Raymond James & Associates Makes Revised Proposal for $75M Investment in Republic First Bancorp

Fintel reports that Norcross George E III has filed a 13D/A form with the SEC disclosing ownership of 5,174,662 shares of Republic First Bancorp Inc (FRBK). This represents 8.1% of the company.

In the last filing, dated Dec. 9, 2022, they reported owning 8.10% of the company, indicating no change in their holdings.

On Dec. 24, 2022, investor Raymond James & Associates, Inc. revised its previous filing with a further updated nonbinding proposal to the issuer’s financial advisers, Keefe, Bruyette & Woods, Inc., on behalf of the reporting persons. The revised proposal includes the following changes:

  • A direct investment of $75,000,000 through the purchase of newly-issued nonvoting common shares of the issuer, to be issued after receipt of all required shareholder approvals
  • Modification of specific terms of the Updated Term Sheet.

Republic Bank is the operating name for Republic First Bank. Republic First Bank is a full-service, state-chartered commercial Bank whose deposits are insured up to the applicable limits by the Federal Deposit Insurance Corporation (FDIC). The Bank provides diversified financial products through its 31 offices in Atlantic, Burlington, Camden and Gloucester Counties in New Jersey; Bucks, Delaware, Montgomery and Philadelphia Counties in Pennsylvania and New York County in New York. The Bank also offers a wide range of residential mortgage products through its mortgage division, Oak Mortgage Company.

What are other large shareholders doing?

CPV Partners, LLC holds 5,442,570 shares representing 8.53% ownership of the company. No change in the last quarter.

Bhz Capital Management, Lp holds 1,669,991 shares representing 2.62% ownership of the company. No change in the last quarter.

Banc Funds Co Llc holds 1,003,081 shares representing 1.57% ownership of the company. No change in the last quarter.

Geode Capital Management, Llc holds 904,399 shares representing 1.42% ownership of the company. In its prior filing, the firm reported owning 874,899 shares, representing an increase of 3.26%. The firm decreased its portfolio allocation in FRBK by 20.50% over the last quarter.

Brandywine Global Investment Management, LLC holds 779,331 shares representing 1.22% ownership of the company. In its prior filing, the firm reported owning 816,164 shares, representing a decrease of 4.73%. The firm decreased its portfolio allocation in FRBK by 24.04% over the last quarter.

What is the overall Fund Sentiment?

There are 233 funds or institutions reporting positions in Republic First Bancorp Inc. This is a decrease of 12 owner(s) or 4.90%.

Average portfolio weight of all funds dedicated to Republic First Bancorp Inc is 0.0727%, a decrease of 9.2678%. Total shares owned by institutions decreased in the last three months by 8.08% to 32,586,444 shares.

Fintel’s Fund Sentiment Score is a quantitative model that ranks companies from zero to 100 based on Fund Sentiment. Fund Sentiment is important because it tells you if funds are buying or selling – and how the company ranks compared to other companies in the investing universe.

Click to see the Fintel Fund Sentiment Score for FRBK / Republic First Bancorp Inc.

This article originally appeared on Fintel.

Sponsored: Tips for Investing

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.