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FIRST REPUBLIC BANK

(FRC)
  Report
Delayed Nyse  -  04:05:22 2023-03-21 pm EDT
15.77 USD   +29.47%
06:54pStocks close up on bank bounce, Fed takes focus
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06:27pFirst Republic may rely on US backing to facilitate deal - Bloomberg News
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05:56pFirst Republic taps Lazard for help with review of strategic options - WSJ
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Banking crisis: investors measure portfolio damage after turbulent week

03/18/2023 | 04:59am EDT

Copyright BusinessAMBE

The weekend, with stock markets closed, gives regulators in Switzerland some breathing room to figure out a for troubled bank Credit Suisse. Investors, meanwhile, are counting their weekly losses.

The problem banks

  • Credit Suisse: -25.5 percent in the past week
  • First Republic: -71.8 percent

Of the two banks in the spotlight this week - Credit Suisse and First Republic Bank - it is clear that the California bank took the heaviest stock market hit this week, with a price loss of nearly 72 percent over the past week. Credit Suisse lost about a quarter of its stock market value over the same period.

The rescue plans for both banks announced this week already had in common that the banks received hefty liquidity guarantees. Credit Suisse is using the Swiss National Bank's 50 billion Swiss franc infusion, at First Republic, came up with $30 billion in deposits, albeit only for 120 days.

So why the lingering nervousness? "Liquidity alone does not restore solvency," analysts answer. As long as there are doubts about a bank's capital position - say, its financial fundamentals - it will remain under pressure. That explains why compatriot UBS is being looked at to acquire Credit Suisse.

European banks

  • ING: -14.8 percent
  • : -14.2 percent
  • Santander: -13.1 percent
  • Barclays: -11.3 percent
  • : -11 percent
  • UBS: -10.8 percent

Share prices of European banks have been greatly affected by the banking crisis in the U.S. and Switzerland, although no direct correlations are known. KBC lost 11 percent in one week and ING even nearly 15 percent. The very similar weekly losses suggest that investors - or their computers - made little distinction between the banks and found the entire European banking sector less attractive.

U.S. major banks

  • JP Morgan Chase: -5.9 percent
  • Citi: -8.5 percent
  • Bank of America: -8.9 percent
  • Goldman Sachs: -7.4 percent

The big U.S. banking giants on Wall Street did not remain immune to the turbulence surrounding regional banks like Silicon Valley Bank and First Republic. But remarkably, they were able to limit the weekly damage to significantly less than 10 percent. Thus, they outperformed their European counterparts.

General stock market indices

  • S&P500: +1.4 percent
  • Bel20: -3.8 percent
  • AEX: -2.8 percent

The Bel20 index was able to limit its weekly loss to 3.8 percent. The damage was also limited elsewhere in Europe, and in the U.S. the S&P500 even advanced on a weekly basis. Conclusion: banks may already be in difficult waters, but there is no sign of a broad stock market crisis for the time being.

Crypto: substantial gains

The stock markets may already be closed, but crypto trading continues day and night. Crypto seems to be from the crisis in the traditional financial sector. Bitcoin went from $21,900 this week on Monday to $27,300 this morning. Ethereum is going slightly lower, but is also up sharply in the lieft.

  • Bitcoin: +24.6 percent
  • Ethereum: +15 percent

© The Content Exchange, source News

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Analyst Recommendations on FIRST REPUBLIC BANK
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Financials (USD)
Sales 2023 5 239 M - -
Net income 2023 847 M - -
Net Debt 2023 - - -
P/E ratio 2023 3,33x
Yield 2023 4,94%
Capitalization 2 937 M 2 937 M -
Capi. / Sales 2023 0,56x
Capi. / Sales 2024 0,47x
Nbr of Employees 7 213
Free-Float 99,2%
Chart FIRST REPUBLIC BANK
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Technical analysis trends FIRST REPUBLIC BANK
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Last Close Price 15,77 $
Average target price 107,79 $
Spread / Average Target 584%
EPS Revisions
Managers and Directors
Michael J. Roffler President, Chief Executive Officer & Director
Neal Holland Chief Financial Officer & Executive Vice President
James H. Herbert Executive Chairman
James D. Hughes Chief Information Officer & Executive VP
Susie Cranston Chief Operating Officer & Executive Vice President
Sector and Competitors