First Republic Bank Shares Plunge 20% Due to “Unprecedented” Deposit Outflows

First Republic Bank (FRC) experienced a massive drop in deposits in the first quarter, leading to a more than 20% drop in its shares, according to late-Monday earnings reports. The bank saw a 35.5% fall in deposits compared to last year, and $72 billion left during the quarter. This led to a total deposit of $104.5 billion as of March 31, well below FactSet projections of $145 billion. The bank’s CFO, Neal Holland, referred to the deposit outflow as “unprecedented,” with several banks closing in March.

Other notable earnings announcements this week include Amazon, Alphabet, Facebook-owner Meta Platforms, and Microsoft.

The stock market today remained stable, with the Dow Jones Industrial Average rising 0.2%, the S&P 500 rising 0.1%, and the Nasdaq composite dropping 0.3%. Notable stocks to buy and watch during this market rally include Crocs, DraftKings, and Lululemon Athletica, while JPMorgan Chase, Nike, and Visa remain Dow Jones stocks to watch.

Dow Jones futures were stable ahead of Tuesday’s open, with little change to the S&P 500 and Nasdaq 100 futures.

*LEGAL DISCLAIMER

Stay Connected
Latest News
From Sponsor
PubCo Insight. Deep Intelligence
Including AI Reports
for Savvy Investors

If you’re looking for a way to get an edge on the stock market, you need to check out PubCo Insight. Using AI, our system is able to make highly accurate stock picks that can help you achieve major gains. With our AI Reports, you’ll be able to learn which stocks are the most traded, undervalued, and have the most potential for growth. This valuable information is absolutely essential for anyone who wants to be successful in the stock market. So sign up now and get started on your path to success!

%d bloggers like this: