Bove: Bank Stocks Ready to Slide

After their recent huge run-up banks stocks now are overvalued, says superstar bank analyst Dick Bove of Rochdale Securities.

Until the end of the year bank shares “are probably a little bit ahead of themselves,” Bove told Moneynews.com’s Dan Mangru in an interview.

“Bank of New York is up 200 percent, SunTrust and State Street are up 300 percent, Citigroup is up 400 percent, Bank of America 500 percent,” he points out.

“Yet most of these companies, other than State Street and Bank of New York, are going to lose money in the third quarter. And probably they’re going to lose money in the fourth quarter.” (more)