6 Financials That Are Still Getting Nailed By the Brexit Vote

The market reaction to the British vote to leave the European Union has been catastrophic, not just in the U.S. markets but globally everything has pulled back. Perhaps the hardest hit sectors were the financials and tech. After the incredible fallout on Friday, investors may have thought that the worst was over but Monday is proving to extend this drop.

There were essentially no safe havens in European-traded equities Friday, and it didn’t matter what the underlying goods were or where the stock traded. While Brexit may not turn out as badly as many fear, it will generate a fair amount of uncertainty for a while. Britain’s actual leave date could be as much as two years away.

In terms of performance, the worst of the worst were the financial stocks that operate in the UK, although other major regional banks on the European continent are feeling the sting as well.

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The Royal Bank of Scotland Group PLC (NYSE: RBS) is one of the largest banks that offers financial services within the UK. Despite the realistic repercussions from this deal not occurring until later on, this is one of the worst hit banks by this vote. Shares closed Friday down 27.5% at $5.43, with a 52-week trading range of $5.41 to $11.44. In early trading indications Monday the stock was down 21% at $4.29.

Barclays PLC (NYSE: BCS) is another large financial services firm within the U.K., primarily known for its investment banking and wealth management. Shares of Barclays closed Friday down 20.5% at $8.89, with a consensus analyst price target of $13.96 and a 52-week trading range of $8.13 to $18.05. In early trading indications Monday the stock was down another 23% at $6.81.

Credit Suisse Group AG (NYSE: CS) saw its shares close Friday down by 16% at $11.51, with a consensus analyst price target of $14.66 and a 52-week trading range of $11.44 to $29.99. In early trading indications Monday the stock was down 9% at $10.47.

Deutsche Bank AG (NYSE: DB) closed Friday down 17.5% at $14.72. The stock has a consensus analyst price target of $19.35 and a 52-week trading range of $14.13 to $35.38. In early trading indications Monday shares were trading down over 7% at $13.62.

UBS Group AG (NYSE: UBS) shares closed Friday down 13.4% at $13.95, with a consensus analyst price target of $13.82 and a 52-week trading range of $13.68 to $23.19. In early trading indications Monday the stock was down over 7% at $12.89.

ING Groep N.V. (NYSE: ING) watched its shares close Friday down 19% at $10.18. The stock has a consensus analyst price target of $16.57 and a 52-week trading range of $10.17 to $17.38. In early trading indications Monday the stock was down about 8% at $9.37.

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