Gareth Morgan Investments Limited Partnership Lowers stake in First Republic Bank (FRC)

First Republic Bank (FRC) : Gareth Morgan Investments Limited Partnership reduced its stake in First Republic Bank by 22.13% during the most recent quarter end. The investment management company now holds a total of 172,658 shares of First Republic Bank which is valued at $12,440,009 after selling 49,060 shares in First Republic Bank , the firm said in a disclosure report filed with the SEC on Aug 11, 2016.First Republic Bank makes up approximately 1.16% of Gareth Morgan Investments Limited Partnership’s portfolio.

Other Hedge Funds, Including , Teachers Advisors Inc reduced its stake in FRC by selling 69,813 shares or 12.17% in the most recent quarter. The Hedge Fund company now holds 503,639 shares of FRC which is valued at $36,287,190. First Republic Bank makes up approx 0.06% of Teachers Advisors Inc’s portfolio.Mizuho Asset Managementltd. boosted its stake in FRC in the latest quarter, The investment management firm added 448 additional shares and now holds a total of 28,586 shares of First Republic Bank which is valued at $2,059,621. First Republic Bank makes up approx 0.36% of Mizuho Asset Managementltd.’s portfolio.Victory Capital Management Inc reduced its stake in FRC by selling 2,766 shares or 1.24% in the most recent quarter. The Hedge Fund company now holds 220,128 shares of FRC which is valued at $15,954,877. First Republic Bank makes up approx 0.06% of Victory Capital Management Inc’s portfolio.Moody Lynn Lieberson boosted its stake in FRC in the latest quarter, The investment management firm added 93 additional shares and now holds a total of 7,246 shares of First Republic Bank which is valued at $519,321. First Republic Bank makes up approx 0.09% of Moody Lynn Lieberson’s portfolio.Cottage Street Advisors reduced its stake in FRC by selling 500 shares or 2.66% in the most recent quarter. The Hedge Fund company now holds 18,275 shares of FRC which is valued at $1,313,059. First Republic Bank makes up approx 1.03% of Cottage Street Advisors’s portfolio.

First Republic Bank closed down -0.4 points or -0.54% at $73.41 with 4,90,030 shares getting traded on Tuesday. Post opening the session at $73.9, the shares hit an intraday low of $73.39 and an intraday high of $74.33 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

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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