First Republic Bank (NYSE:FRC) Shares Purchased by Equitable Holdings Inc.

Posted by on Feb 27th, 2023

Equitable Holdings Inc. boosted its position in First Republic Bank (NYSE:FRC – Get Rating) by 16.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,026 shares of the bank’s stock after acquiring an additional 279 shares during the quarter. Equitable Holdings Inc.’s holdings in First Republic Bank were worth $264,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Pacer Advisors Inc. increased its stake in First Republic Bank by 30.1% in the third quarter. Pacer Advisors Inc. now owns 372 shares of the bank’s stock valued at $49,000 after purchasing an additional 86 shares during the last quarter. Canandaigua National Corp grew its position in shares of First Republic Bank by 5.9% during the third quarter. Canandaigua National Corp now owns 1,563 shares of the bank’s stock worth $204,000 after acquiring an additional 87 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of First Republic Bank by 0.6% during the third quarter. Oregon Public Employees Retirement Fund now owns 14,001 shares of the bank’s stock worth $1,828,000 after acquiring an additional 89 shares during the last quarter. Kinneret Advisory LLC grew its position in shares of First Republic Bank by 2.1% during the second quarter. Kinneret Advisory LLC now owns 4,659 shares of the bank’s stock worth $672,000 after acquiring an additional 98 shares during the last quarter. Finally, RMR Wealth Builders grew its position in shares of First Republic Bank by 6.1% during the third quarter. RMR Wealth Builders now owns 1,966 shares of the bank’s stock worth $257,000 after acquiring an additional 113 shares during the last quarter. 95.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on FRC shares. Wedbush lowered their target price on shares of First Republic Bank from $135.00 to $130.00 in a research report on Thursday, November 10th. StockNews.com upgraded shares of First Republic Bank to a “sell” rating in a research report on Monday, February 13th. Evercore ISI lowered their price objective on shares of First Republic Bank to $125.00 in a research report on Tuesday, November 15th. Piper Sandler lifted their price objective on shares of First Republic Bank from $130.00 to $145.00 and gave the company a “neutral” rating in a research report on Wednesday, February 8th. Finally, The Goldman Sachs Group upgraded shares of First Republic Bank from a “neutral” rating to a “buy” rating and set a $142.00 price objective on the stock in a research report on Thursday, January 5th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $145.90.

First Republic Bank Trading Down 2.3 %

NYSE:FRC opened at $120.44 on Monday. The company has a market capitalization of $21.64 billion, a PE ratio of 14.60 and a beta of 1.11. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.62. First Republic Bank has a 52-week low of $106.86 and a 52-week high of $174.54. The stock has a fifty day simple moving average of $129.99 and a 200-day simple moving average of $132.57.

First Republic Bank (NYSE:FRC – Get Rating) last released its quarterly earnings results on Friday, January 13th. The bank reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.06. The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.45 billion. First Republic Bank had a return on equity of 12.66% and a net margin of 24.66%. The business’s revenue was up .0% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.02 EPS. On average, equities research analysts expect that First Republic Bank will post 5.96 earnings per share for the current fiscal year.

First Republic Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 9th. Investors of record on Thursday, January 26th were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date of this dividend was Wednesday, January 25th. First Republic Bank’s dividend payout ratio is presently 13.09%.

First Republic Bank Profile

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First Republic Bank engages in the provision of private banking, business banking, real estate lending, and wealth management, including trust and custody services. It operates through the Commercial Banking and Wealth Management segments. The Commercial Banking segment represents most of the operations, including real estate secured lending, retail deposit gathering, private banking activities, mortgage sales and servicing, and managing capital, liquidity, and interest rate risk.

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

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