HighTower Advisors LLC Has $2.95 Million Holdings in FIRST REPUBLIC BANK (FRC)
HighTower Advisors LLC boosted its holdings in FIRST REPUBLIC BANK (NYSE:FRC) by 54.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,471 shares of the bank’s stock after purchasing an additional 10,379 shares during the quarter. HighTower Advisors LLC’s holdings in FIRST REPUBLIC BANK were worth $2,954,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the business. Vanguard Group Inc. raised its stake in FIRST REPUBLIC BANK by 5.2% in the 2nd quarter. Vanguard Group Inc. now owns 12,886,696 shares of the bank’s stock worth $1,289,958,000 after purchasing an additional 641,309 shares in the last quarter. BlackRock Inc. raised its stake in FIRST REPUBLIC BANK by 8.9% in the 2nd quarter. BlackRock Inc. now owns 10,708,811 shares of the bank’s stock worth $1,071,954,000 after purchasing an additional 876,812 shares in the last quarter. JPMorgan Chase & Co. raised its stake in FIRST REPUBLIC BANK by 13.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,745,564 shares of the bank’s stock worth $675,230,000 after purchasing an additional 793,964 shares in the last quarter. C WorldWide Group Holding A S raised its stake in FIRST REPUBLIC BANK by 12.3% in the 2nd quarter. C WorldWide Group Holding A S now owns 3,156,258 shares of the bank’s stock worth $315,942,000 after purchasing an additional 345,355 shares in the last quarter. Finally, Artisan Partners Limited Partnership acquired a new stake in FIRST REPUBLIC BANK in the 2nd quarter worth about $211,296,000. Institutional investors and hedge funds own 97.73% of the company’s stock.
FRC has been the subject of several analyst reports. Jefferies Group LLC lifted their price objective on shares of FIRST REPUBLIC BANK from $109.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, September 29th. BidaskClub cut shares of FIRST REPUBLIC BANK from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Royal Bank Of Canada reiterated a “hold” rating and issued a $98.00 price objective on shares of FIRST REPUBLIC BANK in a research note on Friday, July 7th. Zacks Investment Research cut shares of FIRST REPUBLIC BANK from a “hold” rating to a “sell” rating in a research note on Monday, September 18th. Finally, Wedbush reiterated an “outperform” rating and issued a $121.00 price objective on shares of FIRST REPUBLIC BANK in a research note on Tuesday, June 27th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $105.42.
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FIRST REPUBLIC BANK (NYSE:FRC) opened at 104.53 on Friday. The firm has a 50-day moving average of $98.61 and a 200 day moving average of $96.80. FIRST REPUBLIC BANK has a 12-month low of $72.40 and a 12-month high of $105.52. The company has a market capitalization of $16.49 billion, a price-to-earnings ratio of 25.50 and a beta of 1.01.
FIRST REPUBLIC BANK (NYSE:FRC) last announced its quarterly earnings results on Friday, July 14th. The bank reported $1.06 earnings per share (EPS) 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 firm had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $671.27 million. During the same period in the previous year, the company posted $0.97 earnings per share. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. Analysts expect that FIRST REPUBLIC BANK will post $4.46 EPS for the current fiscal year.
FIRST REPUBLIC BANK 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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