Financial stocks have been hurting all year. Wells Fargo (NYSE:WFC) is off -14%, retail banking giants Bank of America (NYSE:BAC) and Citigroup (NYSE:C) are off -16% so far in 2011, and investment bank Goldman Sachs (NYSE:GS) is off -20% year-to-date.  The other financial sector heavyweight, JP Morgan Chase (NYSE:JPM) is “only” down about -2%.

So will things turn around? Not likely. The first quarter GDP revision that showed that GDP growth remains at 1.8%, which was disappointing, since economists were expecting a positive revision to 2.2% annual GDP growth. Financial stocks are going to see a tough headwind with growth rates that low. Also, consumer spending was weaker than initially estimated and grew at only a 2.2% annual pace, which is down significantly from 4% in the fourth quarter. When you consider the weight of bad mortgages that continue to plague Bank of America, Citigroup and others, it doesn’t bode well that consumer spending is drying up again.  It is clear that higher food and energy prices are talking their toll on households.

To be clear, I am not a bear long-term — and there are a lot of good stocks to buy right now. But these financial stocks aren’t part of that group. Here’s the breakdown of five mega bank stocks to sell now:

Bank of America: Bank and financial holding giant Bank of America (NYSE: BAC) has had a rough 2011, dropping -16% year-to-date. In the last 12 months, this financial stalwart is down a total -27% as well. Not to be overlooked, BAC posted a quarterly earnings growth of -36% in its last income statement. Not good.

• Related Article: Read about how the futures of North Carolina — and the futures of the U.S. as a whole — are tied to BAC stock.

JPMorgan Chase: A national bank with branches in 23 states, JPMorgan Chase (NYSE: JPM) is another overweight stock worth selling. Year-to-date, shares of JPM have dropped -2%, compared to a gain +6% by the Dow Jones Industrial Average. This bank stock does offer a dividend, but at just 25 cents, it is nothing to write home about.

Wells Fargo & Co: Diversified financial holding company Wells Fargo & Co. (NYSE: WFC) is down 5% in the last 12 months, despite strong gains toward the end of 2010. Year-to-date, WFC has lost -13%, compared to gains by the broader markets. Sell this financial stock as it trades near its 52-week low of $23.02.

Citigroup Inc: Another diversified financial services holding company trading near its 52-week low is Citigroup Inc. (NYSE: C) trading just above $36.20. While the Dow has been busy gaining, Citigroup has been busy losing – to the tune of -16%. A quarterly earnings growth of -32%, year-over-year, from its last income statement is also worth mentioning.

Goldman Sachs: Down quarterly earnings growth is a trend on this list as Goldman Sachs (NYSE: GS) also posted a -21% change, year-over-year, last quarter. This stock is also down 4% in the last 12 months and 19% since the start of 2011.

• Related Article: Goldman Sachs represents all that is good and bad about investment banking in America.

As of this writing, Louis Navellier did not own a position in any of the stocks named here.