First Republic Bank Target of Unusually High Options Trading (NYSE:FRC)


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First Republic Bank (NYSE:FRC) was the target of unusually large options trading activity on Wednesday. Investors purchased 865 put options on the stock. This is an increase of approximately 1,473% compared to the average daily volume of 55 put options.

Shares of FRC stock opened at $161.25 on Thursday. The company has a market capitalization of $27.77 billion, a PE ratio of 28.79, a price-to-earnings-growth ratio of 2.69 and a beta of 1.05. The firm has a fifty day simple moving average of $140.04 and a 200-day simple moving average of $122.54. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.58. First Republic Bank has a twelve month low of $70.06 and a twelve month high of $164.92.

First Republic Bank (NYSE:FRC) last announced its earnings results on Thursday, January 14th. The bank reported $1.60 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.09. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.04 billion. First Republic Bank had a net margin of 22.95% and a return on equity of 10.96%. The business’s quarterly revenue was up 25.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.39 earnings per share. Equities research analysts predict that First Republic Bank will post 5.69 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 11th. Stockholders of record on Thursday, January 28th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.50%. First Republic Bank’s dividend payout ratio (DPR) is presently 15.38%.

Several hedge funds have recently made changes to their positions in FRC. BlackRock Inc. lifted its stake in First Republic Bank by 2.7% in the third quarter. BlackRock Inc. now owns 11,444,912 shares of the bank’s stock valued at $1,248,183,000 after acquiring an additional 306,022 shares during the last quarter. WCM Investment Management LLC increased its position in First Republic Bank by 9.2% during the 3rd quarter. WCM Investment Management LLC now owns 2,119,444 shares of the bank’s stock worth $231,147,000 after buying an additional 179,252 shares during the period. Hexavest Inc. increased its position in First Republic Bank by 181.7% during the 3rd quarter. Hexavest Inc. now owns 252,101 shares of the bank’s stock worth $27,494,000 after buying an additional 162,594 shares during the period. Morgan Stanley increased its position in First Republic Bank by 17.4% during the 3rd quarter. Morgan Stanley now owns 987,401 shares of the bank’s stock worth $107,686,000 after buying an additional 145,988 shares during the period. Finally, State Street Corp increased its position in First Republic Bank by 1.6% during the 3rd quarter. State Street Corp now owns 9,284,599 shares of the bank’s stock worth $1,012,578,000 after buying an additional 141,849 shares during the period. Institutional investors and hedge funds own 88.65% of the company’s stock.

Several analysts have recently weighed in on FRC shares. Morgan Stanley lifted their price target on shares of First Republic Bank from $142.00 to $147.00 and gave the company an “equal weight” rating in a research note on Thursday, January 7th. Citigroup boosted their price objective on shares of First Republic Bank from $114.00 to $123.00 and gave the company a “neutral” rating in a report on Thursday, October 15th. Maxim Group upped their price target on shares of First Republic Bank from $128.00 to $150.00 in a report on Wednesday, October 14th. Zacks Investment Research downgraded shares of First Republic Bank from a “buy” rating to a “hold” rating and set a $136.00 price objective for the company. in a research report on Tuesday, December 1st. Finally, Credit Suisse Group downgraded shares of First Republic Bank from a “neutral” rating to an “underperform” rating and upped their price objective for the stock from $117.00 to $126.00 in a research report on Friday, December 11th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $128.71.

First Republic Bank Company 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 accepts 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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