First Republic Bank Stock Is Falling: What's Going On?

First Republic Bank (NYSE:FRC) shares are trading lower Monday after the company suspended dividend payments on its preferred stock.

The Details: According to a regulatory filing, First Republic suspended its quarterly cash dividend after its board determined that it would be the prudent move for the bank. The company specifically called the dividend suspension a "measure of prudent oversight."

The bank also said it will report first-quarter financial results on April 24. First Republic is expected to report quarterly earnings of $1.41 per share on revenue of $1.38 billion, according to estimates from Benzinga Pro.

See Also: Why Micron Stock Is Rising Monday

FRC Price Action: First Republic has a 52-week high of $171.04 and a 52-week low of $11.52. 

The stock was down 4.56% at $13.39 at time of publication, according to Benzinga Pro.

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