Top 5 Financial Stocks That Could Blast Off In July
Portfolio Pulse from Lisa Levin
The article lists five financial stocks that are currently oversold and could potentially increase in value in July. These include The Progressive Corporation (PGR), Cherry Hill Mortgage Investment Corporation (CHMI), Maiden Holdings, Ltd. (MHLD), Republic First Bancorp, Inc. (FRBK), and The Allstate Corporation (ALL). The companies have reported various financial results and have Relative Strength Index (RSI) values below 30, indicating they are oversold.
July 17, 2023 | 11:45 am
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POSITIVE IMPACT
Piper Sandler maintained Allstate with an Overweight and lowered the price target from $141 to $137. Its RSI value is 27.87.
Although Piper Sandler lowered Allstate's price target, its oversold status could lead to a price increase as investors may see it as undervalued.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Cherry Hill Mortgage posted downbeat quarterly earnings due to a challenging macro environment and bank liquidity headwinds. Its RSI value is 25.27.
Cherry Hill's disappointing earnings have likely contributed to its oversold status. However, this could present a buying opportunity for investors.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Republic First Bancorp recently announced the election of Andrew Cohen as independent chairman of the board. Its RSI value is 29.77.
The election of a new chairman could bring positive changes to Republic First Bancorp. Its oversold status could present a buying opportunity for investors.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Maiden Holdings reported a sharp rise in first-quarter sales. Its RSI value is 26.73.
Despite a rise in Q1 sales, Maiden Holdings is oversold. This could lead to a price increase as investors may see it as undervalued.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Progressive reported below-consensus Q2 results with a 19% Y/Y increase in net premiums earned to $14.46 billion, missing the consensus estimate of $14.98 billion. Its RSI value is 25.93.
Despite missing Q2 estimates, Progressive's oversold status indicated by its low RSI could lead to a price increase as investors may see it as undervalued.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100