Xponance Inc. Increases Stake in First Republic Bank (NYSE:FRC)


Xponance Inc. increased its holdings of First Republic Bank (NYSE:FRC – Get Rating) stock by 3.1% during Q1, Holdings Channel reports. The institutional investor held 11,637 shares of the bank after acquiring an additional 350 shares during the quarter. Xponance Inc.’s holdings in First Republic Bank were worth $1,886,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also changed their positions in the company. BlackRock Inc. increased its position in First Republic Bank by 11.2% in the fourth quarter. BlackRock Inc. now owns 13,704,016 shares of the bank worth $2,830,016,000 after purchasing an additional 1,385,710 shares during the period. State Street Corp raised its position in First Republic Bank by 1.1% in the fourth quarter. State Street Corp now owns 9,496,400 shares of the bank worth $1,961,102,000 after purchasing an additional 104,044 shares during the period. Alecta Pensionsforsakring Omsesidigt increased its position in First Republic Bank by 13.4% in the fourth quarter. Alecta Pensionsforsakring Omsesidigt now owns 4,321,312 shares in the bank worth $893,820,000 after purchasing an additional 510,000 shares during the period. Geode Capital Management LLC increased its position in First Republic Bank by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 3,394,620 shares of the bank worth $699,392,000 after purchasing an additional 207,877 shares during the period. Finally, Select Equity Group LP increased its position in First Republic Bank by 13.1% in the 4th quarter. Select Equity Group LP now owns 3,157,085 shares of the bank worth $651,970,000 after purchasing an additional 366,672 shares during the period. Hedge funds and other institutional investors hold 94.41% of the company’s shares.

Shares of First Republic Bank opened at $147.38 on Friday. The company has a debt ratio of 0.44, a current ratio of 0.92 and a quick ratio of 0.92. The company has a fifty-day moving average price of $146.74 and a 200-day moving average price of $165.66. First Republic Bank has a 1-year low of $133.37 and a 1-year high of $222.86. The stock has a market capitalization of $26.48 billion, a PE ratio of 18.70, a growth price-earnings ratio of 1.42 and a beta of 1.11.

First Republic Bank (NYSE:FRC – Get Rating) last released its results on Wednesday April 13. The bank reported earnings per share (EPS) of $2.00 for the quarter, beating the consensus estimate of $1.90 by $0.10. First Republic Bank had a net margin of 27.93% and a return on equity of 12.91%. The company posted revenue of $1.40 billion in the quarter, versus $1.40 billion expected by analysts. In the same quarter last year, the company posted earnings per share of $1.79. The company’s revenue increased by 27.3% compared to the same quarter last year. As a group, stock analysts expect First Republic Bank to post EPS of 8.45 for the current year.

The company also recently announced 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. This represents an annualized dividend of $1.08 and a dividend yield of 0.73%. The ex-dividend date was Wednesday, April 27. This is a boost from First Republic Bank’s previous quarterly dividend of $0.22. First Republic Bank’s dividend payout ratio (DPR) is 13.71%.

A number of analysts have weighed in on the stock recently. 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 report. Wolfe Research lowered its price target on First Republic Bank shares from $194.00 to $157.00 and set an “outperform” rating on the stock in a Thursday, May 26 research note. TheStreet downgraded shares of First Republic Bank from a ‘b’ rating to a ‘c+’ rating in a Monday, June 13 research note. Atlantic Securities upgraded shares of First Republic Bank from a “neutral” rating to an “overweight” rating and lowered its target price for the stock from $210.00 to $188.00 in a research note on Friday. Finally, 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 rating. research from Thursday, April 14. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned the company’s stock a buy rating. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $195.29.

About 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.

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Want to see which other hedge funds hold FRCs? Visit HoldingsChannel.com for the latest 13F filings and insider trading for First Republic Bank (NYSE:FRC – Get Rating).

Institutional ownership by quarter for First Republic Bank (NYSE:FRC)



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