Investors have sent bank stocks soaring since the US election as interest rates have risen and expectations have grown that regulation and taxes won’t weigh as heavily. That has given rise to something new: a belief that banks, which investors had come to view as akin to utilities, will once again be able to go for growth.

If so, some investors reckon, bank stocks may deserve valuations more in line with those of the overall stock market, rather than trading at a discount to it. Although bank stocks took a breather Tuesday, they are still up sharply since Election Day on November 8.