Cobiz Wealth LLC Sells 1,230 Shares of First Republic Bank (FRC)

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Cobiz Wealth LLC cut its holdings in First Republic Bank (NYSE:FRC) by 16.2% during the 1st quarter, HoldingsChannel.com reports. The fund owned 6,383 shares of the bank’s stock after selling 1,230 shares during the period. Cobiz Wealth LLC’s holdings in First Republic Bank were worth $641,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc raised its position in shares of First Republic Bank by 0.3% during the 3rd quarter. Vanguard Group Inc now owns 13,738,532 shares of the bank’s stock valued at $1,318,899,000 after purchasing an additional 46,588 shares during the period. BlackRock Inc. raised its position in shares of First Republic Bank by 7.8% during the 4th quarter. BlackRock Inc. now owns 13,031,329 shares of the bank’s stock valued at $1,132,423,000 after purchasing an additional 948,394 shares during the period. Baillie Gifford & Co. raised its position in shares of First Republic Bank by 7.9% during the 4th quarter. Baillie Gifford & Co. now owns 6,708,104 shares of the bank’s stock valued at $582,934,000 after purchasing an additional 491,194 shares during the period. JPMorgan Chase & Co. raised its position in shares of First Republic Bank by 1.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,498,231 shares of the bank’s stock valued at $623,830,000 after purchasing an additional 121,115 shares during the period. Finally, Parnassus Investments CA raised its position in shares of First Republic Bank by 18.6% during the 4th quarter. Parnassus Investments CA now owns 5,601,934 shares of the bank’s stock valued at $486,808,000 after purchasing an additional 878,285 shares during the period.

Several analysts have recently commented on FRC shares. Stephens upgraded shares of First Republic Bank from an “equal weight” rating to an “overweight” rating in a research report on Thursday, December 20th. Robert W. Baird started coverage on shares of First Republic Bank in a research report on Thursday, December 20th. They set a “neutral” rating and a $92.00 price objective 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 objective on the stock in a research report on Wednesday, January 2nd. Raymond James downgraded shares of First Republic Bank from an “outperform” rating to a “market perform” rating in a research report on Monday, January 7th. Finally, Morgan Stanley decreased their price objective on shares of First Republic Bank from $95.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 8th. Eleven analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. First Republic Bank presently has an average rating of “Hold” and an average price target of $104.54.

FRC traded up $0.58 during trading on Thursday, hitting $103.79. 6,226 shares of the company traded hands, compared to its average volume of 1,436,270. The stock has a market capitalization of $16.28 billion, a price-to-earnings ratio of 21.47, a PEG ratio of 1.55 and a beta of 0.92. First Republic Bank has a 1 year low of $79.42 and a 1 year high of $106.75. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.99 and a current ratio of 0.99.

First Republic Bank (NYSE:FRC) last posted its earnings results on Friday, April 12th. The bank reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.04. The company had revenue of $807.36 million during the quarter, compared to analysts’ expectations of $813.99 million. First Republic Bank had a net margin of 23.61% and a return on equity of 11.56%. During the same period last year, the company posted $1.13 earnings per share. On average, equities research analysts forecast that First Republic Bank will post 5.3 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Thursday, April 25th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 0.73%. This is a boost from First Republic Bank’s previous quarterly dividend of $0.18. The ex-dividend date is Wednesday, April 24th. First Republic Bank’s dividend payout ratio (DPR) is presently 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 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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