Banking, finance, and taxes
How the Top US Money Center Banks Are Responding to the Brexit
Published:
Last Updated:
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.
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
