Here’s Why Bank Stocks are Pulling Back Now

“Deceptive conduct in the foreclosure process” is the reason cited by the Massachusetts attorney general and co-defendant the Mortgage Electronic Registration System, or MERS, for a lawsuit filed against Bank of America (NYSE:BAC), JPMorgan (NYSE:JPM), Citigroup (NYSE:C), Wells Fargo (NYSE:WFC) and Ally Financial.

Here’s how these bank stocks are performing on the news:

Bank of America Corporation (NYSE:BAC): BAC shares recently traded at $5.34, down $0.1, or 1.84%. They have traded in a 52-week range of $5.03 to $15.31. Volume today was 153,628,067 shares versus a 3-month average volume of 270,527,000 shares. The company’s trailing earnings are $-0.31 per share.

Citigroup, Inc. (NYSE:C): C shares recently traded at $26.68, down $0.8, or 2.91%. They have traded in a 52-week range of $21.40 to $51.50. Volume today was 27,611,897 shares versus a 3-month average volume of 56,388,700 shares. The company’s trailing P/E is 7.11, while trailing earnings are $3.75 per share.

JPMorgan Chase & Co. (NYSE:JPM): JPM shares recently traded at $30.10, down $0.87, or 2.81%. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 18,307,719 shares versus a 3-month average volume of 46,563,900 shares. The company’s trailing P/E is 6.42, while trailing earnings are $4.69 per share.

Wells Fargo & Company (NYSE:WFC): WFC shares recently traded at $25.61, down $0.25, or 0.97%. They have traded in a 52-week range of $22.58 to $34.25. Volume today was 12,315,680 shares versus a 3-month average volume of 41,284,800 shares. The company’s trailing P/E is 9.48, while trailing earnings are $2.70 per share.

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