Sumitomo Life Insurance Co. increased its stake in shares of First Republic Bank (NYSE:FRC) by 3.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,375 shares of the bank’s stock after buying an additional 585 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in First Republic Bank were worth $1,599,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Montag & Caldwell LLC grew its stake in First Republic Bank by 4.2% during the 1st quarter. Montag & Caldwell LLC now owns 2,487 shares of the bank’s stock worth $250,000 after buying an additional 100 shares during the last quarter. Strategy Asset Managers LLC boosted its position in First Republic Bank by 1.5% during the 1st quarter. Strategy Asset Managers LLC now owns 6,825 shares of the bank’s stock worth $686,000 after acquiring an additional 100 shares during the period. Metropolitan Life Insurance Co. NY boosted its position in First Republic Bank by 2.6% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,023 shares of the bank’s stock worth $350,000 after acquiring an additional 103 shares during the period. Hartford Investment Management Co. boosted its position in First Republic Bank by 0.6% during the 2nd quarter. Hartford Investment Management Co. now owns 17,824 shares of the bank’s stock worth $1,741,000 after acquiring an additional 113 shares during the period. Finally, Nisa Investment Advisors LLC boosted its position in First Republic Bank by 1.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 11,120 shares of the bank’s stock worth $1,086,000 after acquiring an additional 120 shares during the period.
Shares of First Republic Bank stock traded down $2.97 during trading on Wednesday, hitting $90.98. The stock had a trading volume of 16,027 shares, compared to its average volume of 1,467,372. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $15.30 billion, a price-to-earnings ratio of 18.95, a P/E/G ratio of 2.75 and a beta of 0.85. The firm’s fifty day simple moving average is $97.74. First Republic Bank has a fifty-two week low of $79.42 and a fifty-two week high of $107.75.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Thursday, July 25th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, July 24th. This represents a $0.76 annualized dividend and a dividend yield of 0.84%. First Republic Bank’s dividend payout ratio (DPR) is 15.80%.
A number of research analysts have issued reports on the company. BMO Capital Markets reduced their price target on First Republic Bank from $111.00 to $106.00 and set a “market perform” rating for the company in a research report on Monday, April 15th. Raymond James lowered First Republic Bank to a “hold” rating in a research report on Monday, July 8th. Wedbush reiterated an “outperform” rating on shares of First Republic Bank in a research report on Tuesday, July 16th. Zacks Investment Research lowered First Republic Bank from a “hold” rating to a “sell” rating and set a $104.00 price target for the company. in a research report on Friday, July 5th. Finally, Maxim Group reiterated a “buy” rating and set a $110.00 price target on shares of First Republic Bank in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $103.08.
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 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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