![]() The “dramatic” decline in deposits forced First Republic Bank to “significantly increase its borrowings, peaking at $138 billion on 3/15, and totaling $104 billion as of 4/21, compared to ~ $15 billion at 12/31,” Chiaverini wrote in a note. “Net, we believe FRC shares will remain volatile until we gain more clarity on the bank’s future." Wedbush “In response to these issues, the team disclosed their intentions to shrink the bank by reducing the loan portfolio while cutting costs, including laying off a sizable amount of its workforce,” the analyst stated. “As expected, it was a rather disappointing quarter given that dramatic decline in core deposit balances, increased reliance on high-cost borrowings, and substantial NIM compression,” Long said in a note. Keefe Bruyette & Woods analyst Christopher McGratty said that First Republic Bank’s quarterly results were impacted by a 41% sequential decline in depositsĬheck out other analyst stock ratings.One of the most damning involves their efforts to censor an explosive tweet posted by actor James Woods, a Trump supporter. Wedbush analyst David Chiaverini reiterated a Neutral rating and price target of $8. Via a lengthy Twitter thread, Rolling Stone editor Matt Taibbi revealed the exchanges between company executives and the campaign in the weeks leading up to the election. Actor James Woods has been locked out of his Twitter account over a two-month-old tweet that was found to be in violation of the tech company’s rules.Raymond James analyst David Long maintained a Market Perform rating on the stock. ![]() Here are some key analyst takeaways from First Republic Bank’s quarterly results. Shares of First Republic Bank (NYSE:FRC) Tuesday crashed after the company reported a decline in deposits and announced layoff plans.
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