First Republic dips after cutting preferred stock dividend and delaying Q1 results

First Republic Bank
FRC,
+4.39%
dipped 1.5% in premarket trades after it said in a filing that it would stop paying dividends on its preferred stock as a “a measure of prudent oversight.” First Republic already suspended dividend on its common stock last month, when it received $30 billion in deposits from the nation’s largest financial institutions after a drop in deposits following the collapse of Silicon Valley Bank. First Republic also said it would report first-quarter results on April 24, after the market closes, according to the filing from Friday. In 2022, 2021 and 2020, First Republic reported earnings in the second week of April. Earlier, analysts had expected First Republic to report first-quarter earnings on Friday, according to FactSet data.