Verition Fund Management LLC Invests $251,000 in First Republic Bank (NYSE:FRC)

Verition Fund Management LLC bought a new position in First Republic Bank (NYSE:FRC) during the 2nd quarter, Holdings Channel reports. The fund bought 2,572 shares of the bank’s stock, valued at approximately $251,000.

Several other hedge funds have also recently modified their holdings of FRC. HM Payson & Co. bought a new stake in First Republic Bank during the 2nd quarter worth approximately $591,000. MAI Capital Management boosted its holdings in shares of First Republic Bank by 20.9% in the second quarter. MAI Capital Management now owns 7,452 shares of the bank’s stock valued at $728,000 after purchasing an additional 1,287 shares during the period. OZ Management LP purchased a new stake in shares of First Republic Bank in the second quarter valued at approximately $3,557,000. Eaton Vance Management boosted its holdings in shares of First Republic Bank by 5.4% in the second quarter. Eaton Vance Management now owns 394,912 shares of the bank’s stock valued at $38,563,000 after purchasing an additional 20,105 shares during the period. Finally, Amundi Pioneer Asset Management Inc. boosted its holdings in shares of First Republic Bank by 105.7% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 269,108 shares of the bank’s stock valued at $26,277,000 after purchasing an additional 138,304 shares during the period.

A number of brokerages recently issued reports on FRC. Raymond James lowered First Republic Bank to a “hold” rating in a report on Monday, July 8th. Zacks Investment Research cut shares of First Republic Bank from a “hold” rating to a “sell” rating and set a $104.00 price objective on the stock. in a report on Friday, July 5th. Maxim Group reissued a “buy” rating and set a $110.00 target price on shares of First Republic Bank in a research note on Wednesday, July 17th. Wedbush reissued an “outperform” rating on shares of First Republic Bank in a research note on Tuesday, July 16th. Finally, Wells Fargo & Co cut shares of First Republic Bank from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $112.00 to $100.00 in a research note on Wednesday. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company’s stock. First Republic Bank has an average rating of “Hold” and an average target price of $102.17.

First Republic Bank stock opened at $94.89 on Friday. The stock has a market cap of $15.96 billion, a price-to-earnings ratio of 19.73, a PEG ratio of 2.72 and a beta of 0.89. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.34. The company’s 50-day moving average price is $92.55 and its two-hundred day moving average price is $97.97. First Republic Bank has a 52 week low of $79.42 and a 52 week high of $107.75.

First Republic Bank (NYSE:FRC) last released its earnings results on Tuesday, July 16th. The bank reported $1.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.26 by ($0.02). The company had revenue of $819.38 million for the quarter, compared to analyst estimates of $836.26 million. First Republic Bank had a net margin of 22.94% and a return on equity of 11.30%. During the same period in the previous year, the business posted $1.20 EPS. Research analysts expect that First Republic Bank will post 4.98 earnings per share for the current fiscal year.

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

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