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Adding to the positives, the Federal Reserve has signaled two interest rate hikes as soon as late 2023, a year earlier than anticipated, which should help financial companies expand their interest income. Also, the sector is expected to grow with the integration of advanced technologies in business operations. According to a Globe Newswire report, the global financial services market is expected to grow at a 9.9% CAGR to $22.5 trillion this year.
Given the sector’s promising prospects, Wall Street analysts are highly optimistic about the growth potential of The Charles Schwab Corporation (NYSE:SCHW), Raymond James Financial, Inc. (NYSE:RJF), and LPL Financial Holdings Inc. (LPLA). So, we think it could be worth adding these names to one’s watchlist now.
