Start your free 7-day trial to get on board. The company's shares fell more than 71% last week.Īs always, InvestingPro subscribers got this news first. banks - Bank of America (NYSE:BAC), Citigroup (NYSE:C), JPMorgan (NYSE:JPM), and Wells Fargo (NYSE:WFC) among others - committed $30 billion in uninsured deposits to boost First Republic's liquidity.

On contrary, JPMorgan reiterated its Overweight rating and the Top Pick designation, noting it is growing increasingly more positive on the stock after the largest U.S.

Meanwhile, Wedbush downgraded the bank to Neutral from Outperform. 'The limited information provided implies that the balance sheet has increased substantially, which may well necessitate a capital raise.' 'Management is exploring different strategic options which may include a full sale or divestments of parts of the loan portfolio,' the firm said. The firm added that its adjusted EPS forecasts are declining by 95% in fiscal 2023 and by 94% next year, 'even assuming costs decline by 9-12% over the next two years.' Shares plunged more than 32% on Friday and were trading 20% lower pre-market today.Ītlantic Equities downgraded the stock to Neutral from Overweight given the lack of clarity and unprecedented uncertainty surrounding the bank. First Republic Bank suspends dividend, downgraded on unprecedented uncertaintyįirst Republic Bank (NYSE:FRC) announced on Thursday a suspension of its common stock dividend as it is going through a period of recovery, being focused on reducing its borrowings and evaluating the composition and size of its balance sheet going forward. Here is your Pro Recap of the biggest share buybacks and dividend headlines you may have missed over the past week.

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