First Republic Bank Stock Hits All-Time Low After Earnings

Analysts and options traders are weighing in on the situation

Deputy Editor
Apr 25, 2023 at 10:36 AM
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The shares of First Republic Bank (NYSE:FRC) are down 29.4% at $11.29 at last check, after the regional bank reported a 40% fall in deposits during the first quarter -- falling well below Wall Street's estimates. First Republic Bank also reported quarterly earnings and revenue that beat analysts' forecasts, as well as stabilized deposit flows.

Janney downgraded FRC to "sell" from "neutral" and cut its price target to $8 from $10, while Barclays and Piper Sandler also slashed their price targets. The 12-month average price objective of $49.67 is a 327.1% premium to currently levels, leaving room for more cuts to roll in. Meanwhile, six of 15 covering brokerages still rate the stock a "strong buy."

Put traders are also weighing in, with 192,000 bearish bets across the tape so far today -- eight times the average intraday volume -- versus 112,000 calls, for total volume that's six times what's typically seen at this point. Most popular by far is the May 5 put. 

On the charts, today's plunge has the shares trading at record lows. The equity is now more than 92% lower over the last 12 months, losing 90.7% in 2023 alone thanks to two straight monthly dips.

 

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