First Republic Shares Fall Nearly 50%
First Republic Bank's stocks dropped nearly 50 percent in value on Tuesday following weeks of turmoil for the financial institution.
The value of a share in First Republic's stock sat at $12.23 when the stock market opened Tuesday morning. But by closing time, its value had dropped to $8.10, equaling a 49.37 percent decrease. The decline comes after the bank released an earnings report that showed its total deposits fell nearly 41 percent to $104.5 billion and a conference call in which the bank declined to answer questions from investors.
The financial industry is facing continuing uncertainty stemming from the collapse in March of the Silicon Valley Bank , which sent shockwaves throughout the financial industry, leaving smaller banks in peril. The meltdown prompted investors to scrutinize banks including First Republic, whose stock plummeted in mid-March. In the week-long period beginning March 8, the bank's stock moved from roughly $115 to $31, a drop of more than 70 percent—. Furthermore, First Republic's credit rating was downgraded in March due to"extremely volatile conditions" by Moody's Investment Service.
A person walks past a First Republic bank branch in Manhattan on April 24, 2023, in New York City. The U.S. bank will reveal its latest financial results but concerns over small and medium-sized banks persist following the collapse of Silicon Valley Bank in March. On Tuesday, First Republic's stock dropped nearly 50 percent.
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