Pictet Asset Management Ltd. raised its position in shares of First Republic Bank (NYSE:FRC) by 7.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 69,600 shares of the bank’s stock after buying an additional 4,618 shares during the period. Pictet Asset Management Ltd.’s holdings in First Republic Bank were worth $6,529,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Israel Discount Bank of New York GFN purchased a new position in First Republic Bank during the fourth quarter valued at approximately $106,000. Creative Planning raised its stake in shares of First Republic Bank by 5.5% in the first quarter. Creative Planning now owns 1,160 shares of the bank’s stock worth $109,000 after buying an additional 60 shares in the last quarter. Seven Eight Capital LP bought a new stake in shares of First Republic Bank during the fourth quarter worth about $141,000. Searle & CO. bought a new stake in shares of First Republic Bank during the fourth quarter worth about $240,000. Finally, National Asset Management Inc. bought a new stake in shares of First Republic Bank during the third quarter worth about $203,000. 97.08% of the stock is owned by hedge funds and other institutional investors.
Shares of First Republic Bank (NYSE FRC) opened at 94.97 on Tuesday. The stock has a market cap of $14.93 billion, a price-to-earnings ratio of 23.69 and a beta of 1.03. First Republic Bank has a 52-week low of $63.97 and a 52-week high of $97.43. The firm has a 50-day moving average price of $92.35 and a 200 day moving average price of $92.04.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings results on Thursday, April 13th. The bank reported $1.01 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.01. The business had revenue of $601.14 million for the quarter, compared to analysts’ expectations of $626.14 million. First Republic Bank had a return on equity of 12.38% and a net margin of 27.98%. During the same period in the prior year, the firm earned $0.88 EPS. Analysts expect that First Republic Bank will post $4.50 earnings per share for the current year. The business also recently declared a quarterly dividend, which was paid on Thursday, May 11th. Stockholders of record on Thursday, April 27th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.72%. This is a boost from First Republic Bank’s previous quarterly dividend of $0.16. The ex-dividend date was Tuesday, April 25th. First Republic Bank’s dividend payout ratio is presently 16.49%.
Several analysts recently weighed in on FRC shares. Piper Jaffray Companies decreased their price objective on First Republic Bank from $97.00 to $92.00 and set a “neutral” rating for the company in a report on Monday, April 17th. Royal Bank of Canada restated a “sector perform” rating and issued a $98.00 price objective (up from $95.00) on shares of First Republic Bank in a report on Friday, March 10th. BMO Capital Markets restated a “hold” rating and issued a $98.00 price objective on shares of First Republic Bank in a report on Wednesday, March 22nd. Barclays PLC boosted their target price on shares of First Republic Bank from $100.00 to $101.00 and gave the stock an “overweight” rating in a report on Wednesday, April 19th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $105.00 target price on shares of First Republic Bank in a report on Friday, March 31st. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $98.62. About First Republic Bank