In this piece, we will take a look at the five worst performing bank stocks in 2023. If you want to take a look at our introduction to the banking industry, then head on over to 15 Worst Performing Bank Stocks in 2023.
5. Republic First Bancorp, Inc. (NASDAQ:FRBK)
Year To Date Share Price Loss: 56.39%
Republic First Bancorp, Inc. (NASDAQ:FRBK) is a Pennsylvania-based bank that offers accounts, loans, and other products. It’s been having a rough time as of late, after missing analyst EPS estimates in all of its four latest quarters.
During Q1 2023, six of the 943 hedge funds part of Insider Monkey’s database had bought Republic First Bancorp, Inc. (NASDAQ:FRBK)’s shares. Jim Simons’ Renaissance Technologies is the largest shareholder out of these courtesy of its $416,000 investment.
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4. HomeStreet, Inc. (NASDAQ:HMST)
Year To Date Share Price Loss: 59.37%
HomeStreet, Inc. (NASDAQ:HMST) is a Seattle-based bank. The shares have seen weak analyst sentiment as of late, with few Buy or Strong Buy ratings. Naturally, the stock is rated Hold on average, but despite this, the price has jumped by nearly 24% during the first week of August.
By the end of this year’s first quarter, 14 of the 943 hedge funds part of Insider Monkey’s database had bought the bank’s shares. HomeStreet, Inc. (NASDAQ:HMST)’s biggest shareholder among these is Cliff Asness’ AQR Capital Management through a $5.1 million stake.
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3. PacWest Bancorp (NASDAQ:PACW)
Year To Date Share Price Loss: 60.81%
PacWest Bancorp (NASDAQ:PACW) is a large California-based bank that provides a wide variety of banking services. It had a good second quarter as the earnings results managed to beat analyst EPS estimates. However, this was far from sufficient in reversing the share price drop from a peak of roughly $29 in February.
As of March 2023, 22 of the 943 hedge funds surveyed by Insider Monkey had invested in PacWest Bancorp (NASDAQ:PACW). Amy Minella’s Cardinal Capital is the largest shareholder out of these since it owns 3.6 million shares that are worth $35 million.
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2. BV Financial, Inc. (NASDAQ:BVFL)
Year To Date Share Price Loss: 62.53%
BV Financial, Inc. (NASDAQ:BVFL), commonly known as the Bay-Vanguard Federal Savings Bank, is a Maryland-based bank that has been operating for more than a hundred years. 2023 however has been a bad year for the stock, as it’s down 62.53% year to date. There are no hedge fund investors in the firm as of this year’s first quarter since the company was previously a mutual holding company instead of a stock holding company.
1. SHF Holdings, Inc. (NASDAQ:SHFS)
Year To Date Share Price Loss: 65.78%
SHF Holdings, Inc. (NASDAQ:SHFS) is a specialized Colorado bank that focuses its attention on serving financial institutions. The only analyst covering the stock rated it as Buy in May, and the bank has actively been making loans this year.
Two of the 943 hedge funds portfolios profiled by Insider Monkey for their Q1 2023 shareholdings had invested in SHF Holdings, Inc. (NASDAQ:SHFS).
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Disclosure: None. You can also take a look at 20 Countries With Highest Cost Of Electricity and 10 Most Profitable Small Businesses in 2023.
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