Oakmark Select Fund’s Bill Nygren said now is a good time to buy bank stocks as attention shifts from Silicon Valley bank failures to what he sees as strong investments in financial names. “I think it’s important for people to understand how SVB is different from other bank stocks,” Nygren said on CNBC’s “Closing Bell.” source, almost all of whom are uninsured and heavily invested in long-term assets. Portfolio managers say Oakmark’s holdings in banks trade at about six to eight times earnings. These stocks include Capital One, Bank of America, Ally Financial and First Citizens BancShares. Most of their deposits are FDIC insured, and the banks have very positive mark-to-market book values, he said. BAC 6M Shares of Bank of America hit a 52-week low of $27.87 on Monday. As of February 28, Oakmark’s largest financial holdings were Wells Fargo, Capital One, Ally Financial, State Street and Citi. Nygren noted that Bank of America is the largest holding, trading at about eight times its earnings. “We think it’s a well-above-average bank selling at a steep discount to the S&P 500. We think it’s very well managed,” he said. The stock rose 0.9 percent on Tuesday, recovering from an intraday 52-week low of $27.87 on Monday. The stock has fallen 19% so far this month. These financial stocks have outperformed the average company in terms of total return, Nygren said, adding that their slow revenue growth and modest efficiency improvements have resulted in “reasonable growth in net income” and return on shareholder capital. After a sharp sell-off on Friday and Monday, many bank stocks rose in Tuesday’s session as investors regained confidence in broader financial markets. The SPDR S&P Regional Banking ETF (KRE) gained about 2% on Tuesday, but is still down about 28% so far this month. Shares fell more than 12% on Monday after banking regulators took over Silicon Valley Bank and Signature Bank, the second and third largest bank failures in U.S. history, respectively. Regulators said on Sunday they had a plan in place to support all depositors at the two banks and ensure those customers had full access to their funds on Monday. The KRE 1Y mountain bank ETF in the region closed up 2 percent on Tuesday. Nygren reiterated his confidence in the financial sector, saying: “The unanimous message we’re hearing is that customers are behaving as usual. It’s business as usual.”