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The most oversold stocks in the financial sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30.
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Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
CVB Financial Corp. (NASDAQ:CVBF)
- CVB Financial posted doenbeat quarterly earnings. David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “We are pleased with our record results in 2022 and remain committed to the mission and vision of Citizens Business Bank. The fourth quarter and full year of 2022 represented record quarterly and annual earnings for the Bank, and we ended the fourth quarter with a return on average assets of 1.60% and a return on tangible common equity of 23.65%.” The company’s stock has a 52-week low of $20.26 .
- RSI Value: 29.64
- CVBF Price Action: Shares of CVB Financial gained 0.8% to close at $21.61 on Friday.
Renasant Corporation (NASDAQ:RNST)
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- Renasant posted upbeat quarterly earnings. “We are pleased to report a solid fourth quarter with quarterly earnings growing over the prior year,” said C. Mitchell Waycaster, Renasant President and Chief Executive Officer. The company’s stock has a 52-week low of $27.61.
- RSI Value: 26.65
- RNST Price Action: Shares of Renasant rose 1.4% to close at $32.05 on Friday.
Independent Bank Group, Inc. (NASDAQ:IBTX)
- Independent Bank Group reported worse-than-expected Q4 EPS results. "Our full-year 2022 results illustrate the ability of our business model to deliver healthy loan growth, sustainable earnings, and resilient credit quality throughout the economic cycle," said Independent Bank Group Chairman & CEO David R. Brooks. The company’s stock has a 52-week low of $49.55.
- RSI Value: 26.56
- IBTX Price Action: Shares of Independent Bank Group rose 1.2% to close at $52.96 on Friday.
Wells Fargo & Company (NYSE:WFC)
- Wells Fargo reported a Q4 net income of $2.85 billion, down 53% Y/Y and 20% sequentially, driven partly by lower mortgage banking. The company’s 52-week low is $36.54.
- RSI Value: 28.18
- WFC Price Action: Shares of Wells Fargo rose 0.6% to close at $41.36 on Friday.
Trustmark Corporation (NASDAQ:TRMK)
- Trustmark posted upbeat quarterly earnings. Duane A. Dewey, President and CEO, commented, "We made significant progress across the organization during the year. Loan growth in 2022 was the highest in Trustmark’s history. Credit quality remained strong." The company has a 52-week low of $25.51.
- RSI Value: 24.53
- TRMK Price Action: Shares of Trustmark rose 0.8% to close at $26.72 on Friday.
Read More: Insiders Selling Perrigo And 3 Other Stocks
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.