Banking, finance, and taxes
Bank of America, Citigroup, Wells Fargo and More Major Banks Reporting This Week
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Practically all the major banks are reporting their third-quarter financial results this week. In general, financial stocks have performed in line with the markets, despite a tumultuous China trade war. At the same time, the Federal Reserve has proven to be more hawkish over the past quarter.
24/7 Wall St. has put together a preview of some of the major financial companies kicking off the new earnings reporting season. Markets have risen to record highs, and results from these major banks can set the tone for earnings going forward.
Here, we have included the consensus earnings estimates, stock price and trading history, as well as some additional color on each. Note that JPMorgan and Goldman Sachs have been included in our earnings preview of Dow Jones industrials instead. And see our preview of earnings from Netflix, Philip Morris, United Airlines and others posting results this week as well.
Citigroup Inc. (NYSE: C) is scheduled to reveal its third-quarter results on Tuesday before the open. The consensus estimates call for $1.95 in earnings per share (EPS), as well as $18.56 billion in revenue. Shares ended trading at $70.10 on Friday. The consensus price target is $82.31. The stock has a 52-week trading range of $48.42 to $73.08.
Wells Fargo & Co. (NYSE: WFC) also is expected to report its most recent quarterly results on Tuesday morning. The consensus analyst estimates call for $1.14 in EPS and revenue of $21.2 billion. Shares of Wells Fargo closed at $49.21 on Friday, near the consensus price target of $49.40. The 52-week trading range is $43.02 to $55.04.
Watch for Morgan Stanley (NYSE: MS) to release its most recent quarterly results on Tuesday morning as well. The consensus third-quarter forecast is $1.13 in EPS and $9.69 billion in revenue. Shares were last seen trading at $41.93. The consensus price target is $52.77, and the share price has ranged from $36.74 to $48.67 in the past 52 weeks.
U.S. Bancorp (NYSE: USB) is set to report its third-quarter results early on Wednesday. The analysts’ consensus estimates are EPS of $1.11 and $5.82 billion in revenue. Shares were changing hands at $53.47 on Friday’s close. The consensus price target is $56.39, and the stock has a 52-week range of $43.14 to $57.81.
PNC Financial Services Group Inc. (NYSE: PNC) is scheduled to report its third-quarter results first thing Wednesday. The consensus forecast calls for $2.80 in EPS and revenue of $4.41 billion. Shares were changing hands at $140.40 on last look. The analysts’ mean price target is $145.31, and the 52-week trading range is $108.45 to $144.32.
Bank of America Corp. (NYSE: BAC) is expected to report its third-quarter results on Wednesday morning too. The consensus estimates call for $0.50 in EPS and revenue of $22.82 billion. On Friday’s close, shares were trading at $28.91 apiece. The consensus price target is $32.78, and the 52-week trading range is $22.66 to $31.17.
BB&T Corp. (NYSE: BBT) is scheduled to report its third-quarter earnings Thursday morning. The consensus estimates call for $1.03 in EPS and revenue of $3.0 billion. Shares were last seen changing hands at $52.00. The analysts’ mean price target is $55.18, and the 52-week trading range is $40.68 to $53.90.
And look for Synchrony Financial (NYSE: SYF) to share its most recent quarterly results before Friday’s open. The consensus forecast calls for $1.12 in EPS and $4.36 billion in revenue for the third quarter. Shares ended the week at $33.04. The consensus price target is $40.26, and shares have traded between $21.77 and $36.87 in the past 52 weeks.
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