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CNBC News Associate
Even though many financials are up sharply from the bottom in March, they are still down substantially from where they were a year ago.
Anton Schutz, portfolio manager at Burnham Financial Funds, and Tom Brown, CEO of Bankstocks.com, told investors where to invest in the financial sector.
“There are many stocks out there that are trading at huge discounts to what the potential earnings power will be down the road,” Schutz told CNBC.
Schutz said he owns shares of JPMorgan Chase [JPM
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], Bank of America [BAC
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] and Citigroup [C
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]. He had expected the positive results from JPMorgan’s earnings numbers that were reported Thursday.
Brown said he does not own shares of JPMorgan Chase, Bank of America or Citigroup, but prefers companies such as Fifth Third [FITB
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] and Boston Private Financial [BPFH
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] because they offer more upside potential.
“All the large bank stocks are going to continue to do quite well,” said Brown.
However, he advised investors to keep away from some regionals.
“There are still regional banks where they have as much as 30 to 50 percent of their loan portfolio in commercial real estate. So those are going to be the banks that are going to feel some great effects,” he said. “They may not have enough capital.”
Disclosure:
Schutz’s firm owns shares of JPM, BAC, C, GS, BK, NT, STT.
Brown and his firm owns shares of MS, FITB, BPFH.
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