Bank stocks (KBE) - beating the S&P by nearly 1000 bps over the last quarter - have gotten ahead of themselves says FBR (Paul Miller), noting mid-cap lenders (KRE) trade at 1.8x book and 14.8x 2014 earnings despite lame loan growth and margin compression. This doesn't mean the team doesn't have picks: PNC, Signature Bank (SBNY), and Customers Bancorp (CUBI) are dealing with macro pressures by stealing market share, and Flagstar (FBC) is a credit recovery play (see also).
Bank stocks (KBE) - beating the S&P by nearly 1000 bps over the last quarter - have gotten...
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