Unusual Call Option Trade in First Republic Bank Worth $279.44K

On April 20, 2023 at 10:09:36 ET an unusually large $279.44K block of Call contracts in First Republic Bank (FRC) was sold, with a strike price of $12.50 / share, expiring in 15 day(s) (on May 5, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.12 sigmas above the mean, placing it in the 85.41th 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 1456 funds or institutions reporting positions in First Republic Bank. This is a decrease of 12 owner(s) or 0.82% in the last quarter. Average portfolio weight of all funds dedicated to FRC is 0.40%, an increase of 9.69%. Total shares owned by institutions increased in the last three months by 1.18% to 207,731K shares. The put/call ratio of FRC is 1.13, indicating a bearish outlook.

Analyst Price Forecast Suggests 599.72% 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 599.72% from its latest reported closing price of $14.14.

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?

Capital World Investors holds 581K shares representing 0.31% ownership of the company. In it’s prior filing, the firm reported owning 497K shares, representing an increase of 14.32%. The firm increased its portfolio allocation in FRC by 3.47% over the last quarter.

SPGSX – State Street Premier Growth Equity V.I.S. Fund Class 1 Shares holds 3K shares representing 0.00% ownership of the company. In it’s prior filing, the firm reported owning 3K shares, representing an increase of 4.57%. The firm decreased its portfolio allocation in FRC by 2.76% over the last quarter.

Treasurer of the State of North Carolina holds 79K shares representing 0.04% ownership of the company. In it’s prior filing, the firm reported owning 78K shares, representing an increase of 1.27%. The firm decreased its portfolio allocation in FRC by 13.03% over the last quarter.

RMB Capital Management holds 249K shares representing 0.13% ownership of the company. In it’s prior filing, the firm reported owning 233K shares, representing an increase of 6.68%. The firm decreased its portfolio allocation in FRC by 5.72% over the last quarter.

PMPRX – MidCap Value Fund I R-3 holds 14K shares representing 0.01% ownership of the company. In it’s prior filing, the firm reported owning 14K shares, representing a decrease of 2.53%. The firm increased its portfolio allocation in FRC by 4.14% over 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