First Republic Bank (NYSE:FRC) Stake Lowered by Gamco Investors INC. ET AL
Gamco Investors INC. ET AL cut its stake in First Republic Bank (NYSE:FRC) by 83.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,000 shares of the bank’s stock after selling 15,135 shares during the quarter. Gamco Investors INC. ET AL’s holdings in First Republic Bank were worth $288,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Bank of America Corp DE grew its stake in shares of First Republic Bank by 72.2% in the second quarter. Bank of America Corp DE now owns 3,428,956 shares of the bank’s stock valued at $331,887,000 after acquiring an additional 1,437,779 shares in the last quarter. Principal Financial Group Inc. grew its stake in First Republic Bank by 15,027.7% during the first quarter. Principal Financial Group Inc. now owns 1,349,696 shares of the bank’s stock worth $124,995,000 after buying an additional 1,340,774 shares in the last quarter. Bank of Montreal Can acquired a new stake in First Republic Bank during the second quarter worth about $55,305,000. WCM Investment Management CA grew its stake in First Republic Bank by 46.6% during the third quarter. WCM Investment Management CA now owns 1,291,526 shares of the bank’s stock worth $123,987,000 after buying an additional 410,403 shares in the last quarter. Finally, Select Equity Group L.P. grew its stake in First Republic Bank by 15.4% during the second quarter. Select Equity Group L.P. now owns 1,975,797 shares of the bank’s stock worth $191,237,000 after buying an additional 263,150 shares in the last quarter.
FRC has been the topic of a number of research analyst reports. Royal Bank of Canada raised their price target on shares of First Republic Bank to $102.00 and gave the company a “sector perform” rating in a research note on Thursday, September 13th. They noted that the move was a valuation call. Piper Jaffray Companies restated a “hold” rating and issued a $94.00 price target on shares of First Republic Bank in a research note on Tuesday, October 9th. Finally, Raymond James set a $104.00 price target on shares of First Republic Bank and gave the company a “buy” rating in a research note on Monday, October 15th. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $102.46.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings data on Friday, October 12th. The bank reported $1.19 EPS for the quarter, missing the consensus estimate of $1.20 by ($0.01). The company had revenue of $768.83 million for the quarter, compared to analyst estimates of $765.80 million. First Republic Bank had a return on equity of 11.47% and a net margin of 24.05%. During the same period last year, the business earned $1.14 EPS. As a group, equities research analysts predict that First Republic Bank will post 4.75 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 8th. Stockholders of record on Thursday, October 25th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 0.76%. The ex-dividend date of this dividend was Wednesday, October 24th. First Republic Bank’s dividend payout ratio (DPR) is 16.71%.
About First Republic Bank
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 of 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, and passbook deposits, as well as certificates of deposit.
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