First Republic Bank
Company Name | First Republic Bank |
Stock Symbol | FRC |
On March 13, 2023, First Republic led a decline in bank shares over concerns that it may not have sufficient liquidity, even after securing emergency funding from other institutions. Raymond James downgraded the stock, stating that, “[d]espite the added liquidity sources, we believe deposit balances will remain under pressure in the immediate near term.”
On this news, First Republic’s stock price fell $50.55, or 61.8%, to close at $31.21 per share on March 13, 2023, thereby injuring investors.
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