First Republic Bank (NYSE:FRC) Shares Bought by Sound Shore Management Inc CT

Sound Shore Management Inc CT lifted its stake in shares of First Republic Bank (NYSE:FRCGet Rating) by 53.9% during the third quarter, HoldingsChannel.com reports. The firm owned 606,759 shares of the bank’s stock after purchasing an additional 212,520 shares during the period. First Republic Bank accounts for about 3.2% of Sound Shore Management Inc CT’s portfolio, making the stock its 13th largest position. Sound Shore Management Inc CT’s holdings in First Republic Bank were worth $79,212,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of First Republic Bank by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 19,456,873 shares of the bank’s stock worth $3,153,959,000 after purchasing an additional 373,312 shares during the period. Alecta Tjanstepension Omsesidigt grew its stake in shares of First Republic Bank by 5.6% during the 3rd quarter. Alecta Tjanstepension Omsesidigt now owns 6,615,587 shares of the bank’s stock worth $863,863,000 after purchasing an additional 350,000 shares during the period. Principal Financial Group Inc. grew its stake in shares of First Republic Bank by 2.8% during the 2nd quarter. Principal Financial Group Inc. now owns 3,104,820 shares of the bank’s stock worth $447,715,000 after purchasing an additional 83,920 shares during the period. C WorldWide Group Holding A S grew its stake in First Republic Bank by 0.9% in the 2nd quarter. C WorldWide Group Holding A S now owns 2,170,801 shares of the bank’s stock valued at $313,029,000 after acquiring an additional 19,815 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in First Republic Bank by 7.3% in the 1st quarter. Wellington Management Group LLP now owns 1,994,476 shares of the bank’s stock valued at $323,304,000 after acquiring an additional 135,194 shares during the last quarter. 95.24% of the stock is owned by institutional investors and hedge funds.

First Republic Bank Trading Down 1.2 %

Shares of FRC stock opened at $134.53 on Wednesday. The firm has a market cap of $24.17 billion, a P/E ratio of 16.51, a PEG ratio of 8.41 and a beta of 1.07. First Republic Bank has a 1-year low of $106.86 and a 1-year high of $181.75. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.93 and a quick ratio of 0.92. The firm’s 50-day simple moving average is $123.81 and its 200-day simple moving average is $136.25.

First Republic Bank (NYSE:FRCGet Rating) last announced its quarterly earnings data on Friday, January 13th. The bank reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.08. First Republic Bank had a net margin of 24.66% and a return on equity of 12.66%. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.45 billion. During the same period in the prior year, the firm posted $2.02 EPS. The company’s revenue was up .0% on a year-over-year basis. As a group, equities analysts forecast that First Republic Bank will post 6.28 EPS for the current year.

First Republic Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 9th. Investors of record on Thursday, January 26th will be given a dividend of $0.27 per share. The ex-dividend date is Wednesday, January 25th. This represents a $1.08 dividend on an annualized basis and a yield of 0.80%. First Republic Bank’s dividend payout ratio (DPR) is 13.09%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Piper Sandler increased their price objective on shares of First Republic Bank to $125.00 in a research note on Wednesday, November 16th. Jefferies Financial Group raised shares of First Republic Bank from a “hold” rating to a “buy” rating in a research note on Monday, January 9th. Maxim Group lowered their price objective on shares of First Republic Bank from $200.00 to $185.00 in a research note on Tuesday, January 17th. Stephens increased their price objective on shares of First Republic Bank to $140.00 in a research note on Wednesday, December 14th. Finally, Morgan Stanley lowered their price objective on shares of First Republic Bank from $102.00 to $97.00 and set an “underweight” rating on the stock in a research note on Tuesday, January 17th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $144.90.

First Republic Bank Profile

(Get Rating)

First Republic Bank engages in the provision of private banking, business banking, real estate lending, and wealth management, including trust and custody services. It operates through the Commercial Banking and Wealth Management segments. The Commercial Banking segment represents most of the operations, including real estate secured lending, retail deposit gathering, private banking activities, mortgage sales and servicing, and managing capital, liquidity, and interest rate risk.

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Institutional Ownership by Quarter for First Republic Bank (NYSE:FRC)

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