Bank stocks are lower today, offering up many intriguing entry points within a safe sector
Bank stocks are getting their teeth kicked in today. It starts at the top, with blue-chip financial intuitions JPMorgan Chase (JPM) and Goldman Sachs (GS) succumbing to central bank headwinds. Today's pullback is also hitting these three smaller, but impactful stocks: Bank of America Corp (NYSE:BAC), Citigroup Inc (NYSE:C), and Fifth Third Bancorp (NASDAQ:FITB).
BAC is down 2.2% to trade at $38.78 today, cooling off from its June 3 two-year high of $39.35. The shares remain 15% higher year-to-date and up 33% in the last 12 months.
C is 3.4% lower to trade at $59.35, and has now taken an 8.6% haircut off its May 22 two-year high of $64.98. The shares have a similar profile as their sector peer -- up 15% in 2024 and 22.5% year-over-year.
FITB is off by 0.9%, last seen trading at $35.29. Keeping with the trend, the stock has suffered a 9.7% pullback from its May 15 two-year highs of $39.14. Fifth Third stock is barely hanging on to its year-to-date breakeven level, but is up 36.1% year-over-year.