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Watch Dick Bove on his bearish warning on bank stocks

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Rafferty Capital Markets' Dick Bove shared his views on bank stocks in an interview Wednesday on CNBC's "Squawk Box."

On the financial sector: "I think you should be getting out of the banks right here. I think they are a very treacherous area to invest in," Bove said. "You are going to have to wait till the fall before you are going to make any money in bank stocks."

On his top long-term pick: "I still think JPMorgan is one of the best companies the United States has ever created, under Jamie Dimon. That's a pretty good stock to look at," he said.

Bove is vice president of equity research at Rafferty Capital Markets. He is known for his detailed coverage of financial stocks.

He also discusses:

  • Lending quality.
  • Interest rates.
  • Bank earnings.

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