Skip to comments.First Republic Stock Nears Record Low On S&P Downgrade, Regional Bank Crisis Pressures ($12.71-10.32 (-44.81%))
Posted on 03/20/2023 9:24:19 AM PDT by Presbyterian Reporter
Reports of a possible share sale, and a second ratings downgrade deeper into 'junk' status, has First Republic trading firmly lower Monday. Frist Republic (FRC) - Get Free Report shares extended declines Monday, and look set to open at an all-time low, following a second credit rating downgrade for troubled San Francisco-based lender over the weekend.
(Excerpt) Read more at msn.com ...
One year ago folks were buying First Republic Bank for—
Chalk up another mess to Biden’s “I did that.” regime.
Investors want to get on the Fed cash infusion list—then they will be happy.
Everybody wants a handout these days.
Time for my favorite Ayn Rand quote:
“When you see that in order to produce, you need to obtain permission from men who produce nothing –
When you see that money is flowing to those who deal, not in goods, but in favors –
When you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you –
When you see corruption being rewarded and honesty becoming a self-sacrifice –
You may know that your society is doomed.”
But even if one was to say, "Well of the 44% of First Republic's drop, 18% is part of the broader market downturn", that still leaves 26% of First Republic's drop specific to First Republic that's beyond the broader market downturn. Basically, First Republic is dropping more than twice as fast as the rest of the market.
DJ JPMorgan CEO Jamie Dimon Raising More Support For First Republic: WSJ — MarketWatch
12:18 PM ET 3/20/23 | MarketWatch
JPMorgan Chase & Co. (JPM) CEO Jamie Dimon is working to raise additional capital for First Republic Bank (FRC), The Wall Street Journal reported at midday. Citing sources familiar with the situation, the WSJ said Dimon is leading banks in a fresh campaign to shore up First Republic Bank. Eleven banks last week placed $30 billion in deposits with First Republic, but the bank still reported lower deposits late Thursday. Discussions are underway to find ways to convert the $30 billion in deposits into a capital raise, the report said. First Republic stock was paused for trade after losing 37% of its value after S&P downgraded the company’s debt to B+ over the weekend for the second time in less than a week.
A couple more bank crashes and we might see spy 420 soon.
https://www.youtube.com/watch?v=Thv2gypnqrA Ozark Mountain Daredevils
That 44% drop in share price of First Republic is for MONDAY, ALONE!
It is a ONE-DAY drop!
Thus, this has virtually nothing to do with any "broader" market downturn.
I was getting ready to buy, buy, buy!!!
Wow! I didn't catch that part. And relative to it's ATH on in Nov 16, 2021, FRC is down about 90%! That's yuuuge!
In attempting to forestall a traditional bank run, they've invented a new kind.
$174.21 down to $12.71?
“””$174.21 down to $12.71?
Yup, FRC looks like a buying opportunity for those who catch falling knives as their side gig.
Flagstar Bank has purchased a significant portion of Signature Bank today for pennies on the dollar. Flagstar stock is a great buying opportunity.
New York Community Bancorp, Inc. NYCB is the bank holding company for Flagstar Bank, N.A.
Yes, thank you, and the stock was up over 31% today.
First republic is down 90% from its all time high. It’s down 44% just today.
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