Some of the banks that were involved in the aid of First Republic Bank (NYSE:FRC) are looking to set aside $100 million each in order to increase their reserves, according to Bloomberg. This involves:
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It appears that the worst of the banking crisis has passed us, as fears have definitely eased in the past month. Nevertheless, it suggests that the banking system as a whole is still being impacted by the events that took place, and it may be a while before it fully recovers.
As a result, most of the bank stocks mentioned above are down so far in today’s trading session, with JPM being the only one that’s up. Interestingly, although FRC stock is down the most and rated as a Hold, it appears that Wall Street still expects it to eventually recover. Indeed, analysts expect over 664% upside potential thanks to an average price target of $105.45 per share.
