Wall Street banking executives are benefiting from the financial sector's 16 percent rally following the presidential election but some strategists say the group has hit its peak.
Charles Bobrinsky, vice chairman and head of investment group at Ariel Investments said he's become bearish on bank stocks and is selling his shares for the first time in six years.
"It always makes you feel good when the executives are doing what you have been doing yourself," Bobrinskoy said on CNBC's "Closing Bell" Tuesday.
According to a Wall Street Journal report Tuesday, company leaders at Morgan Stanley, JPMorgan, and Goldman Sachs sold nearly $100 million in stocks since Nov. 9 — the most in that time period in the last decade.
Bobrinskoy said he finds the sale of shares appropriate and would not shy away from telling investors to diversify and move away from the sector.
"Banks and investment banks are a class of stock where the managers are pretty good at valuing their own stock" Bobrinskoy said. "This is not Netflix or Amazon, where the insiders have no idea how to value their stock."
Tony Scherrer, director of research at Smead Capital disagrees. He said overvalued stocks may not be why executives are selling, but because they have held onto "toxic" stock that have been "very under-owned."