Richard Bove Would Own STT, BK, NTRS, GS And MS
Rochdale Securities analyst Richard Bove spoke in CNBC’s Fast Money about his expectations in financial sector and made five picks of the banks that he would own. Bove said that 60% of the banks in U.S. are probably going to show losses over the next six months and he thinks that only banks that will have pretax earnings are worth looking. One of his favorites is State Street (NYSE: STT), that soared 2.86% on Wednesday. This stock closed at $54.70 and had lower than average volume with $4.05M.
Bove also likes Bank of New York (NYSE: BK) and Northern Trust (NASDAQ: NTRS). Both stocks closed in the positive territory today with Bank of New York (BK) having a fantastic day and a price increase of 6.56%. It closed at $30.72. Northern Trust (NTRS) went up 1.35% to $60.02.
Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS), in Bove’s opinion, could have a significant improvement in earnings. Morgan Stanley (MS) jumped 4.94% to $30.16, and Goldman Sachs (GS) finished 1.82% up.
