Hartford Investment Management Co. bought a new stake in shares of First Republic Bank (NYSE:FRC) in the 4th quarter, HoldingsChannel.com reports. The firm bought 17,927 shares of the bank’s stock, valued at approximately $1,558,000.
Other hedge funds have also recently made changes to their positions in the company. Ipswich Investment Management Co. Inc. purchased a new position in First Republic Bank in the fourth quarter worth $45,000. Benjamin F. Edwards & Company Inc. grew its holdings in First Republic Bank by 42.9% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 726 shares of the bank’s stock worth $63,000 after purchasing an additional 218 shares during the period. First Interstate Bank grew its holdings in First Republic Bank by 191.2% in the fourth quarter. First Interstate Bank now owns 1,022 shares of the bank’s stock worth $89,000 after purchasing an additional 671 shares during the period. Heritage Trust Co purchased a new stake in First Republic Bank in the fourth quarter worth about $95,000. Finally, SRS Capital Advisors Inc. purchased a new stake in First Republic Bank in the third quarter worth about $100,000.
FRC has been the topic of a number of recent research reports. ValuEngine upgraded shares of First Republic Bank from a “hold” rating to a “buy” rating in a report on Wednesday, January 16th. Stephens upgraded shares of First Republic Bank from an “equal weight” rating to an “overweight” rating in a report on Thursday, December 20th. Robert W. Baird started coverage on shares of First Republic Bank in a report on Thursday, December 20th. They set a “neutral” rating and a $92.00 price target on the stock. Wells Fargo & Co upgraded shares of First Republic Bank from a “market perform” rating to an “outperform” rating and set a $87.50 price target on the stock in a report on Wednesday, January 2nd. Finally, Bank of America reiterated a “neutral” rating and set a $104.00 price target (up previously from $98.00) on shares of First Republic Bank in a report on Tuesday, February 5th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $102.29.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings data on Tuesday, January 15th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. First Republic Bank had a net margin of 23.88% and a return on equity of 11.62%. The company had revenue of $810.75 million during the quarter, compared to analyst estimates of $812.10 million. During the same quarter last year, the business posted $1.10 EPS. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. As a group, research analysts expect that First Republic Bank will post 5.35 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 14th. Investors of record on Thursday, January 31st will be issued a dividend of $0.18 per share. The ex-dividend date is Wednesday, January 30th. This represents a $0.72 dividend on an annualized basis and a yield of 0.72%. First Republic Bank’s payout ratio is 14.97%.
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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 of 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, and passbook deposits, as well as certificates of deposit.
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