Aureus Asset Management buys $14.5 Million stake in First Republic Bank (FRC)

First Republic Bank (FRC) : Aureus Asset Management scooped up 12,850 additional shares in First Republic Bank during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 214,553 shares of First Republic Bank which is valued at $14.5 Million.First Republic Bank makes up approximately 3.25% of Aureus Asset Management’s portfolio.

Other Hedge Funds, Including , Westfield Capital Management Co Lp reduced its stake in FRC by selling 304,439 shares or 38.88% in the most recent quarter. The Hedge Fund company now holds 478,552 shares of FRC which is valued at $32.3 Million. First Republic Bank makes up approx 0.25% of Westfield Capital Management Co Lp’s portfolio.Mitsubishi Ufj Trust Banking Corp boosted its stake in FRC in the latest quarter, The investment management firm added 122,110 additional shares and now holds a total of 1,799,636 shares of First Republic Bank which is valued at $121.6 Million. First Republic Bank makes up approx 0.28% of Mitsubishi Ufj Trust Banking Corp’s portfolio. Hussman Strategic Advisors added FRC to its portfolio by purchasing 100,000 company shares during the most recent quarter which is valued at $6.8 Million. First Republic Bank makes up approx 0.88% of Hussman Strategic Advisors’s portfolio.Andra Ap-fonden boosted its stake in FRC in the latest quarter, The investment management firm added 5,700 additional shares and now holds a total of 39,200 shares of First Republic Bank which is valued at $2.7 Million. First Republic Bank makes up approx 0.07% of Andra Ap-fonden’s portfolio.

First Republic Bank opened for trading at $71.69 and hit $72.79 on the upside on Wednesday, eventually ending the session at $72.28, with a gain of 1.42% or 1.01 points. The heightened volatility saw the trading volume jump to 6,83,183 shares. Company has a market cap of $10,306 M.

On the company’s financial health, First Republic Bank reported $0.88 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on Apr 14, 2016. Analyst had a consensus of $0.81. The company had revenue of $554.90 million for the quarter, compared to analysts expectations of $541.78 million. The company’s revenue was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.68 EPS.

Many Wall Street Analysts have commented on First Republic Bank. Company shares were Reiterated by FBR Capital on Apr 19, 2016 to “Mkt Perform”, Firm has raised the Price Target to $ 70 from a previous price target of $65 .Company shares were Reiterated by Maxim Group on Apr 15, 2016 to “Buy”, Firm has raised the Price Target to $ 83 from a previous price target of $75 .First Republic Bank was Upgraded by Jefferies to ” Buy” on Feb 22, 2016.

First Republic Bank and its subsidiaries provide private banking private business banking and private wealth management including investment trust and brokerage services. The Company has offices in San Francisco Palo Alto Los Angeles Santa Barbara Newport Beach San Diego Portland Boston Palm Beach Greenwich and New York City. The Company’s products and services include residential lending commercial real estate lending personal lending private business banking deposit services investment management services brokerage services and trust services. The Bank offers full-service banking on both coasts including free online banking free bill pay and free access to automated teller machines (ATMs) across the world.

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