First Republic Bank Target of Unusually High Options Trading (FRC)

First Republic Bank (NYSE:FRC) was the recipient of unusually large options trading activity on Thursday. Stock investors acquired 848 call options on the stock. This represents an increase of approximately 793% compared to the average volume of 95 call options.

First Republic Bank stock opened at $103.90 on Friday. The company has a market capitalization of $15.88 billion, a P/E ratio of 24.11, a PEG ratio of 1.72 and a beta of 0.80. First Republic Bank has a 12-month low of $84.56 and a 12-month high of $105.52. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.59.

First Republic Bank (NYSE:FRC) last released its earnings results on Friday, July 13th. The bank reported $1.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.05. The company had revenue of $744.11 million during the quarter, compared to analyst estimates of $734.03 million. First Republic Bank had a net margin of 24.80% and a return on equity of 11.73%. analysts forecast that First Republic Bank will post 4.77 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, August 9th. Investors of record on Thursday, July 26th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 0.69%. The ex-dividend date was Wednesday, July 25th. First Republic Bank’s dividend payout ratio is 16.71%.

Several equities analysts have recently weighed in on the stock. Citigroup assumed coverage on shares of First Republic Bank in a research note on Monday, June 18th. They issued a “buy” rating and a $120.00 price objective on the stock. Wells Fargo & Co increased their price objective on shares of First Republic Bank from $95.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, June 26th. BMO Capital Markets increased their target price on shares of First Republic Bank from $96.00 to $102.00 and gave the stock a “market perform” rating in a report on Friday, July 13th. Jefferies Financial Group reissued a “hold” rating and issued a $96.00 target price on shares of First Republic Bank in a report on Monday, July 16th. Finally, Wedbush reissued an “outperform” rating on shares of First Republic Bank in a report on Friday, July 13th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $102.46.

Institutional investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. grew its holdings in First Republic Bank by 1.9% during the 2nd quarter. Baillie Gifford & Co. now owns 6,092,149 shares of the bank’s stock valued at $589,659,000 after buying an additional 114,606 shares in the last quarter. Bank of America Corp DE grew its holdings in First Republic Bank by 72.2% during the 2nd quarter. Bank of America Corp DE now owns 3,428,956 shares of the bank’s stock valued at $331,887,000 after buying an additional 1,437,779 shares in the last quarter. Diamond Hill Capital Management Inc. grew its holdings in First Republic Bank by 18.8% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 3,093,649 shares of the bank’s stock valued at $286,503,000 after buying an additional 489,056 shares in the last quarter. Royal Bank of Canada grew its holdings in First Republic Bank by 6.1% during the 1st quarter. Royal Bank of Canada now owns 2,699,827 shares of the bank’s stock valued at $250,031,000 after buying an additional 155,154 shares in the last quarter. Finally, Artisan Partners Limited Partnership grew its holdings in First Republic Bank by 3.9% during the 1st quarter. Artisan Partners Limited Partnership now owns 2,642,243 shares of the bank’s stock valued at $244,698,000 after buying an additional 98,574 shares in the last quarter.

About First Republic Bank

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 of 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, and passbook deposits, as well as certificates of deposit.

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