Anne Czichos
A couple of things have happened to First Republic Bank (FRC) since I submitted a contrarian call to buy the community bank's shares about two weeks ago. FRC stock has whiplashed ever since and the bank
First Republic Bank: Why I Am Sticking To My Investment
Summary
- The Fed’s liquidity measures have so far worked to prevent further deposit runs.
- A serious of 8K disclosures lately were meant to calm investors, but investors remain on edge.
- According to a WSJ report, First Republic Bank may have lost $70B in deposits lately.
- FRC remains a high-risk, high-potential community bank stock, and I am reaffirming my speculative buy rating.
I am interested in a lot of technology and AI stocks like Google, Nvidia, AMD, Tesla and Amazon.
Analyst’s Disclosure:I/we have a beneficial long position in the shares of FRC, PACW, SCHW, USB, FITB either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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