Banks are in the best financial shape they've been in three decades, and noted banking analyst Dick Bove said he will continue to recommend bank shares in the second quarter, CNBC reports.
"For the last few years we've been dealing with this situation where people buy financial stocks in October and sell them in May," the Rochdale Securities vice president told CNBC Wednesday. But "these companies are doing extremely well" right now.
"Everything is going right" for banks, including loan growth, trading income, and pre-tax earnings, Bove said. Earnings have been up for the last 10 quarters year-over-year and "they are going to do it again for the eleventh," he said, adding that the banks are "in the best shape in three decades…."
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