Gamco Investors INC. ET AL Sells 15,135 Shares of First Republic Bank (FRC)
Gamco Investors INC. ET AL lowered its position in First Republic Bank (NYSE:FRC) by 83.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,000 shares of the bank’s stock after selling 15,135 shares during the quarter. Gamco Investors INC. ET AL’s holdings in First Republic Bank were worth $288,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of FRC. Capital Advisors Ltd. LLC purchased a new position in First Republic Bank in the third quarter valued at about $156,000. Cambridge Investment Research Advisors Inc. purchased a new position in First Republic Bank in the third quarter valued at about $212,000. Visionary Asset Management Inc. purchased a new position in First Republic Bank in the second quarter valued at about $225,000. Brookmont Capital Management grew its stake in First Republic Bank by 31.7% in the second quarter. Brookmont Capital Management now owns 2,937 shares of the bank’s stock valued at $284,000 after purchasing an additional 707 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its position in shares of First Republic Bank by 30.6% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 2,985 shares of the bank’s stock worth $289,000 after buying an additional 699 shares during the last quarter.
NYSE FRC opened at $94.46 on Friday. First Republic Bank has a twelve month low of $84.47 and a twelve month high of $106.75. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.50. The stock has a market cap of $14.74 billion, a P/E ratio of 20.23, a price-to-earnings-growth ratio of 1.62 and a beta of 0.79.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 8th. Investors of record on Thursday, October 25th were given a dividend of $0.18 per share. The ex-dividend date was Wednesday, October 24th. This represents a $0.72 annualized dividend and a dividend yield of 0.76%. First Republic Bank’s dividend payout ratio is presently 16.71%.
A number of brokerages have weighed in on FRC. Raymond James set a $104.00 price target on First Republic Bank and gave the stock a “buy” rating in a research report on Monday, October 15th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $94.00 price target on shares of First Republic Bank in a research report on Tuesday, October 9th. Finally, Royal Bank of Canada boosted their price target on First Republic Bank to $102.00 and gave the stock a “sector perform” rating in a research report on Thursday, September 13th. They noted that the move was a valuation call. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $102.46.
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About First Republic Bank
First Republic Bank, together with its subsidiaries, provides private banking, private business banking, real estate lending, and wealth management services to clients in metropolitan areas of the United States. It operates through two segments, Commercial Banking and Wealth Management. The company offers deposit products, such as checking, money market checking, savings, and passbook deposits, as well as certificates of deposit.
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