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Investors can expect a few banks to increase their dividends meaningfully, Rochdale Securities analyst Dick Bove said Monday.
Particularly likely to see an increase in dividend yield are banks that have large amounts of treasuries and noninterest income on their balance sheets and lower exposure to real estate and consumer lending.
“What that means is the three bank trusts, which would be Northern Trust, State Street and Bank of New York, probably will get an OK to increase their dividends meaningfully,” he said on “ Fast Money .”
Bove also said Goldman Sachs and Morgan Stanley “will probably” see a dividend increases, as well as share repurchases, while companies like Bank of America, JPMorgan and Citigroup will get only “moderate increases.”
Sun Trust, for instance, with its exposure to real estate and consumer loans might not fare as well as Comerica, which holds more commercial loans, he said.
The Federal Reserve is scheduled to release the results of its stress tests Thursday, and analysts are mostly expecting them to show positive results.
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