Here’s Why Bank Stocks are Getting Drop Kicked Now

Greek Prime Minister George Papandreou shocked world markets with his announcement that the new bailout plan hammered out by European leaders would be subject to a referendum in his country.

In an effort to calm markets European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy on Tuesday said they “fully trust that Greece will honor the commitments” it made at the summit.

Don’t Miss: Banks Reaffirm Commitment to Greek Debt Deal.

“We take note of the intention of the Greek authorities to hold a referendum. We are convinced that this agreement is the best for Greece,” Barroso and Van Rompuy said in a joint statement. The officials reportedly discussed the matter with Papandreou on the telephone and are in consultations with euro-zone members.

Here’s how badly bank stocks (NYSE:KBE) are getting crushed now:

  • Bank of America Corporation (NYSE:BAC): The shares recently traded at $6.40, down $0.43, or 6.3%. Its market capitalization is $64.86 billion. They have traded in a 52-week range of $5.13 to $15.31. Volume today was 182,651,948 shares versus a 3-month average volume of 310,303,000 shares. The company’s trailing earnings are $-0.31 per share. The company pays a dividend of $0.04 per share for a dividend yield of 0.50%. About the company: Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary.
  • Citigroup, Inc. (NYSE:C): The shares recently traded at $29.20, down $2.39, or 7.57%. Its market capitalization is $85.37 billion. They have traded in a 52-week range of $21.40 to $51.50. Volume today was 45,758,586 shares versus a 3-month average volume of 59,423,000 shares. The company’s trailing P/E is 7.78, while trailing earnings are $3.75 per share. The company pays a dividend of $0.04 per share for a dividend yield of 0.10%. About the company: Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers around the world. The Company’s services include investment banking, retail brokerage, corporate banking, and cash management products and services.
  • JPMorgan Chase & Co. (NYSE:JPM): The shares recently traded at $32.48, down $2.28, or 6.56%. Its market capitalization is $125.36 billion. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 33,823,694 shares versus a 3-month average volume of 50,576,000 shares. The company’s trailing P/E is 6.92, while trailing earnings are $4.69 per share. The company pays a dividend of $1.00 per share for a dividend yield of 2.70%. About the company: JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals.
  • Wells Fargo & Company (NYSE:WFC): The shares recently traded at $25.06, down $0.85, or 3.28%. Its market capitalization is $132.12 billion. They have traded in a 52-week range of $22.58 to $34.25. Volume today was 20,583,928 shares versus a 3-month average volume of 47,149,500 shares. The company’s trailing P/E is 9.28, while trailing earnings are $2.70 per share. The company pays a dividend of $0.48 per share for a dividend yield of 1.80%. About the company: Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.
  • The Goldman Sachs Group, Inc. (NYSE:GS): The shares recently traded at $103.87, down $5.68, or 5.18%. Its market capitalization is $52.54 billion. They have traded in a 52-week range of $84.27 to $175.34. Volume today was 5,154,925 shares versus a 3-month average volume of 8,872,760 shares. The company’s trailing P/E is 15.81, while trailing earnings are $6.57 per share. The company pays a dividend of $1.40 per share for a dividend yield of 1.20%. About the company: The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services. The Company provides services to corporations, financial institutions, governments, and high-net worth individuals.
  • Morgan Stanley (NYSE:MS): The shares recently traded at $15.97, down $1.67, or 9.47%. Its market capitalization is $30.78 billion. They have traded in a 52-week range of $11.58 to $31.04. Volume today was 24,164,729 shares versus a 3-month average volume of 34,122,000 shares. The company’s trailing P/E is 10.47, while trailing earnings are $1.53 per share. The company pays a dividend of $0.20 per share for a dividend yield of 1.00%. About the company: Morgan Stanley, a bank holding company, provides diversified financial services on a worldwide basis. The Company operates a global securities business which serves individual and institutional investors and investment banking clients. Morgan Stanley also operates a global asset management business.

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