Bank Stocks: Power To People's
Last October seems like a long, long time ago. Back then, Stifel Nicolaus senior bank analyst Collyn Gilbert recommended Hudson City Savings Bank, PNC Financial Services, and People's United Financial among regional banks likely to weather the breaking financial storm.
Today, only one of the three is left on her list.
"Right now, the only 'buy' we have is People's, and we're sticking to our guns on that one, simply because of the capital position to weather through the volatility in the near term, the fact that it doesn't have the government in there in any way, and, more importantly, when we emerge from this, they're going to be in a position to grow," she told CNBC.
People's United Financial is an investment banking client of Gilbert's firm, which also makes a market in the bank's securities.