New Mexico Educational Retirement Board reduced its stake in shares of First Republic Bank (NYSE:FRC) by 16.5% during the first quarter, Holdings Channel reports. The institutional investor owned 10,600 shares of the bank’s stock after selling 2,100 shares during the period. New Mexico Educational Retirement Board’s holdings in First Republic Bank were worth $872,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. JPMorgan Chase & Co. raised its stake in First Republic Bank by 8.8% during the 1st quarter. JPMorgan Chase & Co. now owns 5,881,160 shares of the bank’s stock valued at $483,902,000 after purchasing an additional 474,941 shares during the period. Capital World Investors raised its stake in First Republic Bank by 2.1% during the 1st quarter. Capital World Investors now owns 4,989,693 shares of the bank’s stock valued at $410,552,000 after purchasing an additional 100,902 shares during the period. Geode Capital Management LLC raised its stake in First Republic Bank by 4.8% during the 1st quarter. Geode Capital Management LLC now owns 2,810,221 shares of the bank’s stock valued at $230,804,000 after purchasing an additional 128,322 shares during the period. Diamond Hill Capital Management Inc. raised its stake in First Republic Bank by 2.4% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 2,764,035 shares of the bank’s stock valued at $227,425,000 after purchasing an additional 64,593 shares during the period. Finally, Ensign Peak Advisors Inc raised its stake in First Republic Bank by 1.2% during the 1st quarter. Ensign Peak Advisors Inc now owns 2,379,461 shares of the bank’s stock valued at $195,783,000 after purchasing an additional 27,686 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Several brokerages recently issued reports on FRC. JPMorgan Chase & Co. lifted their target price on First Republic Bank from $120.00 to $130.00 and gave the company an “overweight” rating in a research note on Monday, June 1st. TheStreet raised First Republic Bank from a “c+” rating to a “b-” rating in a research note on Tuesday, May 5th. Zacks Investment Research raised First Republic Bank from a “hold” rating to a “buy” rating and set a $124.00 price objective on the stock in a research note on Friday, June 5th. Compass Point lifted their price objective on First Republic Bank from $115.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Finally, UBS Group lifted their price objective on First Republic Bank from $79.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, May 15th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company. First Republic Bank currently has an average rating of “Hold” and an average price target of $110.12.

FRC opened at $105.21 on Tuesday. The firm has a market cap of $17.79 billion, a price-to-earnings ratio of 20.47, a PEG ratio of 3.98 and a beta of 1.17. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 1.96. First Republic Bank has a 12 month low of $70.06 and a 12 month high of $125.12. The stock has a fifty day moving average price of $106.23 and a 200-day moving average price of $105.79.

First Republic Bank (NYSE:FRC) last released its quarterly earnings results on Tuesday, April 14th. The bank reported $1.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.04. The firm had revenue of $916.20 million during the quarter, compared to analyst estimates of $882.80 million. First Republic Bank had a return on equity of 10.64% and a net margin of 21.46%. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.26 EPS. On average, equities research analysts forecast that First Republic Bank will post 5 EPS for the current year.

First Republic Bank Profile

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 in 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, passbook deposits, and individual retirement accounts, as well as certificates of deposit.

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Institutional Ownership by Quarter for First Republic Bank (NYSE:FRC)

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