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Best Bank Stocks To Buy Now? 3 For Your Watchlist

Saturday, March 25, 2023 03:27 PM | via QuoteMedia

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Best Bank Stocks To Buy Now? 3 For Your Watchlist

2023-03-25 15:27:39 ET

Bank stocks refer to stocks of companies that operate in the banking industry, providing financial services such as lending, deposit-taking, and investment management. The banking sector is an integral part of the global economy and is essential for the functioning of businesses and individuals alike. Bank stocks are considered to be a vital component of many investment portfolios, with banks being known for their stability, strong financials, and consistent dividends.

The performance of bank stocks is closely tied to economic indicators such as interest rates, inflation, and consumer spending. Higher interest rates typically benefit banks by increasing the margins on loans, while lower rates can lead to decreased revenue. Regulatory and legislative changes can also impact the banking sector, with changes in regulations potentially increasing compliance costs and impacting profitability.

Investing in bank stocks requires a thorough understanding of the individual company’s financials, market position, and regulatory environment. It’s important to carefully evaluate factors such as loan portfolios, interest rate sensitivity, and credit quality. Additionally, diversification is key, as investing in a single bank stock can be risky due to the potential for economic and regulatory changes to impact the sector as a whole. With that being said, let’s check out three trending bank stocks to watch in the stock market this upcoming week.

Bank Stocks To Watch Right Now

Bank Of America (BAC Stock)

First up, Bank of America Corporation (BAC) is a global banking and financial services company that provides a wide range of services, including consumer and commercial banking, investment banking, and wealth management. The company operates in over 35 countries and serves clients in over 200 countries. Bank of America is one of the largest banks in the United States.

Meanwhile, back in January, Bank of America released its most recent 4th quarter 2022 earnings results. In the report, the company reported earnings of $0.85 per share and revenue of $34.9 billion. This is versus Wall Street’s consensus estimates for the quarter which were earnings of $0.76 per share, and revenue estimates of $24.6 billion. These revenue figures reflect a 50.5% increase in comparison to the same period, the previous year.

Over the past trading week shares are down another 3.86%. Meanwhile, as of Friday’s closing bell, shares of BAC stock closed the day modestly higher by 0.63% at $27.14 a share.

BAC stock
Source: TD Ameritrade TOS

[Read More] Best Dividend Stocks To Watch In 2023? 3 To Know

Citigroup (C Stock)

Moving along, Citigroup Inc. (C) is a diversified financial services company that provides a range of services, including consumer banking, commercial banking, and investment banking. The company operates in over 160 countries and has a significant presence in emerging markets.

Just this past week, Citigroup reported that it will announce the date and time it will release its Q1 2023 financial results. In detail, the company said it will release its first quarter 2023 results on Friday, April 14, 2023, at 11:00 am EST.

Looking at the last week of trading action, shares of C stock have dipped another 3.12%. While, as of the end of the day Friday, Citigroup’s stock is trading at $43.11 a share.

Source: TD Ameritrade TOS

[Read More] 3 Cyclical Stocks To Watch For March 2023

Goldman Sachs Group (GS Stock)

Finally, The Goldman Sachs Group Inc. (GS) is an investment banking and financial services company that provides services such as investment banking, institutional client services, and investing and lending.

Last month, Goldman Sachs announced that it will be releasing its financial results for the first quarter of 2023 on April 18, 2023. The results will be made available to the public via a press release on the company’s website. Additionally, the company will hold a conference call at 9:30 am (ET) on the same day to discuss its financial results and outlook. The call will be open to the public.

What’s more, over the last trading week, shares of GS stock have advanced by 1.91%. Meanwhile, Goldman Sachs stock closed out this past Friday’s trading session slightly lower by 0,72%, at $312.57 per share.

Source: TD Ameritrade TOS

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