Why Are Bank Stocks in Retreat?
If you're an investor in bank stocks, you'd be excused for wondering why they've been in retreat, with the KBW Bank Index closing down the past five days in a row. What's behind the decline? It's impossible to say for sure, but you'd be excused for thinking that the growing sense of uncertainty coursing through the markets is the culprit.
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Make no mistake about it, the past year has been more than kind to bank stocks. If you take a list of the 20 biggest banks in the country, their shares are up by an average of 33% over the past 12 months. Bank of America (NYSE: BAC) has led the way, with a 58% rally. Even the worst performing big-bank stocks have done pretty well, with Bank of New York Mellon's performance coming in last on the KBW Bank Index, but nevertheless up by 17%.
Source: Fool.com
Bank of America Corp. Stock
With 87 Buy predictions and 1 Sell predictions Bank of America Corp. is one of the favorites of our community.
On the other hand, the target price of 52 € is below the current price of 54.45 € for Bank of America Corp., so the potential is actually -4.5%.
