5 of the Best-Performing Bank Stocks in 2020
Much of the banking sector has seen share prices decline in 2020 due to the coronavirus pandemic. Not only did the pandemic result in rising credit costs for banks, but it also caused the Federal Reserve in March to drop its benchmark lending rate to practically zero, which significantly hurt the sector's revenue outlook. But not all banks struggled -- in fact some will likely remember this year for a long time to come. Here are five bank stocks that excelled in 2020.
Based in beautiful La Jolla, California, Silvergate Capital (NYSE: SI) went public at the end of 2019, and has rode the recent surge in bitcoin to a 148% jump in its stock price year to date. The bank as of this writing trades around $39.50 per share.
Put simply, Silvergate is the crypto bank. Management realized years ago that bitcoin would one day be an investable asset and built a real-time payments network called the Silvergate Exchange Network (SEN).
Source Fool.com
