First Republic’s stock fell 47% to a record low on Monday, 20th of March 2023. This fall is historical as price dipped to its all-time low at $11.56, below the IPO price at $27.50. First Republic Bank had its IPO on the week of the 6th December 2010. Investors have enjoyed a smooth rally over the last decade. Following the recent bank failures, investors apparently aren’t optimistic about the bank’s prospects so First Republic Bank received a $70 billion loan from JP Morgan and another $30 billion lifeline from a consortium of banks in order to strengthen its capital and liquidity positions. Despite this, $FRC still reached an all-time low.
Trading activities were halted several times for volatility, and they sank further after a report from the Wall Street Journal said rival banks led by JPMorgan (JPM) are trying to work on yet another rescue plan for First Republic.
2023 seems to be the worst year for $FRC shareholders despite the opening price of the year being $197.14. $FRC is currently at $13.82, which means it has lost 92.9% of the value it had at the beginning of the year. There has been a little rally in the share price of $FRC as price closed with a profit of 11.81% at the close of market on the 27th of March, 2023. RSI is currently oversold on the daily chart. Price of $FRC could range for the next few weeks before a rally might occur.
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