Banking, finance, and taxes
What to Expect When Goldman Sachs, JPMorgan and Wells Fargo Report Tuesday
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Practically all the major banks are expected to post their latest earnings this week. We already have seen Citigroup offer a decent bottom-line beat. A few of quarterly reports from these banks are due on Tuesday.
In general, financial stocks have made solid gains so far this year, despite a tumultuous May. At the same time, the Federal Reserve has proven to be more hawkish with potential rate cuts to come. Markets have risen to record highs, and results from these major banks can set the tone for earnings going forward.
24/7 Wall St. has put together a preview of some of the major financial companies reporting earnings on Tuesday.
JPMorgan Chase & Co. (NYSE: JPM) is set to report its second-quarter results before the markets open. The analysts’ consensus estimates call for earnings per share (EPS) of $2.50 and $28.91 billion in revenue. The same period of last year reportedly had $2.29 in EPS and $28.39 billion in revenue. Shares were trading down nearly 1% at $114.40 Monday morning. The consensus price target is $118.80, and the stock has a 52-week range of $91.11 to $119.24.
Wells Fargo & Co. (NYSE: WFC) also is expected to report its most recent quarterly results before the opening bell on Tuesday. The consensus analyst estimates call for $1.15 in EPS and revenue of $20.94 billion. The second quarter of last year had $0.98 in EPS and $21.55 billion in revenue. Shares of Wells Fargo were trading down over 1% at $46.82. The consensus price target is $51.12. The 52-week trading range is $43.02 to $59.53.
And Goldman Sachs Group Inc. (NYSE: GS) is scheduled to report its second-quarter results early Tuesday as well. The consensus forecast calls for $5.00 in EPS and revenue of $8.91 billion. The same period of last year had $5.98 in EPS and $9.4 billion in revenue. Shares were trading down over 1% at $210.93 on last look. The analysts’ mean price target is $230.95, and the 52-week trading range is $151.70 to $245.08.
Look out for more major financial institutions reporting later this week, along with a few other major companies as well.
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