Rising rates have some traders running all the way to the bank.
The financials have broken out in the past three months, making them the second-best performing S&P 500 sector over that period, rallying 2 percent while the broader index is up less than half a percent. But the move higher in the banks has some traders hitting the pause button.
"I would say it might be time to take your money and look for better opportunities or values elsewhere," analyst Erin Gibbs said Wednesday on CNBC's "Power Lunch." "When looking at historical P/E ranges or potential upside of the stock against analyst target prices, banks are closing in on both top-end ranges and target prices."
According to Gibbs, the financial sector is only 1.5 percent away from the average analyst target price. "That really says a lot about where Wall Street thinks the stocks could go."