We Are One Seven LLC Boosts Stock Position in First Republic Bank (NYSE:FRC)

We Are One Seven LLC lifted its holdings in First Republic Bank (NYSE:FRC) by 16.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,449 shares of the bank’s stock after purchasing an additional 782 shares during the quarter. We Are One Seven LLC’s holdings in First Republic Bank were worth $527,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. BlackRock Inc. grew its holdings in shares of First Republic Bank by 3.0% in the second quarter. BlackRock Inc. now owns 12,147,623 shares of the bank’s stock valued at $1,186,214,000 after purchasing an additional 350,766 shares in the last quarter. JPMorgan Chase & Co. lifted its position in First Republic Bank by 1.5% in the second quarter. JPMorgan Chase & Co. now owns 5,918,481 shares of the bank’s stock worth $567,345,000 after buying an additional 87,873 shares during the last quarter. Royal Bank of Canada lifted its position in First Republic Bank by 3.4% in the second quarter. Royal Bank of Canada now owns 3,476,401 shares of the bank’s stock worth $339,471,000 after buying an additional 113,032 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in First Republic Bank by 8.1% in the second quarter. Canada Pension Plan Investment Board now owns 2,144,779 shares of the bank’s stock worth $209,438,000 after buying an additional 161,331 shares during the last quarter. Finally, Northern Trust Corp lifted its position in First Republic Bank by 1.0% in the second quarter. Northern Trust Corp now owns 1,737,582 shares of the bank’s stock worth $169,676,000 after buying an additional 17,404 shares during the last quarter.

FRC has been the subject of a number of analyst reports. Wells Fargo & Co downgraded First Republic Bank from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $112.00 to $100.00 in a research report on Wednesday, October 2nd. They noted that the move was a valuation call. Credit Suisse Group lowered their price target on First Republic Bank from $105.00 to $98.00 and set a “neutral” rating for the company in a research report on Thursday, July 18th. Zacks Investment Research downgraded First Republic Bank from a “hold” rating to a “sell” rating and set a $104.00 price target for the company. in a research report on Friday, July 5th. Maxim Group restated a “buy” rating and issued a $110.00 price target on shares of First Republic Bank in a research report on Wednesday, July 17th. Finally, Wedbush restated 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, nine have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $102.91.

NYSE:FRC opened at $97.30 on Friday. First Republic Bank has a twelve month low of $79.42 and a twelve month high of $107.75. The company has a market cap of $16.36 billion, a price-to-earnings ratio of 20.23, a price-to-earnings-growth ratio of 2.70 and a beta of 0.89. The stock has a fifty day simple moving average of $92.98 and a 200-day simple moving average of $97.72. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.34.

First Republic Bank (NYSE:FRC) last released its earnings results on Tuesday, July 16th. The bank reported $1.24 earnings per share for the quarter, missing the consensus estimate of $1.26 by ($0.02). First Republic Bank had a return on equity of 11.30% and a net margin of 22.94%. The business had revenue of $819.38 million for the quarter, compared to the consensus estimate of $836.26 million. During the same quarter last year, the business posted $1.20 earnings per share. As a group, equities research analysts predict that First Republic Bank will post 4.94 EPS for the current fiscal year.

First Republic Bank Company 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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