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First Republic stock crashed 90% since Jim Cramer called it a ‘very good bank’

First Republic stock crashed 90% since Jim Cramer called it a ‘very good bank’
Ana Zirojevic

Despite the stock of First Republic Bank (NYSE: FRC) witnessing a brief positive momentum in late March, April hasn’t been so kind to the lender that saw its shares plunge by nearly 50% at the close of trading on Tuesday, adding up to the 90% drop since Jim Cramer endorsed it.

Specifically, the TV personality and CNBC’s ‘Mad Money’ host posted a tweet on March 10, saying that First Republic Bank was a “very good bank,” but the company has since lost $100 billion in deposits, and its stock has tanked 90%, according to the latest data retrieved on April 26.

Indeed, Cramer has often been subject to online criticism and ridicule over his somewhat dubious investment predictions and recommendations, with various social media finance analysts suggesting that investors should do the exact opposite of what he is recommending and expect the contrary of what he is predicting.

Cramer strikes again

The most recent demonstration of this widespread stance is the FRC, which has hit a record low price in shares after depositors pulled around $100 billion, sparking fears that the recent banking contagion is not over – as earlier projected by former International Monetary Fund (IMF) chief economist Raghuram Rajan.

As it happens, on March 10, when Cramer posted his tweet about it, the First Republic Bank stock was changing hands at the price of $81.76, only to decline a whopping 90.09% since that date to the mere $8.10 at press time (down 93.06% in the last six months), as the charts demonstrate. 

First Republic Bank 6-month stock price chart. Source: Google Finance

Interestingly, Scott Hamilton, the global payments and liquidity expert and contributing editor at Finextra Research, named this bank in mid-March as one of the potential future victims, suggesting FRC, Pacific Western Bancorp, and Western Alliance Bancorporation could be the next to fall after Silvergate Bank, Silicon Valley Bank (SVB), and Signature Bank.

Elsewhere, Cramer’s predictions have earned him a particular amount of scorn from the cryptocurrency community, considering he has been a vocal crypto critic. For instance, last month Cramer advised investors to sell Bitcoin (BTC) just as the flagship decentralized finance (DeFi) asset began to surge.

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