FRC - Why Shares of PacWest Bancorp Are Rising and First Republic Are Falling Today
2023-04-26 11:27:09 ET
Shares of PacWest Bancorp (NASDAQ: PACW) traded nearly 11% higher as of 11 a.m. ET today after the bank reported its first-quarter earnings results last night.
Meanwhile, shares of First Republic (NYSE: FRC) continued their downward plunge after reporting earnings Monday, with shares down close to 28% in the same time frame and down almost 64% since Monday.
First Republic and PacWest have been two of the banks investors are watching very closely after the banking crisis began in March. Both had exposure to the tech and venture capital space, and both had lots of uninsured deposits.
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Why Shares of PacWest Bancorp Are Rising and First Republic Are Falling Today