th. The bank reported $1.06 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.03). The business had revenue of $641.30 million during the quarter, compared to analyst estimates of $671.27 million. First Republic Bank had a return on equity of 12.16% and a net margin of 27.37%. The firm’s revenue was up 19.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.97 earnings per share. Analysts expect that First Republic Bank will post $4.45 EPS for the current fiscal year.
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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