Legal & General Group Plc reduced its stake in First Republic Bank (NYSE:FRC) by 3.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 552,212 shares of the company’s stock after selling 21,770 shares during the period. Legal & General Group Plc owned approximately 0.38% of First Republic Bank worth $36,800,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Pacad Investment Ltd. purchased a new position in shares of First Republic Bank during the first quarter worth $353,000. HBK Investments L P purchased a new position in shares of First Republic Bank during the first quarter worth $360,000. FirstMerit Bank N A Trustee boosted its position in shares of First Republic Bank by 1.0% in the first quarter. FirstMerit Bank N A Trustee now owns 6,991 shares of the company’s stock worth $466,000 after buying an additional 69 shares in the last quarter. Hancock Holding Co. boosted its position in shares of First Republic Bank by 4.6% in the first quarter. Hancock Holding Co. now owns 11,767 shares of the company’s stock worth $784,000 after buying an additional 514 shares in the last quarter. Finally, AXA boosted its position in shares of First Republic Bank by 24.2% in the first quarter. AXA now owns 11,807 shares of the company’s stock worth $787,000 after buying an additional 2,300 shares in the last quarter.
First Republic Bank (NYSE:FRC) traded down 0.22% during trading on Thursday, hitting $71.69. The stock had a trading volume of 468,810 shares. The company has a 50 day moving average of $69.64 and a 200-day moving average of $67.31. First Republic Bank has a 12-month low of $56.32 and a 12-month high of $73.22. The company has a market cap of $10.73 billion and a P/E ratio of 20.12.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Thursday, July 28th will be issued a $0.16 dividend. The ex-dividend date is Tuesday, July 26th. This represents a $0.64 annualized dividend and a dividend yield of 0.89%.
A number of research analysts have recently weighed in on the company. Jefferies Group restated a “buy” rating and issued a $80.00 price target on shares of First Republic Bank in a research report on Thursday, July 7th. BMO Capital Markets restated a “hold” rating on shares of First Republic Bank in a research report on Sunday, April 17th. JPMorgan Chase & Co. lifted their price objective on First Republic Bank from $80.00 to $83.00 and gave the stock an “overweight” rating in a research report on Friday, July 15th. Keefe, Bruyette & Woods lifted their price objective on First Republic Bank from $70.00 to $73.00 and gave the stock a “market perform” rating in a research report on Friday, July 15th. Finally, Zacks Investment Research upgraded First Republic Bank from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Tuesday, July 19th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. First Republic Bank has an average rating of “Buy” and a consensus price target of $73.92.
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.
