Public Sector Pension Investment Board Buys 200 Shares of First Republic Bank (NYSE:FRC)

Public Sector Pension Investment Board raised its stake in shares of First Republic Bank (NYSE:FRCGet Rating) by 0.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 29,915 shares of the bank’s stock after purchasing an additional 200 shares during the period. Public Sector Pension Investment Board’s holdings in First Republic Bank were worth $6,178,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Everence Capital Management Inc. bought a new position in First Republic Bank during the 4th quarter worth $1,311,000. Whittier Trust Co. raised its position in First Republic Bank by 5.0% during the 4th quarter. Whittier Trust Co. now owns 106,101 shares of the bank’s stock worth $21,911,000 after purchasing an additional 5,016 shares during the last quarter. CWM LLC bought a new position in First Republic Bank during the 4th quarter worth $86,000. Hartford Investment Management Co. raised its position in shares of First Republic Bank by 10.8% in the 4th quarter. Hartford Investment Management Co. now owns 18,233 shares of the bank’s stock worth $3,765,000 after acquiring an additional 1,770 shares in the last quarter. Finally, Pinebridge Investments L.P. raised its position in shares of First Republic Bank by 606.6% in the 4th quarter. Pinebridge Investments L.P. now owns 60,758 shares of the bank’s stock worth $12,547,000 after acquiring an additional 52,159 shares in the last quarter. 94.41% of the stock is owned by institutional investors and hedge funds.

FRC has been the subject of several research analyst reports. Credit Suisse Group raised First Republic Bank from an “underperform” rating to a “neutral” rating and set a $187.00 price objective for the company in a research report on Tuesday, April 5th. The Goldman Sachs Group lowered their price objective on First Republic Bank from $209.00 to $178.00 and set a “neutral” rating for the company in a research report on Monday, April 4th. Piper Sandler lowered their price objective on First Republic Bank from $205.00 to $180.00 and set a “neutral” rating for the company in a research report on Monday, March 7th. Morgan Stanley lifted their price objective on First Republic Bank from $173.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 14th. Finally, UBS Group raised First Republic Bank from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $188.00 to $194.00 in a research report on Friday, April 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, First Republic Bank presently has an average rating of “Hold” and an average price target of $200.14.

NYSE FRC opened at $157.41 on Friday. The firm has a market capitalization of $28.28 billion, a P/E ratio of 19.98, a PEG ratio of 1.40 and a beta of 1.11. The business has a fifty day simple moving average of $155.06 and a 200 day simple moving average of $177.91. First Republic Bank has a 12 month low of $136.31 and a 12 month high of $222.86. The company has a current ratio of 0.92, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44.

First Republic Bank (NYSE:FRCGet Rating) last released its quarterly earnings results on Wednesday, April 13th. The bank reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.90 by $0.10. The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.40 billion. First Republic Bank had a return on equity of 12.91% and a net margin of 27.93%. First Republic Bank’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.79 EPS. As a group, sell-side analysts predict that First Republic Bank will post 8.4 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Thursday, April 28th were given a dividend of $0.27 per share. The ex-dividend date of this dividend was Wednesday, April 27th. This is a positive change from First Republic Bank’s previous quarterly dividend of $0.22. This represents a $1.08 annualized dividend and a dividend yield of 0.69%. First Republic Bank’s dividend payout ratio (DPR) is currently 13.71%.

First Republic Bank Profile (Get Rating)

First Republic Bank, together with its subsidiaries, provides private banking, private business banking, and private wealth management services to clients in metropolitan areas in the United States. It operates in two segments, Commercial Banking and Wealth Management. The company accepts deposit products, such as noninterest-bearing checking, interest-bearing checking, money market checking accounts, money market savings accounts, and passbook accounts, as well as certificates of deposit.

See Also

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

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