Public Employees Retirement Association of Colorado cut its holdings in shares of First Republic Bank (NYSE:FRC) by 0.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,024,438 shares of the bank’s stock after selling 2,132 shares during the period. Public Employees Retirement Association of Colorado’s holdings in First Republic Bank were worth $100,036,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Destination Wealth Management acquired a new stake in shares of First Republic Bank during the first quarter valued at about $32,000. Carroll Financial Associates Inc. grew its stake in shares of First Republic Bank by 112.6% during the first quarter. Carroll Financial Associates Inc. now owns 404 shares of the bank’s stock valued at $40,000 after acquiring an additional 214 shares in the last quarter. First Personal Financial Services grew its stake in shares of First Republic Bank by 61.5% during the first quarter. First Personal Financial Services now owns 507 shares of the bank’s stock valued at $51,000 after acquiring an additional 193 shares in the last quarter. Clean Yield Group acquired a new stake in shares of First Republic Bank during the first quarter valued at about $52,000. Finally, Atlas Capital Advisors LLC acquired a new stake in shares of First Republic Bank during the second quarter valued at about $52,000.
Shares of FRC stock traded up $0.90 during trading hours on Tuesday, hitting $94.31. 598,058 shares of the company were exchanged, compared to its average volume of 1,440,085. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.01 and a quick ratio of 1.01. First Republic Bank has a one year low of $79.42 and a one year high of $107.75. The firm has a 50-day moving average price of $97.47. The company has a market cap of $15.80 billion, a PE ratio of 19.61, a price-to-earnings-growth ratio of 2.69 and a beta of 0.85.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 8th. Stockholders of record on Thursday, July 25th were given a dividend of $0.19 per share. The ex-dividend date was Wednesday, July 24th. This represents a $0.76 annualized dividend and a dividend yield of 0.81%. First Republic Bank’s payout ratio is 15.80%.
FRC has been the subject of several recent analyst reports. Raymond James downgraded First Republic Bank to a “hold” rating in a research note on Monday, July 8th. Maxim Group restated a “buy” rating and set a $110.00 target price on shares of First Republic Bank in a research note on Wednesday, July 17th. Credit Suisse Group lowered their target price on First Republic Bank from $105.00 to $98.00 and set a “neutral” rating for the company in a research note on Thursday, July 18th. BMO Capital Markets reduced their price target on shares of First Republic Bank from $111.00 to $106.00 and set a “market perform” rating on the stock in a research report on Monday, April 15th. Finally, Wedbush reaffirmed an “outperform” rating on shares of First Republic Bank in a research report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. First Republic Bank has an average rating of “Hold” and an average target price of $103.08.
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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