Bank of America Corp BAC andWells Fargo & Co WFC shares are trading lower by 2.35% to $29.06 and 1.57% to $40.80, respectively, Tuesday afternoon.
Shares of several companies in the broader financial space are trading lower in sympathy with First Republic Bank FRC after the company announced a decline in deposits and revenue for the first quarter, possibly increasing concerns surrounding the overall financial sector.
First Republicsaid first-quarter revenue fell 13.4% year-over-year to $1.2 billion, which beat consensus estimates of $1.15 billion.The bank reported quarterly earnings of $1.23 per share, which beat estimates of 85 cents per share…Read More
Here are some key analyst takeaways from First Republic Banks quarterly results.
Shares of several bank stocks are also trading lower for 2023 following the recent closure of Silicon Valley Bank and Signature Bank, the largest bank failures since 2008.
According to data fromBenzinga Pro: BAC has a 52-week high of $40.76 and a 52-week low of $26.32 WFChas a 52-week high of $50.19 and a 52-week low of $35.25
