Suntrust Banks Inc. reduced its stake in First Republic Bank (NYSE:FRC) by 54.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,411 shares of the bank’s stock after selling 6,402 shares during the quarter. Suntrust Banks Inc.’s holdings in First Republic Bank were worth $471,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Highwater Wealth Management LLC purchased a new position in shares of First Republic Bank during the 4th quarter valued at approximately $135,000. Townsquare Capital LLC purchased a new position in First Republic Bank in the 4th quarter valued at $396,000. QS Investors LLC raised its holdings in shares of First Republic Bank by 39,200.0% during the 4th quarter. QS Investors LLC now owns 1,965 shares of the bank’s stock worth $171,000 after acquiring an additional 1,960 shares during the period. Vanguard Group Inc raised its holdings in shares of First Republic Bank by 0.3% during the 3rd quarter. Vanguard Group Inc now owns 13,738,532 shares of the bank’s stock worth $1,318,899,000 after acquiring an additional 46,588 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of First Republic Bank by 5.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,424,616 shares of the bank’s stock worth $136,765,000 after acquiring an additional 78,831 shares during the period.
Shares of First Republic Bank stock traded up $0.01 on Wednesday, reaching $106.27. 951,500 shares of the company were exchanged, compared to its average volume of 1,416,388. The company has a market cap of $16.35 billion, a PE ratio of 22.09, a P/E/G ratio of 1.62 and a beta of 0.92. First Republic Bank has a 1-year low of $79.42 and a 1-year high of $106.75. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.99 and a current ratio of 0.99.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Thursday, April 25th will be paid a dividend of $0.19 per share. This is a boost from First Republic Bank’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Wednesday, April 24th. This represents a $0.76 annualized dividend and a yield of 0.72%. First Republic Bank’s payout ratio is presently 14.97%.
Several research analysts have recently commented on FRC shares. BMO Capital Markets lifted their price target on First Republic Bank from $95.00 to $111.00 and gave the stock a “market perform” rating in a report on Friday, March 15th. ValuEngine upgraded First Republic Bank from a “hold” rating to a “buy” rating in a report on Wednesday, January 16th. Raymond James downgraded First Republic Bank from an “outperform” rating to a “market perform” rating in a research report on Monday, January 7th. Atlantic Securities downgraded First Republic Bank from an “overweight” rating to a “neutral” rating and set a $104.98 price objective for the company. in a research report on Friday, March 1st. Finally, Bank of America downgraded First Republic Bank from a “buy” rating to a “neutral” rating in a research report on Thursday, January 10th. They noted that the move was a valuation call. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $104.54.
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First Republic Bank Profile
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 in 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, passbook deposits, and individual retirement accounts, as well as certificates of deposit.
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