Benzinga - by Avi Kapoor, Benzinga Staff Writer.
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, according to Benzinga Pro.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
New York Community Bancorp, Inc. (NYSE: NYCB)
- On Jan. 31, New York Community Bancorp reported worse-than-expected fourth-quarter financial results and reduced its quarterly dividend. The company’s stock fell around 58% over the past month and has a 52-week low of $3.60 .
- RSI Value: 20.68
- NYCB Price Action: Shares of New York Community Bancorp gained 6.7% to close at $4.48 on Wednesday.
- On Jan. 23, Peoples Bancorp posted better-than-expected quarterly results. "2023 was the second consecutive year of record net income for Peoples," said Chuck Sulerzyski, President and Chief Executive Officer. "Our diversified mix of business continues to demonstrate our ability to perform at a high level, regardless of the operating or rate environments." The company’s stock fell around 14% over the past month. It has a 52-week low of $23.05.
- RSI Value: 27.17
- PEBO Price Action: Shares of Peoples Bancorp rose 0.1% to close at $27.92 on Wednesday.
- On Jan. 22, Timberland Bancorp posted a decline in EPS for the first quarter. “We are pleased with the results for the first quarter of fiscal year 2024, which were highlighted by solid earnings, strong growth in loans and deposits, and continued tangible book value per share growth,” stated Dean Brydon, Chief Executive Officer. “Although first quarter earnings were strong, they were lower compared to the year ago quarter, which was the peak of our margin in this cycle before deposit cost increases began compressing margins.” The company’s stock fell around 10% over the past month and has a 52-week low of $22.11.
- RSI Value: 29.84
- TSBK Price Action: Shares of Timberland Bancorp fell 0.7% to close at $26.80 on Wednesday.
- On Jan. 26, Stellar Bancorp posted in-line quarterly earnings. "We are pleased to announce our full-year and fourth quarter results, capping a successful year despite industry challenges and economic uncertainty," said Robert R. Franklin, Jr., Stellar’s Chief Executive Officer. The company’s shares lost around 3% over the past five days. The company’s 52-week low is $20.24.
- RSI Value: 28.75
- STEL Price Action: Shares of Stellar Bancorp fell 0.5% to close at $24.01 on Wednesday.
- On Jan. 31, Navient reported fourth-quarter FY23 adjusted revenues of $193 million, missing the consensus of $201.17 million. “We are announcing three actions intended to deliver better value to our shareholders: Outsourcing student loan servicing and creating a variable expense model; initiating the exploration of strategic options, including possible divestment, for our business processing division; and streamlining our shared service infrastructure and corporate footprint,” said David Yowan, president and CEO, Navient. The company’s shares fell around 8% over the past five days. The company has a 52-week low of $14.10.
- RSI Value: 27.62
- NAVI Price Action: Shares of Navient fell 0.5% to close at $15.88 on Wednesday.
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