SBNY - First Republic Bank shares rebound after recent plunge

2023-03-14 10:28:53 ET

First Republic Bank ( NYSE: FRC ) shares are trading around +50% on Tuesday, marking a rebound after the stock tumbled as much as -78% the previous day.

The stock suffered a record rout amid the failures of Silicon Valley Bank ( SIVB ) and Signature Bank ( SBNY ). Actions taken by federal regulators to ease market jitters surrounding contagion in the banking sector failed to provide the regional lender relief.

Other regional banks KeyCorp ( KEY ), Comerica ( CMA ) and Truist Financial ( TFC ) are also in the green at +15.55% , +6.84% and +7.01% , respectively, shortly before 10:30PM ET. While their rebounds are far less dramatic than First Republic Bank, their declines on Monday were also milder.

Earlier today Moody's said it has placed First Republic Bank ( FRC ) under review for downgrade along with five other lenders, while downgrading shuttered Signature Bank's ( SBNY ) credit ratings into junk territory.

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