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Tue, June 6 at 7:00PM ET

FRC Stock Alert: First Republic Falls on S&P Downgrade

  • First Republic Bank (FRC) stock continues to lose value on Wednesday.
  • That comes alongside a downgrade from S&P.
  • It dropped the bank’s credit rating to “BB+.”
FRC Stock - FRC Stock Alert: First Republic Falls on S&P Downgrade

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First Republic Bank (NYSE:FRC) stock is falling on Wednesday after being hit with a downgrade from S&P.

That downgrade has S&P dropping the bank’s credit rating from “A-” to “BB+”. The firm believes that First Republic Bank’s outflow risk is still a major problem even after its liquidity was increased to $70 billion earlier this week.

All of this comes as First Republic Bank was one of the banks to majorly suffer following the SVB Financial (NASDAQ:SIVB) collapse. This caused a major bank stock crash this week, and shares of FRC were hit incredibly hard during it.

What Analysts Think About FRC Stock

Considering all the recent drama surrounding bank stocks, some investors might wonder if First Republic Bank is worth investing in. Analysts are on the fence about that, with the current consensus rating being “hold.” That comes from 18 analysts’ opinions.

FRC stock has seen several new ratings over the last few days. That includes Compass Point dropping it to “neutral,” Raymond James decreasing it to “market perform,” and Wolfe Research bumping it down to “peer perform.”

Trading activity today has some 42 million shares on the move as investors sell FRC stock. For the record, the company’s daily average trading volume is about 6.8 million shares.

FRC stock is down 16.2% as of Wednesday morning.

There’s more stock market news worth reading about below!

We’ve got all of the hottest stock market coverage traders need to know about on Wednesday. Among that is why shares of Meta Materials (NASDAQ:MMAT), Digital World Acquisition (NASDAQ:DWAC), and AMC Entertainment (NYSE:AMC) stock are moving. You can catch up on all that news at the following links!

More Wednesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

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