First Republic Bank
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Financials : Banks | Small Cap Value
Company profile

First Republic Bank (the Bank) is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States. It operates through two segments: Commercial Banking and Wealth Management. The principal business activities of the Commercial Banking segment are gathering deposits, originating and servicing loans and investing in investment securities. The principal business activities of the Wealth Management segment include the investment management activities of First Republic Investment Management, Inc. (FRIM), which manages investments for individuals and institutions; money market mutual fund activities through third-party providers and the brokerage activities of First Republic Securities Company, LLC (FRSC) and its foreign exchange activities conducted on behalf of clients.

Day's Change
-0.0029 (-1.65%)
B/A Size
Day's High
Day's Low
(Above Average)

Today's volume of 6,107,505 shares is on pace to be greater than FRCB's 10-day average volume of 6,411,274 shares.


A stock-market milestone: Apple is now worth more than the entire Russell 2000

8:29 am ET May 20, 2023 (MarketWatch)

By Joseph Adinolfi

The market capitalization of Apple Inc. has surpassed that of the entire Russell 2000for two weeks, the longest stretch on record, according to Bloomberg data.

Apple's market capitalization,which measures how much the company is worth based on the value of all its outstanding stock, surpassed that of the Russell 2000 on April 27 and has held higher through Monday. The only other time that occurred was Sept. 1, 2020, when Apple's valuation passed that of the small-cap index for only a day.

Apple's premium over this group of small-cap stocks continued to widen over the past two weeks as the consumer-technology giant reported earnings that surpassed Wall Street analysts' expectations.

With a market capitalization of roughly $2.7 trillion, Apple is now worth roughly $100 billion more than the combined value of all 2,000 stocks in the Russell 2000, according to Bloomberg data shared with MarketWatch.

To be sure, the gap narrowed somewhat on Monday as Apple shares declined by 0.4% to $171.80, while the Russell 2000 gained 1.3% to trade at 1,763.

A team of stock-market analysts from Bespoke Investment Group illustrated the trend in a chart shared on Twitter Monday.

U.S. equity benchmarks have powered higher in 2023, but some say the strength in popular indexs like the S&P 500 and Nasdaq Composite has masked weakness in other corners of the market.

Both the S&P 500, which has risen more than 7% year-to-date, and the Nasdaq Composite, which has risen nearly 18%, owe the bulk of their gains to a handful of megacap technology stocks including Apple, Microsoft Corp. (MSFT), Alphabet Inc. (GOOGL) and Nvidia Corp. (NVDA)

The top 10 stocks in the S&P 500 hold a 29% weight in the index, and have been responsible for around 70% of its year-to-date performance gains, according to a MarketWatch report from last week.

See:The S&P 500 is top-heavy with tech. Here's what that says about future stock-market returns

The Russell 2000, meanwhile, is essentially unchanged since the start of 2023. Apple, by comparison, has risen more than 32% since Jan. 1, according to FactSet data. The relative weakness in small-caps has inspired discussion about whether this might be a buying opportunity, as market strategists told Barron's.

See:Small-Cap Stocks Have Been Crushed. 3 With Big Potential

Small-caps have struggled against a plethora of headwinds since the start of 2023. Shrinking corporate earnings, a string of regional-bank failures and signs of a looming recession have taken a heavy toll. Facing so much uncertainty, equity investors have sought safety in shares of megacap technology names this year following a punishing selloff in 2022.

"It is pretty incredible that one company could overtake an entire universe of small-cap stocks in terms of size," said Callie Cox, U.S. equity strategist at eToro, during a phone interview with MarketWatch. "To me, it really speaks to how beaten down small-caps are."

When Apple reported earnings for the quarter ended in March last week, the company's management revealed a surprise growth in its iPhone business, which helped to overcoming a shortfall in Mac revenue. The company also promised investors billions more in dividends and stock repurchases, which helped to boost the stock price. Apple's shares traded higher in response.

-Joseph Adinolfi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

May 20, 2023 08:29 ET (12:29 GMT)

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