On April 18, 2023 at 10:34:11 ET an unusually large $395.25K block of Put contracts in First Republic Bank (FRC) was bought, with a strike price of $12.50 / share, expiring in 31 day(s) (on May 19, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.73 sigmas above the mean, placing it in the 95.74th percentile of all recent large trades made in FRC options.

This trade was first picked up on Fintel’s real time Unusual Option Trades tool, where unusual option trades are highlighted.

What is the Fund Sentiment?

There are 1464 funds or institutions reporting positions in First Republic Bank. This is a decrease of 2 owner(s) or 0.14% in the last quarter. Average portfolio weight of all funds dedicated to FRC is 0.40%, an increase of 9.41%. Total shares owned by institutions increased in the last three months by 1.80% to 208,220K shares. The put/call ratio of FRC is 1.11, indicating a bearish outlook.

Analyst Price Forecast Suggests 652.97% Upside

As of April 6, 2023, the average one-year price target for First Republic Bank is $98.94. The forecasts range from a low of $5.05 to a high of $170.10. The average price target represents an increase of 652.97% from its latest reported closing price of $13.14.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for First Republic Bank is $6,050MM, an increase of 5.07%. The projected annual non-GAAP EPS is $7.13.

What are Other Shareholders Doing?

Fisher Asset Management holds 301K shares representing 0.16% ownership of the company. In it’s prior filing, the firm reported owning 306K shares, representing a decrease of 1.80%. The firm decreased its portfolio allocation in FRC by 17.29% over the last quarter.

Intech Investment Management holds 12K shares representing 0.01% ownership of the company. No change in the last quarter.

ONEO – SPDR Russell 1000 Momentum Focus ETF holds 0K shares representing 0.00% ownership of the company. In it’s prior filing, the firm reported owning 0K shares, representing a decrease of 29.69%. The firm decreased its portfolio allocation in FRC by 36.17% over the last quarter.

Calvert Variable Products, Inc. – Calvert VP S&P 500 Index Portfolio holds 2K shares representing 0.00% ownership of the company. No change in the last quarter.

ETADX – Eventide Dividend Opportunities Fund Shares holds 96K shares representing 0.05% ownership of the company. No change in the last quarter.

First Republic Bank Background Information
(This description is provided by the company.)

Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service and offers a complete line of products, including residential, commercial and personal loans, deposit services, and wealth management. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; and Jackson, Wyoming. First Republic is a constituent of the S&P 500 Index and KBW Nasdaq Bank Index.

See all First Republic Bank regulatory filings.

This article originally appeared on Fintel

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