Jane Street Group LLC Increases Stake in First Republic Bank (FRC)
Jane Street Group LLC increased its position in shares of First Republic Bank (NYSE:FRC) by 613.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,935 shares of the bank’s stock after buying an additional 12,842 shares during the period. Jane Street Group LLC’s holdings in First Republic Bank were worth $1,560,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in FRC. TD Asset Management Inc. grew its stake in First Republic Bank by 35.7% in the second quarter. TD Asset Management Inc. now owns 94,991 shares of the bank’s stock valued at $9,509,000 after purchasing an additional 24,988 shares during the last quarter. Pioneer Investment Management Inc. purchased a new position in First Republic Bank in the second quarter valued at about $6,771,000. Global X Management Co. LLC grew its stake in First Republic Bank by 1.1% in the second quarter. Global X Management Co. LLC now owns 5,935 shares of the bank’s stock valued at $594,000 after purchasing an additional 62 shares during the last quarter. Cigna Investments Inc. New purchased a new position in First Republic Bank in the second quarter valued at about $208,000. Finally, Schwab Charles Investment Management Inc. grew its stake in First Republic Bank by 5.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 532,664 shares of the bank’s stock valued at $53,320,000 after purchasing an additional 29,734 shares during the last quarter. Hedge funds and other institutional investors own 99.14% of the company’s stock.
Shares of First Republic Bank (FRC) opened at $92.79 on Monday. First Republic Bank has a 52 week low of $87.65 and a 52 week high of $105.52. The firm has a market capitalization of $14,638.23, a PE ratio of 21.88, a PEG ratio of 1.72 and a beta of 0.96. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 1.55.
Several research firms have issued reports on FRC. Zacks Investment Research upgraded First Republic Bank from a “sell” rating to a “hold” rating in a research note on Friday. Piper Jaffray Companies set a $99.00 target price on First Republic Bank and gave the company a “hold” rating in a research note on Sunday, October 15th. Jefferies Group lifted their target price on First Republic Bank from $109.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, September 29th. Barclays lowered First Republic Bank from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $108.00 to $104.00 in a research note on Tuesday, October 10th. Finally, Wells Fargo & Company cut their target price on First Republic Bank from $100.00 to $95.00 and set a “market perform” rating on the stock in a research note on Monday, October 16th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $102.93.
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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.
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