First Republic Bank (FRC) Holder Patten Group INC Lowered Its Position by $13.25 Million

May 22, 2018 - By Ash

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Patten Group Inc decreased its stake in First Republic Bank (FRC) by 80.78% based on its latest 2017Q4 regulatory filing with the SEC. Patten Group Inc sold 154,018 shares as the company’s stock rose 3.67% while stock markets declined. The institutional investor held 36,646 shares of the company at the end of 2017Q4, valued at $3.18 million, down from 190,664 at the end of the previous reported quarter. Patten Group Inc who had been investing in First Republic Bank for a number of months, seems to be less bullish one the $16.36B market cap company. The stock increased 1.25% or $1.245 during the last trading session, reaching $100.995. About 796,584 shares traded. First Republic Bank (NYSE:FRC) has risen 0.07% since May 22, 2017 and is uptrending. It has underperformed by 11.48% the S&P500.

Patten Group Inc, which manages about $252.47 million US Long portfolio, upped its stake in Coca (NYSE:KO) by 151,689 shares to 227,212 shares, valued at $10.42 million in 2017Q4, according to the filing.

Analysts await First Republic Bank (NYSE:FRC) to report earnings on July, 13. They expect $1.15 EPS, up 8.49 % or $0.09 from last year’s $1.06 per share. FRC’s profit will be $186.28 million for 21.96 P/E if the $1.15 EPS becomes a reality. After $1.13 actual EPS reported by First Republic Bank for the previous quarter, Wall Street now forecasts 1.77 % EPS growth.

More important recent First Republic Bank (NYSE:FRC) news were published by: Bizjournals.com which released: “Why First Republic Bank is chasing the wealthy in Wyoming” on May 07, 2018, also Prnewswire.com published article titled: “This Morning’s Technical Outlook on Banking Stocks — Bank of America, Bank of Montreal, Comerica, and First …”, Businesswire.com published: “Wealth Managers Join First Republic in San Francisco and Boston” on May 14, 2018. More interesting news about First Republic Bank (NYSE:FRC) was released by: Bizjournals.com and their article: “Inside First Republic Bank’s culture of success” with publication date: May 17, 2018.

First Republic Bank (NYSE:FRC) Ratings Coverage

Among 10 analysts covering First Republic Bank (NYSE:FRC), 2 have Buy rating, 0 Sell and 8 Hold. Therefore 20% are positive. First Republic Bank had 26 analyst reports since November 29, 2017 according to SRatingsIntel. On Thursday, January 4 the stock rating was maintained by Maxim Group with “Buy”. Maxim Group maintained the stock with “Buy” rating in Friday, April 13 report. The stock of First Republic Bank (NYSE:FRC) has “Equal-Weight” rating given on Thursday, December 14 by Morgan Stanley. Keefe Bruyette & Woods maintained the stock with “Hold” rating in Wednesday, November 29 report. Keefe Bruyette & Woods maintained First Republic Bank (NYSE:FRC) rating on Monday, February 26. Keefe Bruyette & Woods has “Hold” rating and $95.0 target. The firm has “Hold” rating given on Monday, December 18 by BMO Capital Markets. Jefferies downgraded First Republic Bank (NYSE:FRC) on Friday, December 15 to “Hold” rating. The firm has “Hold” rating by Keefe Bruyette & Woods given on Tuesday, December 12. The stock of First Republic Bank (NYSE:FRC) earned “Hold” rating by Sandler O’Neill on Friday, April 13. The stock has “Hold” rating by Sandler O’Neill on Tuesday, January 16.

First Republic Bank (NYSE:FRC) Ratings Chart

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