First Republic Bank (FRC) Shares Sold by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its holdings in shares of First Republic Bank (NYSE:FRC) by 1.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 73,594 shares of the bank’s stock after selling 1,243 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in First Republic Bank were worth $7,688,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of FRC. Bronfman E.L. Rothschild L.P. increased its position in First Republic Bank by 0.3% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,953 shares of the bank’s stock worth $195,000 after buying an additional 5 shares during the period. Alps Advisors Inc. increased its position in First Republic Bank by 0.3% during the second quarter. Alps Advisors Inc. now owns 4,979 shares of the bank’s stock worth $498,000 after buying an additional 13 shares during the period. Global X Management Co. LLC increased its position in First Republic Bank by 1.1% during the second quarter. Global X Management Co. LLC now owns 5,935 shares of the bank’s stock worth $594,000 after buying an additional 62 shares during the period. D.A. Davidson & CO. increased its position in First Republic Bank by 3.2% during the second quarter. D.A. Davidson & CO. now owns 2,612 shares of the bank’s stock worth $261,000 after buying an additional 81 shares during the period. Finally, Douglass Winthrop Advisors LLC increased its position in First Republic Bank by 5.8% during the second quarter. Douglass Winthrop Advisors LLC now owns 2,736 shares of the bank’s stock worth $274,000 after buying an additional 150 shares during the period. 99.14% of the stock is currently owned by institutional investors and hedge funds.

First Republic Bank (NYSE:FRC) traded down $1.10 during trading hours on Tuesday, hitting $91.69. The stock had a trading volume of 1,590,000 shares, compared to its average volume of 993,044. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.94 and a current ratio of 0.95. First Republic Bank has a 1-year low of $87.65 and a 1-year high of $105.52. The firm has a market capitalization of $14,638.23, a price-to-earnings ratio of 21.88, a P/E/G ratio of 1.72 and a beta of 0.96.

First Republic Bank (NYSE:FRC) last posted its quarterly earnings results on Friday, October 13th. The bank reported $1.14 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.16 by ($0.02). First Republic Bank had a net margin of 26.85% and a return on equity of 12.06%. The business had revenue of $670.30 million during the quarter, compared to analysts’ expectations of $678.25 million. During the same quarter last year, the firm earned $1.00 earnings per share. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. analysts expect that First Republic Bank will post 4.38 earnings per share for the current fiscal year.

Several research firms have commented on FRC. Barclays lowered First Republic Bank from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $108.00 to $104.00 in a research report on Tuesday, October 10th. Royal Bank of Canada reaffirmed a “hold” rating on shares of First Republic Bank in a research report on Friday, September 29th. Jefferies Group lifted their price target on First Republic Bank from $109.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, September 29th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $99.00 price target on shares of First Republic Bank in a research report on Friday, September 1st. Finally, Zacks Investment Research lowered First Republic Bank from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $102.93.

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

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