Tocqueville Asset Management L.P. Cuts Position in First Republic Bank (NYSE:FRC)

Tocqueville Asset Management L.P. lessened its holdings in shares of First Republic Bank (NYSE:FRC) by 9.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 142,137 shares of the bank’s stock after selling 14,555 shares during the period. Tocqueville Asset Management L.P. owned about 0.09% of First Republic Bank worth $14,279,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Norges Bank purchased a new position in shares of First Republic Bank during the 4th quarter worth approximately $103,154,000. BlackRock Inc. grew its holdings 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 worth $1,132,423,000 after acquiring an additional 948,394 shares during the period. Parnassus Investments CA grew its holdings 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 worth $486,808,000 after acquiring an additional 878,285 shares during the period. Geode Capital Management LLC grew its holdings in shares of First Republic Bank by 57.4% during the 4th quarter. Geode Capital Management LLC now owns 2,097,305 shares of the bank’s stock worth $181,934,000 after acquiring an additional 764,661 shares during the period. Finally, Baillie Gifford & Co. boosted its position in shares of First Republic Bank by 7.9% in the 4th quarter. Baillie Gifford & Co. now owns 6,708,104 shares of the bank’s stock worth $582,934,000 after purchasing an additional 491,194 shares in the last quarter.

A number of analysts have recently commented on the company. Stephens reissued a “buy” rating and issued a $115.00 price target on shares of First Republic Bank in a research report on Thursday, March 21st. Atlantic Securities cut First Republic Bank from an “overweight” rating to a “neutral” rating and set a $104.98 price target on the stock. in a research report on Friday, March 1st. ValuEngine cut First Republic Bank from a “buy” rating to a “hold” rating in a research report on Wednesday, March 20th. Bank of America reaffirmed a “neutral” rating and issued a $104.00 price objective (up from $98.00) on shares of First Republic Bank in a research report on Tuesday, February 5th. Finally, Wells Fargo & Co upped their price objective on First Republic Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research report on Tuesday, April 2nd. Eleven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $104.54.

Shares of NYSE:FRC traded up $1.44 during midday trading on Friday, hitting $100.52. The company had a trading volume of 1,197,623 shares, compared to its average volume of 1,336,166. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $15.92 billion, a price-to-earnings ratio of 20.90, a price-to-earnings-growth ratio of 1.69 and a beta of 0.92. First Republic Bank has a 12-month low of $79.42 and a 12-month high of $107.75.

First Republic Bank (NYSE:FRC) last issued its quarterly earnings results on Friday, April 12th. The bank reported $1.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.22 by $0.04. First Republic Bank had a return on equity of 11.56% and a net margin of 23.61%. The business had revenue of $807.36 million during the quarter, compared to analyst estimates of $813.99 million. During the same quarter in the prior year, the business posted $1.13 EPS. On average, equities research analysts expect that First Republic Bank will post 5.29 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Thursday, April 25th were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 0.76%. The ex-dividend date of this dividend was Wednesday, April 24th. This is an increase from First Republic Bank’s previous quarterly dividend of $0.18. First Republic Bank’s dividend payout ratio is 15.80%.

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First Republic Bank Profile

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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