First Republic Bank
FRCB: PINX (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$3.35 | Kpyh | Ntynzssk |
First Republic/JPMorgan: Deal Brings Benefits for JPMorgan, End For First Republic Shareholders
JPMorgan Chase has acquired First Republic Bank from the FDIC, effectively zeroing out First Republic equityholders. Because the latter bank is no longer a separately traded entity, we are dropping coverage of First Republic. We had assigned a very high probability (84%) that its shares were worth zero well over a month ago and actually dropped our fair value estimate to $0 on April 27. We were at the low end on the Street in both instances.