Shares of First Republic Bank (NYSE: FRC) dipped in pre-market trading on Monday after the commercial bank stated in an SEC filing that it has decided to suspend its quarterly cash dividend payments on each series of the Bank’s preferred stock as an “a measure of prudent oversight.”
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The Bank had already suspended dividends on its common stock last month after it received $30 billion in uninsured deposits from a consortium of 11 banks following the collapse of Silicon Valley Bank.
First Republic is expected to announce its fiscal Q1 results on April 24 while analysts were expecting it to announce on April 14.
Analysts rate FRC stock a Hold based on five Buys, 11 Holds, and one Sell.
