Trading Report: The Whittier Trust Co. invests in First Republic Bank (FRC) Shares

The Whittier Trust Co. invests in First Republic Bank (FRC) Shares

Whittier Trust Co. boosted its position in First Republic Bank (NYSE:FRC) by 1.2% during the second quarter, Holdings Channel reports. The firm owned 24,188 shares of the company’s stock after buying an additional 291 shares during the period. Whittier Trust Co.’s holdings in First Republic Bank were worth $1,693,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of FRC. Springbok Capital Management LLC purchased a new stake in shares of First Republic Bank during the first quarter worth approximately $190,000. Raymond James Trust N.A. purchased a new stake in shares of First Republic Bank during the second quarter worth approximately $208,000. Daiwa Securities Group Inc. increased its stake in shares of First Republic Bank by 9.1% in the second quarter. Daiwa Securities Group Inc. now owns 3,600 shares of the company’s stock worth $252,000 after buying an additional 300 shares during the period. CrestPoint Capital Management LLC purchased a new stake in shares of First Republic Bank during the second quarter worth approximately $273,000. Finally, Hartford Investment Management Co. increased its stake in shares of First Republic Bank by 34.0% in the second quarter. Hartford Investment Management Co. now owns 4,156 shares of the company’s stock worth $291,000 after buying an additional 1,054 shares during the period. Institutional investors and hedge funds own 98.24% of the company’s stock.

First Republic Bank (NYSE:FRC) traded up 0.15% during midday trading on Friday, reaching $78.50. 622,624 shares of the company’s stock traded hands. The stock has a market capitalization of $11.76 billion, a price-to-earnings ratio of 22.03 and a beta of 1.06. First Republic Bank has a 52 week low of $56.32 and a 52 week high of $78.77. The company’s 50-day moving average price is $76.32 and its 200 day moving average price is $71.40.

First Republic Bank (NYSE:FRC) last posted its quarterly earnings data on Thursday, July 14th. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.06. First Republic Bank had a net margin of 27.20% and a return on equity of 12.59%. The company earned $535.10 million during the quarter, compared to analyst estimates of $568.53 million. During the same period in the prior year, the firm earned $0.73 earnings per share. On average, equities research analysts expect that First Republic Bank will post $3.91 earnings per share for the current year.

A number of equities research analysts recently issued reports on the stock. Jefferies Group restated a “buy” rating and issued a $80.00 target price on shares of First Republic Bank in a report on Thursday, July 7th. JPMorgan Chase & Co. boosted their target price on shares of First Republic Bank from $80.00 to $83.00 and gave the company an “overweight” rating in a report on Friday, July 15th. Keefe, Bruyette & Woods boosted their target price on shares of First Republic Bank from $70.00 to $73.00 and gave the company a “market perform” rating in a report on Friday, July 15th. BMO Capital Markets reiterated a “market perform” rating and set a $71.00 price target on shares of First Republic Bank in a report on Friday, July 15th. Finally, Zacks Investment Research upgraded shares of First Republic Bank from a “hold” rating to a “buy” rating and set a $80.00 target price for the company in a report on Tuesday, July 19th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. First Republic Bank presently has a consensus rating of “Buy” and a consensus target price of $75.23.

About First Republic Bank

First Republic Bank is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States.

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