Palisade Capital Management LLC NJ Buys Shares of 1,676 First Republic Bank (NYSE:FRC)

Palisade Capital Management LLC NJ bought a new stake in First Republic Bank (NYSE:FRCGet Rating) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,676 shares of the bank’s stock, valued at approximately $272,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FRC. Quent Capital LLC acquired a new position in First Republic Bank in the fourth quarter valued at approximately $45,000. Ellevest Inc. boosted its stake in First Republic Bank by 84.3% in the first quarter. Ellevest Inc. now owns 306 shares of the bank’s stock valued at $50,000 after acquiring an additional 140 shares during the period. Cassady Schiller Wealth Management LLC acquired a new position in shares of First Republic Bank during the fourth quarter worth approximately $53,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of First Republic Bank by 53.3% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 276 shares of the bank’s stock worth $57,000 after buying an additional 96 shares during the period. Finally, Missouri Trust & Investment Co acquired a new position in shares of First Republic Bank during the fourth quarter worth approximately $71,000. 94.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. StockNews.com upgraded First Republic Bank from a “sell” rating to a “hold” rating in a research report on Friday, July 29th. Royal Bank of Canada boosted their price objective on First Republic Bank from $184.00 to $187.00 and gave the stock a “sector perform” rating in a research report on Thursday, April 14th. Wolfe Research reduced their price objective on First Republic Bank from $194.00 to $157.00 and set an “outperform” rating for the company in a research report on Thursday, May 26th. Compass Point set a $175.00 price objective on First Republic Bank in a research report on Tuesday, July 19th. Finally, UBS Group upgraded First Republic Bank from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $188.00 to $194.00 in a research report on Friday, April 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, First Republic Bank has a consensus rating of “Hold” and a consensus target price of $187.33.

First Republic Bank Price Performance

NYSE FRC opened at $163.96 on Friday. The stock has a market capitalization of $29.46 billion, a P/E ratio of 20.27, a P/E/G ratio of 2.16 and a beta of 1.11. First Republic Bank has a 1 year low of $133.37 and a 1 year high of $222.86. The business’s fifty day moving average is $150.82 and its two-hundred day moving average is $158.04. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.92 and a current ratio of 0.91.

First Republic Bank (NYSE:FRCGet Rating) last posted its quarterly earnings results on Thursday, July 14th. The bank reported $2.16 EPS for the quarter, beating the consensus estimate of $2.05 by $0.11. First Republic Bank had a net margin of 27.65% and a return on equity of 12.96%. The business had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the company posted $1.95 EPS. First Republic Bank’s revenue was up 22.6% on a year-over-year basis. On average, research analysts forecast that First Republic Bank will post 8.58 earnings per share for the current fiscal year.

First Republic Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Thursday, July 28th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date is Wednesday, July 27th. First Republic Bank’s dividend payout ratio is presently 13.35%.

About First Republic Bank

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First Republic Bank, together with its subsidiaries, provides private banking, private business banking, and private wealth management services to clients in metropolitan areas in the United States. It operates in two segments, Commercial Banking and Wealth Management. The company accepts deposit products, such as noninterest-bearing checking, interest-bearing checking, money market checking accounts, money market savings accounts, and passbook accounts, as well as certificates of deposit.

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Institutional Ownership by Quarter for First Republic Bank (NYSE:FRC)

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