Traders Buy Large Volume of First Republic Bank Put Options (NYSE:FRC)

First Republic Bank (NYSE:FRC) was the recipient of unusually large options trading on Monday. Stock investors bought 1,106 put options on the stock. This is an increase of 2,027% compared to the typical volume of 52 put options.

Several analysts have recently commented on FRC shares. UBS Group increased their price objective on First Republic Bank from $79.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, May 15th. Credit Suisse Group reissued a “hold” rating and issued a $93.00 price objective on shares of First Republic Bank in a research note on Wednesday, April 15th. Maxim Group increased their price objective on First Republic Bank from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, April 15th. Keefe, Bruyette & Woods raised First Republic Bank from a “market perform” rating to an “outperform” rating and set a $110.00 price objective for the company in a research note on Wednesday, April 1st. Finally, Compass Point increased their price objective on First Republic Bank from $115.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. First Republic Bank currently has a consensus rating of “Hold” and a consensus target price of $112.00.

NYSE:FRC opened at $106.83 on Tuesday. The company has a debt-to-equity ratio of 1.96, a current ratio of 1.06 and a quick ratio of 1.05. The business has a fifty day simple moving average of $108.01 and a two-hundred day simple moving average of $105.00. First Republic Bank has a 1 year low of $70.06 and a 1 year high of $125.12. The company has a market capitalization of $18.08 billion, a P/E ratio of 20.78, a P/E/G ratio of 4.00 and a beta of 1.18.

First Republic Bank (NYSE:FRC) last released its earnings results on Tuesday, April 14th. The bank reported $1.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.04. First Republic Bank had a return on equity of 10.64% and a net margin of 21.46%. The business had revenue of $916.20 million during the quarter, compared to the consensus estimate of $882.80 million. During the same period last year, the business posted $1.26 earnings per share. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, analysts anticipate that First Republic Bank will post 5.05 earnings per share for the current year.

A number of large investors have recently added to or reduced their stakes in the business. Sage Rhino Capital LLC increased its position in First Republic Bank by 2.5% in the first quarter. Sage Rhino Capital LLC now owns 4,254 shares of the bank’s stock worth $350,000 after buying an additional 103 shares during the last quarter. Crossmark Global Holdings Inc. increased its position in First Republic Bank by 1.1% in the first quarter. Crossmark Global Holdings Inc. now owns 9,611 shares of the bank’s stock worth $791,000 after buying an additional 109 shares during the last quarter. Integrated Wealth Concepts LLC increased its position in First Republic Bank by 3.4% in the fourth quarter. Integrated Wealth Concepts LLC now owns 3,467 shares of the bank’s stock worth $407,000 after buying an additional 114 shares during the last quarter. Southeast Asset Advisors Inc. increased its position in First Republic Bank by 0.5% in the first quarter. Southeast Asset Advisors Inc. now owns 27,277 shares of the bank’s stock worth $2,244,000 after buying an additional 124 shares during the last quarter. Finally, First Allied Advisory Services Inc. increased its position in First Republic Bank by 1.5% in the first quarter. First Allied Advisory Services Inc. now owns 8,132 shares of the bank’s stock worth $669,000 after buying an additional 124 shares during the last quarter. 97.73% of the stock is owned by institutional investors and hedge funds.

About First Republic Bank

First Republic Bank, together with its subsidiaries, provides private banking, private business banking, real estate lending, and wealth management services to clients in metropolitan areas in the United States. It operates through two segments, Commercial Banking and Wealth Management. The company offers deposit products, such as checking, money market checking, savings, passbook deposits, and individual retirement accounts, as well as certificates of deposit.

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