Amalgamated Bank Increases Stake in FIRST REPUBLIC BANK (FRC)

Amalgamated Bank grew its stake in shares of FIRST REPUBLIC BANK (NYSE:FRC) by 78.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,598 shares of the bank’s stock after purchasing an additional 6,869 shares during the period. Amalgamated Bank’s holdings in FIRST REPUBLIC BANK were worth $1,561,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of FIRST REPUBLIC BANK by 8.9% during the second quarter. BlackRock Inc. now owns 10,708,811 shares of the bank’s stock valued at $1,071,954,000 after purchasing an additional 876,812 shares during the period. Sloane Robinson LLP raised its holdings in shares of FIRST REPUBLIC BANK by 27.9% during the second quarter. Sloane Robinson LLP now owns 257,300 shares of the bank’s stock valued at $25,756,000 after purchasing an additional 56,100 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of FIRST REPUBLIC BANK by 4.9% during the second quarter. Ameriprise Financial Inc. now owns 663,051 shares of the bank’s stock valued at $66,372,000 after purchasing an additional 31,261 shares during the period. TIAA CREF Investment Management LLC raised its holdings in shares of FIRST REPUBLIC BANK by 6.0% during the second quarter. TIAA CREF Investment Management LLC now owns 448,534 shares of the bank’s stock valued at $44,898,000 after purchasing an additional 25,551 shares during the period. Finally, Teachers Advisors LLC raised its holdings in shares of FIRST REPUBLIC BANK by 61.2% during the second quarter. Teachers Advisors LLC now owns 788,105 shares of the bank’s stock valued at $78,889,000 after purchasing an additional 299,356 shares during the period. Hedge funds and other institutional investors own 99.92% of the company’s stock.

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Several brokerages have recently weighed in on FRC. Jefferies Group LLC reiterated a “buy” rating and set a $109.00 price objective on shares of FIRST REPUBLIC BANK in a report on Friday, September 15th. Zacks Investment Research lowered shares of FIRST REPUBLIC BANK from a “hold” rating to a “sell” rating in a report on Monday. BidaskClub lowered shares of FIRST REPUBLIC BANK from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Maxim Group reiterated a “buy” rating and set a $110.00 price objective (up previously from $105.00) on shares of FIRST REPUBLIC BANK in a report on Friday, July 14th. Finally, Piper Jaffray Companies reiterated a “hold” rating and set a $99.00 price objective on shares of FIRST REPUBLIC BANK in a report on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $104.54.

Shares of FIRST REPUBLIC BANK (NYSE FRC) opened at 99.63 on Thursday. The company’s 50 day moving average is $97.68 and its 200-day moving average is $96.21. FIRST REPUBLIC BANK has a 52 week low of $72.40 and a 52 week high of $104.17. The stock has a market capitalization of $15.72 billion, a PE ratio of 24.31 and a beta of 1.01.

FIRST REPUBLIC BANK (NYSE:FRC) last announced its earnings results on Friday, July 14th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.03). The business had revenue of $641.30 million for the quarter, compared to the consensus estimate of $671.27 million. FIRST REPUBLIC BANK had a net margin of 27.37% and a return on equity of 12.16%. The business’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.97 earnings per share. On average, equities analysts predict that FIRST REPUBLIC BANK will post $4.45 earnings per share for the current year.

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.

Institutional Ownership by Quarter for FIRST REPUBLIC BANK (NYSE:FRC)

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