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3 Financial Stocks Wall Street Analysts Love

Stock MarketsAug 04, 2021 12:30PM ET
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© Reuters. 3 Financial Stocks Wall Street Analysts Love

Despite the low-interest-rate environment, the financial sector has rebounded due to a significant increase in financial transactions and capital market activities. This, coupled with the odds that the Fed will raise interest rates sooner than expected, should keep driving the industry’s growth. Thus, Wall Street analysts expect Charles Schwab (SCHW), Raymond James (RJF), and LPL Financial (NASDAQ:LPLA) to deliver solid returns in the near term. Let’s discuss.Despite the Fed’s announcement on July 29 that it will keep benchmark interest rates near zero and its bond-buying program unchanged for now, the financial sector has been witnessing a steady recovery on the back of increasing financial transactions and capital market activities. Companies in this space are benefiting primarily from the growing non-interest-revenue components of their revenues.

Adding to the positives, the Federal Reserve has signaled two interest rate hikes as soon as late 2023, a year earlier than anticipated, which should help financial companies expand their interest income. Also, the sector is expected to grow with the integration of advanced technologies in business operations. According to a Globe Newswire report, the global financial services market is expected to grow at a 9.9% CAGR to $22.5 trillion this year.

Given the sector’s promising prospects, Wall Street analysts are highly optimistic about the growth potential of The Charles Schwab Corporation (NYSE:SCHW), Raymond James Financial, Inc. (NYSE:RJF), and LPL Financial Holdings Inc. (LPLA). So, we think it could be worth adding these names to one’s watchlist now.

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3 Financial Stocks Wall Street Analysts Love
 

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