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DNB Asset Management AS has increased its equity stake in First Republic Bank (NYSE: FRC – Get a rating) by 4.9% in the first quarter, Participation channel reports. The company held 28,732 shares of the bank after purchasing an additional 1,337 shares during the quarter. DNB Asset Management AS’s holdings in First Republic Bank were worth $4,657,000 at the end of the last quarter.
A number of other large investors also changed their stake in the company. Vigilant Capital Management LLC increased its stake in First Republic Bank by 5.3% during the first quarter. Vigilant Capital Management LLC now owns 139,115 shares of the bank worth $22,551,000 after purchasing an additional 7,009 shares during the period. Telemus Capital LLC increased its stake in First Republic Bank by 4.0% during the first quarter. Telemus Capital LLC now owns 10,617 shares of the bank worth $1,721,000 after purchasing an additional 408 shares during the period. First Financial Bank Trust Division increased its stake in First Republic Bank by 5.0% during the first quarter. First Financial Bank Trust Division now owns 60,860 shares of the bank worth $9,866,000 after purchasing an additional 2,880 shares during the period. First Advisors Inc. Securities acquired a new stake in First Republic Bank during the fourth quarter at a value of approximately $347,000. Finally, Norges Bank acquired a new stake in First Republic Bank during the fourth quarter for a value of approximately $330,444,000. Institutional investors hold 94.41% of the company’s shares.
FRC action opened at $140.78 on Thursday. The company has a market capitalization of $25.29 billion, a P/E ratio of 17.87, a PEG ratio of 1.32 and a beta of 1.11. First Republic Bank has a 12-month low of $133.37 and a 12-month high of $222.86. The company has a 50-day simple moving average of $148.84 and a 200-day simple moving average of $169.05. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt ratio of 0.44.
Bank of the First Republic (NYSE: FRC – Get a rating) last released its quarterly results on Wednesday, April 13. The bank reported earnings per share of $2.00 for the quarter, beating the consensus estimate of $1.90 by $0.10. First Republic Bank had a return on equity of 12.91% and a net margin of 27.93%. The company posted revenue of $1.40 billion in the quarter, versus a consensus estimate of $1.40 billion. During the same period last year, the company earned earnings per share of $1.79. The company’s revenue for the quarter increased 27.3% on an annual basis. Research analysts predict that First Republic Bank will post an EPS of 8.45 for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, May 12. Investors of record on Thursday, April 28 received a dividend of $0.27 per share. The ex-dividend date was Wednesday, April 27. This is an increase from First Republic Bank’s previous quarterly dividend of $0.22. This represents an annualized dividend of $1.08 and a dividend yield of 0.77%. First Republic Bank’s dividend payout ratio (DPR) is currently 13.71%.
FRC has been the subject of a number of recent research reports. Goldman Sachs Group cut its price target on First Republic Bank shares from $209.00 to $178.00 and set a “neutral” rating on the stock in a Monday, April 4 research note. Royal Bank of Canada raised its price target on First Republic Bank shares from $184.00 to $187.00 and gave the stock an ‘industry performance’ rating in a Thursday research note April 14. Morgan Stanley raised its price target on First Republic Bank shares from $173.00 to $180.00 and gave the stock an “equal weight” rating in a Thursday, April 14 research note. Credit Suisse Group has upgraded First Republic Bank shares from an ‘underperforming’ to a ‘neutral’ rating and set a price target of $187.00 for the stock in a Tuesday research note April 5. To finish, StockNews.com purported coverage of First Republic Bank shares in a Thursday, March 31, research note. They issued a “holding” rating on the stock. One analyst gave the stock a sell rating, seven gave the company a hold rating and six gave the company a buy rating. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $199.69.
Profile of the Bank of the First Republic (Get a rating)
First Republic Bank, together with its subsidiaries, provides private banking, private corporate banking, and private wealth management services to customers in metropolitan areas of the United States. It operates through two segments, Commercial Banking and Wealth Management. The Company accepts deposit products, such as non-interest bearing checks, interest bearing checks, money market checking accounts, money market savings accounts and passbook accounts, as well as certificates of deposit.
Further reading
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