Sherwin-Williams Co (NYSE:SHW) reported its second quarter fiscal 2015 financial results, missing analysts’ estimates for both revenue and earnings. Its revenue for the second quarter was $3.13 billion along with earnings per share of $3.70. The market had earnings per share estimated at $3.82 for the second quarter for Sherwin-Williams Co (NYSE:SHW), on revenues of $3.26 billion. According to the company, “unfavorable currency translation rate” was responsible for lowering its net revenue by 3% during the quarter. Sherwin-Williams Co (NYSE:SHW) lowered its EPS guidance for fiscal 2015 and is expecting it to stay between $10.60 and $11.00. The retail-building material company earlier announced annual guidance for earnings per share of $10.90 to $11.10 against prior year earnings per share of $8.78.
The shares of Sherwin-Williams Co (NYSE:SHW) have grown by 7.38% year-to-date. However, the lower-than-expected quarterly results have led to a 7.24% decline in its share price in pre-market trading. Smart money held a bearish outlook of the company during the first quarter, with 32 hedge fund managers investing $793.74 million in the company against prior quarter investments of $841.54 million made by 35 hedge fund investors. Robert Joseph Caruso’s Select Equity Group was among the major stockholders of the company with 1.16 million shares valued at $330.30 million at the end of the first quarter.
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First Republic Bank (NYSE:FRC) has announced its financial results for the second quarter as well, posting net income of $131.3 million or $0.80 per share. Further, the banking company reported core revenues of $455.3 million, surpassing the market’s revenue estimate for the quarter. Wall Street was expecting earnings per share of $0.78 for the private banking company, with revenues of $453.92 million for the second quarter. The majority of the analysts upgraded their earnings estimates for the company in the past few weeks, which may have indicated that a beat was coming. While discussing the financial results, Jim Herbert, CEO of First Republic Bank, said, “We are very pleased with second quarter results, which were driven by revenue growth. Loans, deposits and assets under management increased nicely. Costs remained under control, and credit quality was excellent.”
The shares of First Republic Bank (NYSE:FRC) have grown by 22.57% year-to-date and are currently trading at $64.69. The hedge funds in our database were bullish on the stock of the private banking service provider in the first quarter, with aggregate investments of $327.70 million from 18 managers against prior quarter investments of $299.34 million from 17 investors. Select Equity Group was again the leading stockholder of the bank among the investors we track, its position at the end of first quarter amounting to 3.59 million shares valued at $205.23 million.
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BB&T Corporation (NYSE:BBT) has reported earnings per share of $0.69 for its own second quarter, beating the markets’ estimate by $0.01. However, the company did miss on analysts’ quarterly revenue target of $2.40 billion, with reported revenues of $2.37 billion. At the same time, its revenue grew by 1% year-over-year and the company witnessed 7.1% growth in its net income at $454 million. Some of the primary developments during the second quarter for the company included the acquisition of The Bank of Kentucky, helping BB&T Corporation add $1.6 billion in deposits, and regulatory approval for the acquisition of Susquehanna Bancshares, which is likely to close by August 1.
The shares of BB&T Corporation (NYSE:BBT) have grown by 5.72% year-to-date and are trading down by 1.90% in the pre-market session this morning. Smart money was slightly bullish on this stock during the first quarter, with aggregate investments growing to $744.47 million from previous quarter holdings valued at $710.60 million. Jean-Marie Eveillard’s First Eagle Investment Management held the largest stake in the company in our database, with a position of 14.85 million shares worth $579.04 million.
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