Jefferies Group Lowers First Republic Bank (FRC) to Hold

First Republic Bank (NYSE:FRC) was downgraded by investment analysts at Jefferies Group from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, MarketBeat reports.

Other analysts have also issued research reports about the company. Morgan Stanley restated an “equal weight” rating and set a $106.00 price target on shares of First Republic Bank in a report on Thursday. Wells Fargo & Company decreased their price target on First Republic Bank from $100.00 to $95.00 and set a “market perform” rating on the stock in a report on Monday, October 16th. Zacks Investment Research upgraded First Republic Bank from a “sell” rating to a “hold” rating in a research note on Friday, December 8th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $87.00 target price on shares of First Republic Bank in a research note on Friday, October 13th. Finally, Royal Bank of Canada reiterated a “hold” rating on shares of First Republic Bank in a research note on Friday, September 29th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $103.07.

First Republic Bank (NYSE FRC) traded down $0.97 during trading hours on Friday, reaching $87.57. The company had a trading volume of 3,611,142 shares, compared to its average volume of 1,021,671. First Republic Bank has a one year low of $86.73 and a one year high of $105.52. The stock has a market cap of $13,860.00, a price-to-earnings ratio of 20.95, a PEG ratio of 1.64 and a beta of 0.96. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.55.

First Republic Bank (NYSE:FRC) last released its quarterly earnings results on Friday, October 13th. The bank reported $1.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.16 by ($0.02). First Republic Bank had a net margin of 26.85% and a return on equity of 12.06%. The company had revenue of $670.30 million for the quarter, compared to analysts’ expectations of $678.25 million. During the same quarter in the previous year, the company posted $1.00 EPS. The business’s quarterly revenue was up 20.1% on a year-over-year basis. analysts anticipate that First Republic Bank will post 4.41 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC grew its position in shares of First Republic Bank by 21.4% during the 2nd quarter. Parallel Advisors LLC now owns 1,317 shares of the bank’s stock worth $132,000 after buying an additional 232 shares in the last quarter. Zions Bancorporation bought a new position in shares of First Republic Bank during the 3rd quarter worth $160,000. Peddock Capital Advisors LLC bought a new position in shares of First Republic Bank during the 2nd quarter worth $180,000. Bronfman E.L. Rothschild L.P. grew its position in shares of First Republic Bank by 0.3% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,953 shares of the bank’s stock worth $195,000 after buying an additional 5 shares in the last quarter. Finally, Mawer Investment Management Ltd. bought a new position in shares of First Republic Bank during the 3rd quarter worth $209,000. Institutional investors and hedge funds own 99.14% of the company’s stock.

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First Republic Bank Company Profile

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.