Aviva PLC Raises Stake in FIRST REPUBLIC BANK (FRC)
Aviva PLC boosted its stake in FIRST REPUBLIC BANK (NYSE:FRC) by 1.8% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 97,336 shares of the bank’s stock after buying an additional 1,690 shares during the period. Aviva PLC owned about 0.06% of FIRST REPUBLIC BANK worth $9,742,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in FRC. Teza Capital Management LLC purchased a new stake in FIRST REPUBLIC BANK during the first quarter valued at $549,000. Highwater Wealth Management LLC purchased a new stake in FIRST REPUBLIC BANK during the second quarter valued at $256,000. Boston Family Office LLC boosted its stake in FIRST REPUBLIC BANK by 0.5% in the first quarter. Boston Family Office LLC now owns 123,922 shares of the bank’s stock valued at $11,625,000 after buying an additional 652 shares during the period. Barings LLC boosted its stake in FIRST REPUBLIC BANK by 262.3% in the first quarter. Barings LLC now owns 29,708 shares of the bank’s stock valued at $2,787,000 after buying an additional 21,508 shares during the period. Finally, Korea Investment CORP boosted its stake in FIRST REPUBLIC BANK by 180.1% in the first quarter. Korea Investment CORP now owns 125,975 shares of the bank’s stock valued at $11,818,000 after buying an additional 80,998 shares during the period.
FIRST REPUBLIC BANK (NYSE:FRC) opened at 98.15 on Monday. The firm has a market capitalization of $15.48 billion, a price-to-earnings ratio of 23.94 and a beta of 0.99. FIRST REPUBLIC BANK has a 52 week low of $72.40 and a 52 week high of $104.17. The firm has a 50-day moving average price of $99.90 and a 200 day moving average price of $96.12.
FIRST REPUBLIC BANK (NYSE:FRC) last posted its earnings results on Friday, July 14th. The bank reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by $0.03. The company had revenue of $641.30 million for the quarter, compared to analysts’ expectations of $671.27 million. FIRST REPUBLIC BANK had a return on equity of 12.16% and a net margin of 27.37%. The firm’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.97 EPS. On average, equities research analysts forecast that FIRST REPUBLIC BANK will post $4.45 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 10th. Shareholders of record on Thursday, July 27th were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, July 25th. This represents a $0.68 dividend on an annualized basis and a yield of 0.69%. FIRST REPUBLIC BANK’s dividend payout ratio is currently 16.59%.
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Several analysts have recently weighed in on FRC shares. BidaskClub cut FIRST REPUBLIC BANK from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Jefferies Group LLC restated a “buy” rating and set a $109.00 price target on shares of FIRST REPUBLIC BANK in a report on Sunday, June 11th. Royal Bank Of Canada restated a “hold” rating and set a $98.00 price target on shares of FIRST REPUBLIC BANK in a report on Friday, July 7th. Morgan Stanley restated an “equal weight” rating and set a $104.00 price target (up from $102.00) on shares of FIRST REPUBLIC BANK in a report on Thursday, July 6th. Finally, Barclays PLC restated an “equal weight” rating and set a $110.00 price target (up from $101.00) on shares of FIRST REPUBLIC BANK in a report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $104.54.
FIRST REPUBLIC BANK Company 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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