Picton Mahoney Asset Management Has $17.67 Million Holdings in First Republic Bank (FRC)
Picton Mahoney Asset Management cut its position in shares of First Republic Bank (NYSE:FRC) by 24.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 176,525 shares of the bank’s stock after selling 57,375 shares during the quarter. First Republic Bank accounts for 1.3% of Picton Mahoney Asset Management’s portfolio, making the stock its 20th largest position. Picton Mahoney Asset Management owned about 0.11% of First Republic Bank worth $17,669,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently bought and sold shares of FRC. BlackRock Inc. lifted its stake in First Republic Bank by 4,249.4% during the first quarter. BlackRock Inc. now owns 9,831,999 shares of the bank’s stock valued at $922,340,000 after buying an additional 9,605,945 shares in the last quarter. Artisan Partners Limited Partnership purchased a new stake in First Republic Bank during the second quarter valued at about $211,296,000. MARSHALL WACE ASIA Ltd purchased a new stake in First Republic Bank during the first quarter valued at about $130,807,000. Marshall Wace North America L.P. purchased a new stake in First Republic Bank during the first quarter valued at about $130,807,000. Finally, Diamond Hill Capital Management Inc. lifted its stake in First Republic Bank by 154.3% during the second quarter. Diamond Hill Capital Management Inc. now owns 1,600,977 shares of the bank’s stock valued at $160,258,000 after buying an additional 971,514 shares in the last quarter. 97.73% of the stock is owned by institutional investors.
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Shares of First Republic Bank (NYSE:FRC) traded up 0.79% during trading on Friday, reaching $104.46. 795,130 shares of the company traded hands. First Republic Bank has a 12 month low of $72.40 and a 12 month high of $104.99. The stock has a market cap of $16.48 billion, a P/E ratio of 25.48 and a beta of 1.01. The stock’s 50 day moving average price is $97.68 and its 200-day moving average price is $96.21.
First Republic Bank (NYSE:FRC) last released its earnings results on Friday, July 14th. The bank reported $1.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.09 by ($0.03). The firm had revenue of $641.30 million during the quarter, compared to the consensus estimate of $671.27 million. First Republic Bank had a net margin of 27.37% and a return on equity of 12.16%. The company’s revenue was up 19.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.97 EPS. On average, equities research analysts expect that First Republic Bank will post $4.46 EPS for the current fiscal year.
A number of analysts have commented on the stock. Zacks Investment Research lowered shares of First Republic Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, June 6th. Royal Bank Of Canada reaffirmed a “hold” rating on shares of First Republic Bank in a research note on Friday. BidaskClub lowered shares of First Republic Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Maxim Group reaffirmed a “buy” rating and set a $110.00 price objective (up from $105.00) on shares of First Republic Bank in a research note on Friday, July 14th. Finally, Barclays PLC reaffirmed an “equal weight” rating and set a $110.00 price objective (up from $101.00) on shares of First Republic Bank in a research note on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $105.38.
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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