7 Financial Stocks Dick Bove Doesn't Love

Updated with Thursday afternoon stock prices.

Not really, it turns out. "I've taken the sells off everything," Bove says, "You've got a whole bunch of companies like State Street Corp.(STT), The Bank of New York Mellon Corp., Citigroup(C), Bank of America(BAC) and Northern Trust(NTRS) selling at discounts to their cash values. Even though the companies may not be generating that much in terms of earnings, they definitely are being undervalued at the present time," he says. Bove is no perma-bull. The veteran analyst calls 'em like he sees 'em, and had to fend off a lawsuit from BankAtlantic Bancorp(BBX) for putting it on a list of banks he believed were in the "danger zone." BankAtlantic shares closed at $6 July 11, 2008, the last trading day before Bove's report, and were below $1 on Friday afternoon. For several months now Bove has been beating the drum on the banks, even arguing in May that Bank of America(BAC)and Citigroup(C) will sextuple by 2015. (Citigroup is up about 10% while Bank of America has fallen some 15% since that time.) Despite not having any "sell"s, he does have three "neutral" ratings on the companies he covers. And there are at least four on which he has dropped coverage. "I figure what the hell: if I don't like them I'm just not going to cover them," Bove says. Still, he thinks many of these companies are likely to be acquired. Here, then, are the few financial stocks Bove doesn't love. 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