Top 5 Financials Stocks That May Collapse This Month
$BK
$CACC
$HTLF
$NTRS
Major Banks
Finance
Finance: Consumer Services
Finance
As of July 15, 2024, five stocks in the financials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro.
Here's the latest list of major overbought players in this sector.
Root Inc (NASDAQ:ROOT)
- On June 5, TD Cowen analyst Andrew Kligerman maintained Root with a Hold and raised the price target from $11 to $51. The company's stock gained around 57% over the past month and has a 52-week high of $86.57.
- RSI Value: 71.12
- ROOT Price Action: Shares of Root gained 9.7% to close at $69.41 on Friday.
Bank of New York Mellon Corp (NYSE:BK)
- On July 12, the finance behemoth reported second-quarter adjusted earnings per share of $1.51, beating the street view of $1.43. "Halfway through the year, we're pleased with the progress we have made, but we are focused on running our company better and the hard work ahead. As highlighted in our improved financial performance to-date, we are starting to demonstrate the power of BNY's franchise to our clients and shareholders, and we remain in execution mode to unlock the company's full potential," said Robin Vince, President and Chief Executive Officer. The company's stock gained around 7% over the past five days and has a 52-week high of $64.92.
- RSI Value: 77.99
- BK Price Action: Shares of Bank of New York Mellon gained 5.2% to close at $64.69 on Friday.
Credit Acceptance Corp. (NASDAQ:CACC)
- On June 20, Credit Acceptance announced the completion of $550.0 million asset-backed financing. The company's stock gained around 21% over the past month and has a 52-week high of $616.66.
- RSI Value: 82.70
- CACC Price Action: Shares of Credit Acceptance gained 2.9% to close at $576.77 on Friday.
Northern Trust Corp (NASDAQ:NTRS)
- On July 2, Goldman Sachs analyst Alexander Blostein maintained Northern Trust with a Neutral and lowered the price target from $94 to $84. The company's stock jumped around 7% over the past five days and has a 52-week high of $89.73.
- RSI Value: 70.43
- NTRS Price Action: Shares of Northern Trust gained 2.8% to close at $89.28 on Friday.
Heartland Financial USA Inc (NASDAQ:HTLF)
- On May 31, Keefe, Bruyette & Woods analyst Damon Delmonte upgraded Heartland Financial from Market Perform to Outperform and raised the price target from $51 to $54. The company's stock jumped around 10% over the past five days and has a 52-week high of $48.57.
- RSI Value: 72.40
- HTLF Price Action: Shares of Heartland Financial gained 1.2% to close at $48.17 on Friday.
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