5 Bank Stocks To Avoid Despite No Rate Cut Expectations
Zacks Investment Research | Dec 10, 2019 07:04AM ET
At the two-day Federal Reserve Open Market Committee (FOMC) meeting, beginning today, the Fed is likely to hold the interest rate at the current levels, after cutting it thrice this year. At present, the benchmark federal funds rate stands at 1.50% to 1.75%. Per the CME Group (NASDAQ:CME) FedWatch .
Headquartered in San Juan, PR, OFG Bancorp (NYSE:OFG) has lost 4.5% over the past three months. With a Zacks Rank of 4, the company’s earnings are expected to decline 7.2% in 2019. It has a market cap of $1.1 billion.
Shares of Washington Federal, Inc. (NASDAQ:WAFD) have declined 1.6% in the three months’ time. This Seattle, WA-based bank’s earnings are expected to fall 4.6% in fiscal 2020. It carries a Zacks Rank #4 and has a market cap of $2.8 billion.
Cadence Bancorporation (NYSE:CADE) , based in Houston, TX, carries a Zacks Rank #5. Over the past three months, its shares have lost 6%. The company’s earnings are expected to decrease 13% in 2019. It has a market cap of $2.1 billion.
Home Bancshares, Inc. (Conway, AR) (NASDAQ:HOMB) has a Zacks Rank #4 and its 2019 earnings are projected to decline 1.7%. This Conway, AR-based company has market cap of $3.2 billion and its shares have lost 1.1% over the past three months.
Shares of WesBanco, Inc. (NASDAQ:WSBC) have declined 1% in the three months’ time. This Wheeling, WV-based bank’s current-year earnings are expected to fall 6.9%. It carries a Zacks Rank #4 and has a market cap of $2.5 billion.
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