Cobiz Investment Management Lowers stake in First Republic Bank (FRC)

First Republic Bank (FRC) : Cobiz Investment Management reduced its stake in First Republic Bank by 1.13% during the most recent quarter end. The investment management company now holds a total of 78,652 shares of First Republic Bank which is valued at $6,187,553 after selling 899 shares in First Republic Bank , the firm said in a disclosure report filed with the SEC on Oct 11, 2016.First Republic Bank makes up approximately 1.49% of Cobiz Investment Management’s portfolio.

Other Hedge Funds, Including , Oregon Public Employees Retirement Fund boosted its stake in FRC in the latest quarter, The investment management firm added 7,230 additional shares and now holds a total of 17,630 shares of First Republic Bank which is valued at $1,386,952. First Republic Bank makes up approx 0.03% of Oregon Public Employees Retirement Fund’s portfolio.First Mercantile Trust Co reduced its stake in FRC by selling 9,270 shares or 37.08% in the most recent quarter. The Hedge Fund company now holds 15,730 shares of FRC which is valued at $1,234,805. First Republic Bank makes up approx 0.17% of First Mercantile Trust Co’s portfolio.Independent Portfolio Consultants reduced its stake in FRC by selling 1,160 shares or 24.19% in the most recent quarter. The Hedge Fund company now holds 3,635 shares of FRC which is valued at $284,221. First Republic Bank makes up approx 0.09% of Independent Portfolio Consultants’s portfolio. Washington Trust Bank added FRC to its portfolio by purchasing 789 company shares during the most recent quarter which is valued at $61,692. First Republic Bank makes up approx 0.01% of Washington Trust Bank’s portfolio.

First Republic Bank closed down -1.14 points or -1.45% at $77.53 with 6,32,679 shares getting traded on Tuesday. Post opening the session at $78.68, the shares hit an intraday low of $77.27 and an intraday high of $79.02 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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