Jefferies Group Analysts Cut Earnings Estimates for First Republic Bank (FRC)
First Republic Bank (NYSE:FRC) – Research analysts at Jefferies Group decreased their Q3 2016 EPS estimates for First Republic Bank in a research report issued on Friday. Jefferies Group analyst C. Haire now expects that the firm will earn $0.98 per share for the quarter, down from their previous estimate of $0.99. Jefferies Group has a “Buy” rating and a $80.00 price objective on the stock. Jefferies Group also issued estimates for First Republic Bank’s FY2016 earnings at $3.90 EPS and FY2018 earnings at $5.10 EPS.
First Republic Bank (NYSE:FRC) last released its quarterly earnings results on Thursday, July 14th. The company reported $0.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.06. First Republic Bank had a return on equity of 12.59% and a net margin of 27.20%. The company had revenue of $535.10 million for the quarter, compared to analyst estimates of $568.53 million. During the same quarter in the prior year, the firm posted $0.73 EPS.
Several other brokerages have also recently weighed in on FRC. Zacks Investment Research cut First Republic Bank from a “buy” rating to a “hold” rating in a research report on Thursday, August 4th. Keefe, Bruyette & Woods reiterated a “hold” rating on shares of First Republic Bank in a research report on Sunday, July 17th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of First Republic Bank in a research report on Sunday, July 17th. FBR & Co reiterated a “hold” rating on shares of First Republic Bank in a research report on Sunday, July 17th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $70.00 price objective on shares of First Republic Bank in a report on Thursday, July 7th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $75.23.
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Shares of First Republic Bank (NYSE:FRC) opened at 78.50 on Monday. The stock has a market cap of $11.76 billion, a price-to-earnings ratio of 22.03 and a beta of 1.06. First Republic Bank has a 12-month low of $56.32 and a 12-month high of $78.77. The company’s 50-day moving average price is $76.32 and its 200 day moving average price is $71.40.
Institutional investors have recently added to or reduced their stakes in the company. First Republic Investment Management Inc. raised its position in First Republic Bank by 99.6% in the first quarter. First Republic Investment Management Inc. now owns 764,592 shares of the company’s stock worth $50,953,000 after buying an additional 381,494 shares during the period. Ownership Capital B.V. raised its position in First Republic Bank by 15.0% in the second quarter. Ownership Capital B.V. now owns 851,341 shares of the company’s stock worth $59,585,000 after buying an additional 111,328 shares during the period. GW&K Investment Management LLC raised its position in First Republic Bank by 9.7% in the second quarter. GW&K Investment Management LLC now owns 362,397 shares of the company’s stock worth $25,364,000 after buying an additional 32,104 shares during the period. Pacad Investment Ltd. bought a new position in First Republic Bank during the first quarter worth $353,000. Finally, Pacific Heights Asset Management LLC bought a new position in First Republic Bank during the second quarter worth $11,338,000. 98.24% of the stock is currently owned by institutional investors.
About First Republic Bank
First Republic Bank is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States.
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