Retail Traders Ignore Banking Crisis and Buy the Dip in Lenders
- Individuals snap up bank stocks even as uncertainty swirls
- BofA, First Republic see strong demand from the retail crowd
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Individual investors have been pouncing on battered bank stocks, pouring money into heavyweights like Bank of America Corp., despite lingering concerns about an industry crisis after several lenders collapsed.
Net purchases of Bank of America stock this year soared to $769 million, catapulting the financial giant past former darlings like Netflix Inc. and Rivian Automotive Inc., data compiled by Vanda Research show. Retail traders even bought more than $200 million of embattled First Republic Bank stock in that span, according to Vanda.