Oppenheimer analyst Chris Kotowski told investors in a research note that one reason he is so "incessantly bullish" on bank stocks is that investors "still so incessantly hate them." The stocks still remain resoundingly cheap at a 63% relative P/E multiple even though bank balance sheets are arguably the best they have ever been, and the business models decidedly less capital-intensive, he contends. He continues to recommend Outperform-rated Bank of America (BAC), CIT (CIT), Citi (C), Goldman (GS), Jefferies (JEF), Morgan Stanley (MS) and U.S. Bancorp (USB).

Jefferies Financial Group announced that its Chief Executive Officer, Rich Handler, sold 1.5M shares of Jefferies stock today at $43.50. The sale was made to facilitate the purchase of a personal boat and to pay tax obligations. For the 34 years since joining Jefferies in 1990, Mr. Handler has received approximately 70% of his compensation in the form of Jefferies shares and, except for tax purposes and charitable donations, has never sold shares. Following this sale, Mr. Handler owns on a fully diluted basis approximately 19.25 million Jefferies shares. Today's sale represents approximately 7% of Mr. Handler's aggregate holdings. Mr. Handler stated: "My sale of shares today was a gift to myself and my family, and I do not intend to sell any further shares. I remain extremely bullish on Jefferies and fully committed to helping us continue to build the best independent, global and full service investment banking firm."