First Republic Bank shares plunge as it weighs $100bn asset sale to shore up balance sheet via IrishTimesBiz
First Republic fell as much as 30 per cent Tuesday after reporting a bigger-than-expected drop in deposits in the first quarter. The figure fell to $104.5 billion, well below the $137 billion average of analyst estimates. The total included a $30 billion infusion from 11 of the largest US lenders.
Earlier, First Republic executives did not take questions during its earnings call, sending shares to an all-time low in intraday trading as analysts parse a challenging quarter without additional details from management. “Unfortunately, we were disappointed that the company did not set aside time for Q&A on the conference call, leaving many questions unanswered,” Piper Sandler analysts Andrew Liesch and Michael Hultquist wrote in a note. The two maintained their neutral rating on the stock.
“The conference call did not go well,” Chris Marinac, an analyst at Janney Montgomery Scott, said on Tuesday. His firm was one of the two that downgraded First Republic after it reported results. “I think the market didn’t like the lack of questions.”
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