New York State Common Retirement Fund Trims Holdings in First Republic Bank (NYSE:FRC)

New York State Common Retirement Fund decreased its holdings in First Republic Bank (NYSE:FRC) by 14.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 189,900 shares of the bank’s stock after selling 31,400 shares during the period. New York State Common Retirement Fund’s holdings in First Republic Bank were worth $31,666,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in FRC. Berman Capital Advisors LLC increased its stake in shares of First Republic Bank by 24.1% during the first quarter. Berman Capital Advisors LLC now owns 422 shares of the bank’s stock valued at $70,000 after buying an additional 82 shares during the period. Hamilton Point Investment Advisors LLC increased its stake in shares of First Republic Bank by 1.8% during the first quarter. Hamilton Point Investment Advisors LLC now owns 49,614 shares of the bank’s stock valued at $8,273,000 after buying an additional 867 shares during the period. Artisan Partners Limited Partnership increased its stake in shares of First Republic Bank by 97.2% during the first quarter. Artisan Partners Limited Partnership now owns 1,532,619 shares of the bank’s stock valued at $255,564,000 after buying an additional 755,606 shares during the period. Cumberland Partners Ltd increased its stake in shares of First Republic Bank by 4.3% during the first quarter. Cumberland Partners Ltd now owns 96,367 shares of the bank’s stock valued at $16,069,000 after buying an additional 3,980 shares during the period. Finally, MUFG Securities EMEA plc increased its stake in shares of First Republic Bank by 900.0% during the first quarter. MUFG Securities EMEA plc now owns 80,000 shares of the bank’s stock valued at $13,340,000 after buying an additional 72,000 shares during the period. Institutional investors and hedge funds own 97.11% of the company’s stock.

Shares of NYSE FRC opened at $191.93 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market capitalization of $33.05 billion, a P/E ratio of 29.99, a PEG ratio of 1.76 and a beta of 1.11. The business has a 50-day simple moving average of $183.40. First Republic Bank has a fifty-two week low of $100.38 and a fifty-two week high of $197.38.

First Republic Bank (NYSE:FRC) last issued its quarterly earnings results on Tuesday, April 13th. The bank reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.25. First Republic Bank had a return on equity of 11.76% and a net margin of 25.63%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter last year, the company earned $1.20 earnings per share. The company’s quarterly revenue was up 20.1% on a year-over-year basis. On average, analysts expect that First Republic Bank will post 7.05 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, May 13th. Investors of record on Thursday, April 29th were issued a dividend of $0.22 per share. This is an increase from First Republic Bank’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, April 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.46%. First Republic Bank’s payout ratio is 15.15%.

FRC has been the topic of several research reports. Compass Point raised their price target on First Republic Bank from $200.00 to $215.00 and gave the company a “buy” rating in a research note on Tuesday, May 18th. JPMorgan Chase & Co. raised their price objective on First Republic Bank from $210.00 to $225.00 and gave the company an “overweight” rating in a research report on Wednesday, June 2nd. Credit Suisse Group raised their price objective on First Republic Bank from $157.00 to $163.00 and gave the company an “underperform” rating in a research report on Thursday, April 15th. Jefferies Financial Group reaffirmed an “underperform” rating and set a $163.00 price objective on shares of First Republic Bank in a research report on Thursday, April 15th. Finally, Zacks Investment Research downgraded First Republic Bank from a “buy” rating to a “hold” rating and set a $206.00 price objective on the stock. in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $163.94.

First Republic Bank Profile

First Republic Bank, together with its subsidiaries, provides private banking, private business banking, and private wealth management services to clients in metropolitan areas in the United States. It operates through two segments, Commercial Banking and Wealth Management. The company accepts 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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