Trade Report: The Jefferies Group Analysts Cut Earnings Estimates for First Republic Bank (FRC)

The 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.

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