Banking, finance, and taxes
Short Sellers Grow More Selective on Major Banks
Published:
Last Updated:
The financial sector was a major part of the Great Recession, and it has been a major part of the recovery and raging bull market since then. Generally speaking, the major financial institutions in the United States are a good barometer of the current state of U.S. markets.
So when short sellers make a play against these major banks, they are effectively betting for a downturn. Conversely, when they back off they might be expecting a surge. Granted, some plays are directly against individual companies, like we saw with Wells Fargo early in 2017.
The May 31 short interest data have been compared with the previous figures, and short interest in most of these selected big bank stocks was mixed.
Bank of America Corp. (NYSE: BAC) saw its short interest rise to 128.83 million shares. The previous level was 113.25 million. Shares were last seen trading at $30.06 in a 52-week range of $22.73 to $33.05.
The number of JPMorgan Chase & Co. (NYSE: JPM) shares short rose to 24.59 million from the previous level of 23.40 million. Shares recently traded at $110.83 in a 52-week range of $85.82 to $119.33.
Citigroup Inc. (NYSE: C) short interest decreased to 19.49 million from the previous level of 23.62 million. Shares were trading at $68.11 in a 52-week range of $63.16 to $80.70.
Wells Fargo & Co. (NYSE: WFC) short interest grew to 43.99 million shares from the previous reading of 35.55 million. Shares were trading at $55.51 within a 52-week range of $49.27 to $66.31.
Short interest in Goldman Sachs Group Inc. (NYSE: GS) decreased to 5.18 million shares from the previous 5.39 million. The stock recently traded at $234.09 within a 52-week range of $214.64 to $275.31.
Morgan Stanley’s (NYSE: MS) short interest for this settlement date was 10.11 million shares, down from the previous 14.97 million. Shares were changing hands at $51.78 in a 52-week range of $43.48 to $59.38.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
