Banks are likely to be the bellwether of how financial markets accept rising interest rates, so it's not surprising to see the sector take a hit as of late.
Investors bailed on the group last week as the market anticipated a Federal Reserve rate hike Thursday, only to see the U.S. central bank again back off a move. Banks were the worst-performing sector for the week, collectively losing about 2.5 percent.
Analyst Dick Bove thinks the selloff was a mistake.
"Right now the values in bank stocks are incredibly high," the vice president of equity research at Rafferty Capital Markets told clients in a note Monday. "Major commitment of funds to the sector makes sense."