Canada Pension Plan Investment Board Has $192.68 Million Stake in First Republic Bank (FRC)

Canada Pension Plan Investment Board lifted its holdings in shares of First Republic Bank (NYSE:FRC) by 17.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,007,110 shares of the bank’s stock after buying an additional 305,068 shares during the quarter. Canada Pension Plan Investment Board owned about 1.27% of First Republic Bank worth $192,683,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Waddell & Reed Financial Inc. grew its position in shares of First Republic Bank by 6.2% during the 2nd quarter. Waddell & Reed Financial Inc. now owns 1,309,725 shares of the bank’s stock worth $126,768,000 after buying an additional 76,878 shares during the period. Putnam Investments LLC boosted its stake in First Republic Bank by 12.1% during the 2nd quarter. Putnam Investments LLC now owns 712,799 shares of the bank’s stock worth $68,992,000 after acquiring an additional 76,732 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in First Republic Bank by 120.0% during the 3rd quarter. State of Alaska Department of Revenue now owns 36,439 shares of the bank’s stock worth $3,497,000 after acquiring an additional 19,879 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its stake in First Republic Bank by 3.2% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 16,706 shares of the bank’s stock worth $1,617,000 after acquiring an additional 514 shares during the last quarter. Finally, Meadow Creek Investment Management LLC boosted its stake in First Republic Bank by 22.2% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 181,216 shares of the bank’s stock worth $17,540,000 after acquiring an additional 32,912 shares during the last quarter.

First Republic Bank stock opened at $93.77 on Friday. First Republic Bank has a fifty-two week low of $84.47 and a fifty-two week high of $106.75. The company has a market cap of $14.79 billion, a P/E ratio of 20.30, a PEG ratio of 1.63 and a beta of 0.79. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.00 and a current ratio of 1.00.

First Republic Bank (NYSE:FRC) last announced its quarterly earnings results on Friday, October 12th. The bank reported $1.19 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.20 by ($0.01). First Republic Bank had a net margin of 24.05% and a return on equity of 11.47%. The company had revenue of $768.83 million during the quarter, compared to the consensus estimate of $765.80 million. During the same period in the previous year, the firm posted $1.14 EPS. Analysts expect that First Republic Bank will post 4.74 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, November 8th. Shareholders of record on Thursday, October 25th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date of this dividend was Wednesday, October 24th. First Republic Bank’s payout ratio is currently 16.71%.

FRC has been the topic of several recent analyst reports. Royal Bank of Canada lifted their price objective on shares of First Republic Bank to $102.00 and gave the stock a “sector perform” rating in a research note on Thursday, September 13th. They noted that the move was a valuation call. Piper Jaffray Companies reissued a “hold” rating and set a $94.00 price objective on shares of First Republic Bank in a research note on Tuesday, October 9th. Finally, Raymond James set a $104.00 price objective on shares of First Republic Bank and gave the stock a “buy” rating in a research note on Monday, October 15th. Ten equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $102.46.

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

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