MML Investors Services LLC Acquires 456 Shares of First Republic Bank (NYSE:FRC)

Posted by on Mar 2nd, 2023

MML Investors Services LLC increased its holdings in First Republic Bank (NYSE:FRC – Get Rating) by 4.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,228 shares of the bank’s stock after acquiring an additional 456 shares during the quarter. MML Investors Services LLC’s holdings in First Republic Bank were worth $1,335,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its stake in shares of First Republic Bank by 118.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,485,527 shares of the bank’s stock valued at $240,804,000 after purchasing an additional 805,111 shares in the last quarter. Renaissance Technologies LLC raised its stake in First Republic Bank by 161.7% during the first quarter. Renaissance Technologies LLC now owns 1,151,300 shares of the bank’s stock valued at $186,626,000 after buying an additional 711,300 shares during the last quarter. Boston Partners bought a new stake in First Republic Bank in the third quarter worth $81,253,000. Vanguard Group Inc. grew its stake in shares of First Republic Bank by 2.0% in the first quarter. Vanguard Group Inc. now owns 19,456,873 shares of the bank’s stock worth $3,153,959,000 after acquiring an additional 373,312 shares during the last quarter. Finally, Alecta Tjanstepension Omsesidigt increased its holdings in shares of First Republic Bank by 5.6% during the third quarter. Alecta Tjanstepension Omsesidigt now owns 6,615,587 shares of the bank’s stock valued at $863,863,000 after acquiring an additional 350,000 shares in the last quarter. 95.24% of the stock is owned by hedge funds and other institutional investors.

First Republic Bank Stock Performance

Shares of FRC opened at $122.50 on Thursday. The business has a 50-day simple moving average of $130.15 and a two-hundred day simple moving average of $131.87. 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 $174.21. The stock has a market cap of $22.01 billion, a price-to-earnings ratio of 14.85 and a beta of 1.11.

First Republic Bank (NYSE:FRC – Get Rating) last released its 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. First Republic Bank had a net margin of 24.66% and a return on equity of 12.66%. The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.45 billion. During the same period in the prior year, the firm posted $2.02 EPS. The firm’s quarterly revenue was up .0% compared to the same quarter last year. On average, analysts expect that First Republic Bank will post 5.96 EPS for the current year.

First Republic Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 9th. Investors of record on Thursday, January 26th were paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date was Wednesday, January 25th. First Republic Bank’s dividend payout ratio (DPR) is 13.09%.

Analyst Ratings Changes

A number of brokerages recently issued reports on FRC. Raymond James upped their price target on shares of First Republic Bank from $142.00 to $150.00 and gave the stock a “strong-buy” rating in a research note on Sunday, January 15th. Stephens raised their price target on shares of First Republic Bank to $140.00 in a research report on Wednesday, December 14th. Sterne Agee CRT upped their price objective on First Republic Bank from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Wednesday, December 14th. Morgan Stanley reduced their target price on First Republic Bank from $102.00 to $97.00 and set an “underweight” rating for the company in a report on Tuesday, January 17th. Finally, Wedbush lowered their price target on First Republic Bank from $135.00 to $130.00 in a report on Thursday, November 10th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $145.90.

First Republic Bank Company 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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