Shares of First Republic Bank (NYSE:FRC) were rebounding strongly in premarket on Tuesday.
What Happened: The stock was hammered in recent sessions as regional banking peer Silicon Valley Bank, owned by SVB Financial Group (NASDAQ:SIVB), disclosed balance sheet issues and was subsequently folded up.
See Also: Jim Cramer Touts This Bank As ‘Very Good’ One Amid SVB’s Collapse — A Warning Signal?
In premarket trading, First Republic jumped 46.75% to $45.80, according to Benzinga Pro data. The stock has shed about 73% from its March 8 level of $115, the day when SVB disclosed its troubles.
Celebrity stock picker and CNBC host Jim Cramer tweeted early Tuesday that First Republic is a bargain buy and he was surprised that a big broker wasn’t interested in it.
“Fear is so palpable that no one seems to want to step up and buy a very good bank like First Republic which can probably be had for one fourth of what it was worth three months ago,” he said.
“It has an amazing client base. Surprised a big broker isn’t interested.”
