Bank stocks refer to the stocks of companies that are in the business of providing financial services, such as retail and commercial banking, investment banking, and wealth management. These companies generate revenue by offering various financial products and services to individuals, businesses, and other organizations. The performance of bank stocks can be affected by a variety of factors, including interest rates, economic growth, and regulatory changes.

Generally, when the economy is strong and interest rates are favorable, bank stocks tend to perform well. However, in times of economic uncertainty or financial turmoil, bank stocks can be more volatile and may underperform the broader stock market. Now knowing this, let’s check out two top bank stocks to watch in the stock market today.

Bank Stocks To Buy [Or Avoid] Right Now

Goldman Sachs Group (GS Stock)

First up, The Goldman Sachs Group Inc. (GS) is a leading global investment bank and financial services company. Goldman Sachs provides a wide range of financial services, including investment banking, securities trading and brokerage, asset management, and wealth management. The company serves a diverse range of clients, including corporations, governments, and individual investors.

In October, Goldman Sachs announced better-than-expected third-quarter 2022 financial results. Diving in, GS reported Q3 2022 earnings of $8.25 per share and revenue of $18.5 billion for the quarter. Additionally, the company reported a revenue increase of 21.9% versus the same period, a year prior.

Continuing on, over the last six months of trading, shares of GS stock have recovered by 30.49%. Meanwhile, year-to-date, GS stock is still down 6.74% so far in 2022, still outperforming the broader markets. As of Wednesday’s premarket trading action, Goldman Sachs stock is trading at around $368.69 a share.

GS stock chart
Source: TD Ameritrade TOS

[Read More] What Stocks To Buy Today? 3 E-Commerce Stocks In Focus

Citigroup (C Stock)

Next, Citigroup Inc. (C) is a global financial services company that offers a wide range of financial products and services to consumers, corporations, governments, and institutions. The company’s services include retail and commercial banking, investment banking, wealth management, and securities brokerage.

Meanwhile, just last week the company announced that it will release its fourth-quarter 2022 financial results on Friday, January 13, 2023. To quickly recap, in October, Citigroup reported weaker-than-expected third-quarter 2022 financial results. In detail, the company posted Q3 2022 earnings of $1.50 per share, along with revenue of $25.9 billion.

Aside from that, shares of C stock have fallen by 26.16% year-to-date. Though, over the last five trading days, C stock has begun to rebound by 4.37% as of Tuesday’s closing bell. What’s more, during Wednesday’s premarket trading session, shares of Citigroup stock are trading at around $46.59 a share.

C stock
Source: TD Ameritrade TOS

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