Why These 'Top 10' Bank Stocks Have Fallen More Than 30% in 2020
Many bank stocks, including some of the largest U.S. banks by asset value, lost more than 30% of their value during the first half of 2020. These included U.S. Bancorp (NYSE: USB), Truist Financial (NYSE: TFC), and PNC Financial Services Group (NYSE: PNC), which were respectively the seventh-, eighth-, and ninth-largest banks by total asset value as of the end of 2019, with between $400 billion and $500 billion in assets each.
These banks are similar not only in asset size but also in current market cap (between $44 billion and $56 billion) and in their stocks' poor performance in the six months ended June 30, 2020. During that time, Truist's shares were down by 33.3%, PNC's share price fell 34.1%, and U.S. Bancorp's shares tumbled 37.9%, according to data provided by S&P Global Market Intelligence.
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Source Fool.com
