Yellen's announcement causes sharp drop in First Republic shares.
TL;DR
First Republic Bank's shares dropped 15.5% after Treasury Secretary Janet Yellen said there is no discussion on insurance for all deposits, making a "bull case" scenario more difficult for the stock. The bank is among those speaking to peers and investment firms about potential deals in the wake of U.S. regulators taking over Silicon Valley Bank and Signature Bank this month following bank runs. Morgan Stanley analysts set a target price of $54 for First Republic shares, which dropped to $13.33 on Wednesday.
Topics:businessfinance#bank-deposits#fdic-insurance#finance#first-republic-bank#janet-yellen#potential-deals
- First Republic shares fall sharply as Yellen says Treasury will not insure all deposits Yahoo Finance
- How First Republic stock's tailspin started and why it hasn't stopped MarketWatch
- First Republic Bank (FRC) Stockholders May Get Little With $13.5 Billion Gap Bloomberg
- Banking crisis: Goldman Sachs sees 'encouraging sign' in Google search data Yahoo Finance
- First Republic Bank Taps Lazard for Help With Review of Strategic Options - WSJ The Wall Street Journal
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