3 Top Bank Stocks to Buy Right Now
Bank stocks have taken a hit since the coronavirus pandemic struck the economy, but most experts say the banks are not the main concern in this crisis, like they were during the Great Recession. The banks are believed to be well capitalized, and Warren Buffett even said himself that he does not see any special problems with the banks. That means there is a good chance most of them will recover once the public health crisis is over. Here are three top bank stocks to buy right now that should perform well through the pandemic.
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It will be hard to find too many banks that performed better than State Street (NYSE: STT) in the first quarter of the year. As most banks reported a drop in earnings or net losses as a result of the coronavirus, this bank reported a $634 million profit, up nearly 25% year over year. Earnings per diluted share of $1.62 in the quarter were up more than 37% over the same period in 2019. I am not sure this company would have been an amazing buy before coronavirus, but State Street is different from many traditional banks because it has a relatively small loan book and earns most of its revenue through fees from investment management and servicing.
Source Fool.com
