Banking, finance, and taxes
How the Top US Money Center Banks Are Responding to the Brexit
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Watching the massive fallout and then recovery within broad markets, we are beginning to realize that the Brexit provided a very attractive entry point into a fair number of industries. Granted, the Brexit did pull markets back across the board although after a few trading days Britain’s vote to leave the EU appears to be just one big head fake.
Looking at the European markets, the major regional banks took a huge hit, especially those out of the United Kingdom. There was similar fallout in the United States but since this time they have recovered. Investors who are looking to capitalize on a bludgeoned—now recovering—financial sector might just be looking for a trade but the weakness definitely provided an attractive entry point.
24/7 Wall St. has picked some of the leading companies in this industry and tracked them since the Brexit. We have included a recent trading history, consensus analyst price target, and 52-week trading range.
Citigroup (NYSE: C) saw its stock drop as low as $38.31 on Monday but since then it has recovered handily (11.0%). Shares of Citigroup were last trading at $42.51, with a consensus analyst price target of $55.32 and a 52-week trading range of $34.52 to $60.95.
JPMorgan Chase & Co. (NYSE: JPM) watched its shares make a decent gain over the week with the stock up 3.5% during this time. Shares of JPMorgan were last trading at $61.69, with a consensus analyst price target of $70.73 and a 52-week trading range of $50.07 to $70.61.
Wells Fargo & Co. (NYSE: WFC) was one of the stronger money center banks coming out of this crisis due to its exposure being primarily in North America. Over the course of the week the stock gained about 3.1%. Shares were last trading at $47.14, with a consensus analyst price target of $54.76 and a 52-week trading range of $44.50 to $58.70.
Bank of America Corp. (NYSE: BAC) saw its shares take only a slight increase of 1.8% since the Brexit vote. Shares were last trading at $13.23, with a consensus analyst price target of $17.40 and a 52-week trading range of $10.99 to $18.48.
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