To The Moon

• First Republic Bank (FRC) stock continues to lose value on Wednesday.
• That comes alongside a downgrade from S&P.
• It dropped the bank’s credit rating to “BB+.”

First Republic Bank stock is falling on Wednesday after being hit with a downgrade from S&P.

That downgrade has S&P dropping the bank’s credit rating from “A-” to “BB+”. The firm believes that First Republic Bank’s outflow risk is still a major problem even after its liquidity was increased to $70 billion earlier this week.

All of this comes as First Republic Bank was one of the banks to majorly suffer following the SVB Financial (NASDAQ:SIVB) collapse. This caused a major bank stock crash this week, and shares of FRC were hit incredibly hard during it.

What Analysts Think About FRC Stock

Considering all the recent drama surrounding bank stocks, some investors might wonder if First Republic Bank is worth investing in. Analysts are on the fence about that, with the current consensus rating being “hold.” That comes from 18 analysts’ opinions.

FRC stock has seen several new ratings over the last few days. That includes Compass Point dropping it to “neutral,” Raymond James decreasing it to “market perform,” and Wolfe Research bumping it down to “peer perform.”

Trading activity today has some 42 million shares on the move as investors sell FRC stock. For the record, the company’s daily average trading volume is about 6.8 million shares.

FRC stock is down 21.37% on Wednesday.