Mitsubishi Ufj Trust Banking Corp Lowers stake in First Republic Bank (FRC)

First Republic Bank (FRC) : Mitsubishi Ufj Trust Banking Corp reduced its stake in First Republic Bank by 3.04% during the most recent quarter end. The investment management company now holds a total of 1,744,852 shares of First Republic Bank which is valued at $125,716,587 after selling 54,784 shares in First Republic Bank , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.First Republic Bank makes up approximately 0.26% of Mitsubishi Ufj Trust Banking Corp’s portfolio.

Other Hedge Funds, Including , Ontario Teachers Pension Plan Board reduced its stake in FRC by selling 555,000 shares or 48.05% in the most recent quarter. The Hedge Fund company now holds 600,000 shares of FRC which is valued at $43,230,000. First Republic Bank makes up approx 0.47% of Ontario Teachers Pension Plan Board’s portfolio.Rhumbline Advisers boosted its stake in FRC in the latest quarter, The investment management firm added 35,819 additional shares and now holds a total of 133,627 shares of First Republic Bank which is valued at $9,627,825. First Republic Bank makes up approx 0.03% of Rhumbline Advisers’s portfolio.Blackrock Fund Advisors boosted its stake in FRC in the latest quarter, The investment management firm added 48,434 additional shares and now holds a total of 1,608,434 shares of First Republic Bank which is valued at $115,887,670. First Republic Bank makes up approx 0.02% of Blackrock Fund Advisors’s portfolio.Ironbridge Capital Management Lp reduced its stake in FRC by selling 89,105 shares or 7.4% in the most recent quarter. The Hedge Fund company now holds 1,115,111 shares of FRC which is valued at $80,343,748. First Republic Bank makes up approx 3.38% of Ironbridge Capital Management Lp’s portfolio.Tocqueville Asset Management reduced its stake in FRC by selling 3,540 shares or 1.53% in the most recent quarter. The Hedge Fund company now holds 228,298 shares of FRC which is valued at $16,362,118. First Republic Bank makes up approx 0.20% of Tocqueville Asset Management’s portfolio.

First Republic Bank opened for trading at $76.54 and hit $77.31 on the upside on Monday, eventually ending the session at $75.67, with a gain of 0.97% or 0.73 points. The heightened volatility saw the trading volume jump to 5,64,671 shares. Company has a market cap of $10,789 M.

On the company’s financial health, First Republic Bank reported $0.97 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on Jul 14, 2016. Analyst had a consensus of $0.90. The company had revenue of $535.10 million for the quarter, compared to analysts expectations of $535.89 million. During the same quarter in the previous year, the company posted $0.73 EPS.

Many Wall Street Analysts have commented on First Republic Bank. Company shares were Reiterated by Barclays on Aug 11, 2016 to “Overweight”, Firm has raised the Price Target to $ 84 from a previous price target of $78 .Company shares were Reiterated by FBR Capital on Jul 15, 2016 to “Mkt Perform”, Firm has raised the Price Target to $ 73 from a previous price target of $70 .

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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