Bank stocks have been close to abysmal thus far in 2016, but investors looking for the best of the bunch should seek out Bank of America (BAC) , Citigroup (C) , Independent (INDB) and PacWest (PACW) , said Ryan Kelley for the Hennessy Large Cap (HLFNX) and Small Cap (HSFNX) Financial Funds. Shares of Bank of America are down 6.5% year-to-date and Kelley sees lots of cost repositioning ahead, as well as a rising dividend. He also said the stock is cheap trading at 13 times its trailing 12 months earnings and below book value. "Bank of America will do much better in a rising rate environment and should also be able to take advantage of Wells Fargo's (WFC) problems," said Kelley. TheStreet's Gregg Greenberg has details from Wall Street.
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