Benzinga - by Lisa Levin, Benzinga Editor.
The most oversold stocks in the financial sector presents an opportunity to buy into undervalued companies.
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 oversold when the RSI is below 30.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI)
- Morgan Stanley maintained an Equal-Weight rating on the stock but lowered its price target from $26 to $23. The company’s stock has a 52-week low of $15.37 .
- RSI Value: 26.13
- HASI Price Action: Shares of Hannon Armstrong Sustainable Infrastructure Capital fell 6.6% to close at $15.42 on Wednesday.
- AssetMark Financial Holdings said Michael Kim has been named the company's new Chief Executive Officer, effective immediately. "Michael is an experienced, highly effective leader who brings a wealth of expertise and perspective to his new role," said Xiaoning Jiao, Chairperson of the AssetMark Board of Directors. "During his tenure at AssetMark, he has demonstrated his ability to drive consistently strong results. His knowledge of AssetMark, understanding of the needs of our clients, and uniquely advisor-focused lens will undoubtedly benefit the company as it continues its growth and evolution." It has a 52-week low of $16.89.
- RSI Value: 24.99
- AMK Price Action: Shares of AssetMark Financial Holdings fell 1.1% to close at $24.16 on Wednesday.
- Western Asset Mortgage Capital announced that its Board of Directors has declared a cash dividend of $0.35 per share for the third quarter of 2023. The company’s stock has a 52-week low of $7.00.
- RSI Value: 27.31
- WMC Price Action: Shares of Western Asset Mortgage Capital fell 1.1% to close at $8.46 on Wednesday.
- Walker & Dunlop posted downbeat second-quarter earnings. "Q2 2023 was a hugely challenging macro-economic environment for commercial real estate but appears to be the first quarter in building back from the dramatic Federal Reserve tightening cycle that began in 2022," commented Walker & Dunlop Chairman and CEO, Willy Walker. The company’s 52-week low is $61.06.
- RSI Value: 25.18
- WD Price Action: Shares of Walker & Dunlop fell 1.6% to close at $68.83 on Wednesday.
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