First Republic stock drops again as bank stocks trade mixed

First Republic Bank’s stock fell Thursday and was the most actively traded bank stock on the New York Stock Exchange, as it absorbed another credit rating downgrade, while some other bank stocks moved higher.Overall, bank stocks traded mixed after steep losses in the previous... First Republic Bank’s stock fell Thursday and was the most actively traded bank stock on the New York Stock Exchange, as it absorbed another credit rating downgrade, while some other bank stocks moved higher.

Truist analyst Brandon King cut stock price targets and earnings estimates for a host of banks, on expectations that net interest margins will fall, loan growth will slow and credit costs will increase. “[W]e continue to forecast a recession later this year with incrementally higher NCOs [net charge offs], provisioning and reserve levels,” King wrote in a note to clients.

Truist cut PacWest Bancorp’s PACW price target to $13 from $29, while its earnings-per-share estimate was dropped to $1.45 from $3.27.Truist also lowered its price targets for Western Alliance Bancorp WAL to $50 from $86, while Zions Bancorp was reduced to $35 from $59.Western Alliance Bancorp drew praise Thursday for its discounted price and “strong earnings engine” as financial advisor Hovde Group initiated coverage of the beaten-down bank stock with an outperform rating.

Jake Moseley, Matt Trotter, and Ted Wilson have joined the bank as managing directors, with leadership roles in Stifel’s venture banking unit based in the San Francisco Bay area.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

First Republic looking at options if new capital attempt fails, stock recoups some lossesFirst Republic Bank , the beleaguered U.S. regional lender, is looking at ways to downsize if its attempts to raise new capital fail, sources said, while U.S. bank CEOs met in Washington after the collapse of three lenders stunned markets. And rumor has it on Fox Business that an NC corporation is looking at SVB. SVB, if run properly, should be a good acquisition. Short-sellers will experiment with a new degree of pain by the end of the week.
Source: Reuters - 🏆 2. / 97 Read more »

How First Republic stock's tailspin started and why it hasn't stoppedSilicon Valley venture capitalists and the banking ecosystem around them believe they’re good at spotting risk -- but they missed this one. its doing fine, thanks tho
Source: MarketWatch - 🏆 3. / 97 Read more »

Stocks making the biggest moves midday: Tesla, First Republic, KeyCorp, UBS and moreCheck out the companies making headlines in midday trading Tuesday. Credit card debt reaches an all time high .. media just smiles
Source: CNBC - 🏆 12. / 72 Read more »