3 Big Bank Stocks That Are Printing Money


U.S. equities remain rangebound on Tuesday, continuing a slow recovery from last week’s politically motivated volatility. Volume is light and trading ranges are tight. But there are encouraging signs if you know where to look.

3 Big Bank Stocks That Are Printing MoneySource: Shutterstock


Financial stocks in particular are looking ready for a run higher. These were among the hardest hit last week — threatening a nasty head-and-shoulders reversal pattern on the Financial Select SPDR Fund (NYSEARCA:XLF) — on fears the “Trump-flation” trade was fading.

A recovery now looks to be underway, as shares rally off of critical support as long-term interest rates push higher once more — lifting net interest margin expectations.

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With that said, here are three stocks in the sector that look ready to move:

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Bank Stocks to Buy: Bank of America (BAC)


Bank of America Corp (NYSE:BAC) shares are rising off of critical six-month support near $22.50 a share, threatening to move over its 50-day moving average. Watch for a possible return to its March high near $26, which would be worth a 10%-plus move from here.

The company reported a top- and bottom-line beat on April 18, with earnings of 41 cents per share six cents ahead of estimates on a 6.9% rise in revenues. The company will next report results on July 18 before the bell.

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Bank Stocks to Buy: JPMorgan (JPM)


JPMorgan Chase & Co. (NYSE:JPM) shares are listing off of three-month support near $85 — avoiding a decline to the January low near $82.50 that looked so likely last week — setting up a run at its 50-day moving average along with the late April high near $89.

The company reported a top- and bottom-line beat on April 18, with earnings of 1.65 cents per share 13 cents ahead of estimates on a 6.9% rise in revenues.

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The company will next report results on July 13 before the bell. Analysts are looking for earnings of 1.65 cents per share on revenues of $25.6 billion. Watch for a run at the early March high above $92.50, which would be worth around a 7% gain from here.


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Bank Stocks to Buy: Citigroup (C)


Citigroup Inc (NYSE:C) shares are the most advanced here, perking up to challenge six-month resistance with a possible move over the $62-a-share level — representing a move to levels not seen since early 2009.

The company will next report results on July 13. When it last reported earnings, it was a top- and bottom-line beat with earnings of $1.35 per share beating estimates by 11 cents on a 3.2% year-over-year increase in revenue.

Analysts are looking for $1.26 per share next quarter on $17.67 billion in revenue. 

Anthony Mirhaydari is founder of the Edge (ETFs) and Edge Pro (Options) investment advisory newsletters. A two-week and four-week free trial offer has been extended to Investorplace readers. Redeem by clicking the links above.

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