2023-05-05 12:05:56 ET
Regions Financial (NYSE: RF) struggled this week as its stock price dropped 13.7%, as of Friday's opening bell, according to S&P Global Market Intelligence . The stock was trading at about $16.45 per share as of Friday morning's open, down 23.7% year to date.
The markets were all down this week, as the S&P 500 fell 2.6%, the Dow Jones Industrial Average 2.8%, and the Nasdaq Composite 2.1%, as of Friday at 9:30 a.m. ET.
This was a difficult week for bank stocks across the board, particularly regional banks, as the fallout continued from the March banking crisis. On Monday, we learned about the failure of another bank , First Republic (OTC: FRCB) , which was immediately sold off by federal regulators to JPMorgan Chase (NYSE: JPM) . First Republic's is the second-largest bank failure in U.S. history, behind Washington Mutual's in 2008. At the end of 2022, it had $212 billion in assets, making it the 14th largest U.S. bank.
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Why Regions Financial Stock Plummeted 13.7% This Week