Banking, finance, and taxes
Bank of America, Wells Fargo and More Banks Reporting This Week
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24/7 Wall St. has put together a preview of some of the major companies reporting their quarterly results this week. We are just entering into earnings season, in which most major companies will report and set a direction for the market. We have included the consensus earnings estimates from Thomson Reuters and the stock price and trading history, as well as added some additional color on each.
The most prominent companies reporting this week are banks, which always kick off the earnings season. Although only four major banks are on deck this week, the rest will be coming along very shortly.
U.S. broad markets are currently sitting near all-time highs, and much of the push that we’ve seen in 2017 has been the result of the tech sector. However, over the past month, financials — especially major banks — have been a huge contributing factor to these all-time highs.
If the banks have a strong showing and the fundamentals are solidified, we could expect to see the broad markets push even higher.
Be advised that the earnings and revenue estimates may change ahead of the formal reports, and some companies may change reporting dates as well.
Citigroup Inc. (NYSE: C) is scheduled to reveal its third-quarter results on Thursday. The consensus estimate calls for $1.31 in earnings per share (EPS), as well as $17.8 billion in revenue. Shares ended trading at $75.64 on Friday. The consensus analyst price target is $74.09, and the stock has a 52-week trading range of $47.54 to $76.02.
JPMorgan Chase & Co. (NYSE: JPM) also is set to report its third-quarter results on Thursday. The analysts’ consensus estimates are EPS of $1.65 and $25.27 billion in revenue. Shares were changing hands at $96.92 on Friday’s close. The consensus price target is $96.00, and the 52-week range is $66.74 to $97.63.
Wells Fargo & Co. (NYSE: WFC) will report its third-quarter results on Friday. The analysts’ consensus forecast calls for EPS of $1.03 and $22.42 billion in revenue. Shares were last changing hands at $55.58. The consensus price target is $57.80, and the stock has a 52-week range of $44.28 to $59.99.
Bank of America Corp. (NYSE: BAC) also is expected to report its most recently quarter results on Friday. The consensus analyst estimates are $0.46 in EPS and revenue of $21.98 billion. Shares of Bank of America closed at $26.21 on Friday. The consensus price target is $27.22. The 52-week trading range is $15.60 to $26.30.
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