Jefferies Group LLC Reiterates “Buy” Rating for FIRST REPUBLIC BANK (FRC)

Jefferies Group LLC reissued their buy rating on shares of FIRST REPUBLIC BANK (NYSE:FRC) in a research note issued to investors on Friday morning. Jefferies Group LLC currently has a $109.00 target price on the bank’s stock.

A number of other equities research analysts also recently issued reports on FRC. BidaskClub downgraded shares of FIRST REPUBLIC BANK from a buy rating to a hold rating in a report on Thursday, July 13th. Maxim Group reaffirmed a buy rating and issued a $110.00 target price (up from $105.00) on shares of FIRST REPUBLIC BANK in a research note on Friday, July 14th. Piper Jaffray Companies reaffirmed a hold rating and issued a $99.00 target price on shares of FIRST REPUBLIC BANK in a research note on Friday, July 14th. Zacks Investment Research raised shares of FIRST REPUBLIC BANK from a sell rating to a hold rating in a research note on Wednesday, June 21st. Finally, Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $90.00 target price on shares of FIRST REPUBLIC BANK in a research note on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $104.54.

FIRST REPUBLIC BANK (FRC) opened at 97.55 on Friday. The firm has a 50-day moving average of $97.75 and a 200 day moving average of $96.21. The company has a market capitalization of $15.39 billion, a price-to-earnings ratio of 23.80 and a beta of 1.01. FIRST REPUBLIC BANK has a 12-month low of $72.40 and a 12-month high of $104.17.

FIRST REPUBLIC BANK (NYSE:FRC) last announced its quarterly earnings results on Friday, July 14th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.03). FIRST REPUBLIC BANK had a return on equity of 12.16% and a net margin of 27.37%. The firm had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $671.27 million. During the same period in the previous year, the company posted $0.97 earnings per share. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. Analysts expect that FIRST REPUBLIC BANK will post $4.45 EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently modified their holdings of FRC. BlackRock Inc. grew its position in FIRST REPUBLIC BANK by 4,249.4% during the first quarter. BlackRock Inc. now owns 9,831,999 shares of the bank’s stock valued at $922,340,000 after acquiring an additional 9,605,945 shares during the last quarter. Artisan Partners Limited Partnership bought a new position in FIRST REPUBLIC BANK during the second quarter valued at approximately $211,296,000. MARSHALL WACE ASIA Ltd bought a new position in FIRST REPUBLIC BANK during the first quarter valued at approximately $130,807,000. Marshall Wace North America L.P. bought a new position in FIRST REPUBLIC BANK during the first quarter valued at approximately $130,807,000. Finally, JPMorgan Chase & Co. grew its position in FIRST REPUBLIC BANK by 26.2% during the first quarter. JPMorgan Chase & Co. now owns 5,951,600 shares of the bank’s stock valued at $558,320,000 after acquiring an additional 1,236,848 shares during the last quarter. Institutional investors and hedge funds own 99.92% of the company’s stock.

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.

Analyst Recommendations for FIRST REPUBLIC BANK (NYSE:FRC)

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