In the first half hour of Thursday’s regular session, the Dow Jones industrials traded up 0.02%, the S&P 500 up 0.28% and the Nasdaq 0.87% higher.

Before markets opened on Thursday, Delta Air Lines reported a miss on the consensus earnings per share (EPS) estimate while beating the consensus on revenue. After stumbling on Wednesday following a weak forecast from American Airlines, Delta shares traded down by about 1.5% Thursday morning after CEO Ed Bastian said that demand is strong for the current quarter, especially for international travel.

Infosys reported revenue that was 16% higher than in the same quarter last year but was still short of the consensus estimate. Shares traded down about 7.2% Thursday morning.

Progressive fell short of the consensus EPS estimate but did report slightly better-than-expected revenue for the company’s first quarter. The stock traded down about 7.7%.

Before U.S. markets open on Friday, Citigroup, JPMorgan and Wells Fargo will be reporting earnings, as will BlackRock and UnitedHealth Group.

Here are previews of three more financial services companies on deck to reveal quarterly results first thing Monday morning.

Charles Schwab

Charles Schwab Corp. (NYSE: SCHW) has seen its share price fall by more than 35% over the past 12 months. Shares have plunged by almost 32% since the collapse of Silicon Valley Bank. Essentially all of that decline came after a reported block selloff of some $650 million in Schwab stock just as Silicon Valley Bank was closed by regulators. The value of Schwab’s long-term assets fell by nearly 8%, and investors got worried that, like SVB, Schwab would face a run on deposits. That did not happen, and if Schwab posts good first-quarter numbers, a share price recovery could get a jump start.

Analysts remain bullish on the stock, with 15 of 21 ratings at Buy or Strong Buy, as well as five Hold ratings. At a recent price of around $51.90 a share, the upside potential based on a median price target of $69.00 is 32.9%. At the high target of $110.00, the upside potential reaches 112%.

First-quarter revenue is forecast at $5.15 billion, which would be down 6.4% sequentially but 10.3% higher year over year. Adjusted EPS are forecast to dip by 15.4% sequentially to $0.91, or 18.2% higher year over year. The current estimates for the 2023 fiscal year call for revenue of $20.65 billion, down 0.54%, and EPS of $3.76, down 3.55%.

The stock trades at 13.8 times expected 2023 EPS, 11.2 times estimated 2024 earnings of $4.64 and 9.4 times estimated 2025 earnings of $5.53 per share. The stock’s 52-week trading range is $45.00 to $86.63. The company pays an annual dividend of $1.00 (yield of 1.93%). Total shareholder return for the past year is negative 34.37%.

M&T Bank Corp. (NYSE: MTB) ranks 12th among the country’s regional banks and operates more than 1,000 branches since its merger last April with People’s United. The bank’s share price has dropped by 27.5% over the past 12 months, including a drop of nearly 20% so far in 2023. Some 85% of the bank’s stock is owned by institutional investors who favor its high dividend.

Analysts have adopted a wait-and-see attitude on the stock, with 11 of 22 having a Hold rating and the other 11 with Buy or Strong Buy ratings. At a share price of around $115.00, the upside potential based on a median price target of $155.00 is 34.8%. At the high target of $190.00, the upside potential is 65.2%.

The consensus first-quarter revenue estimate is $2.38 billion, down 5.3% sequentially and up 64.1% year over year. Adjusted EPS are estimated to come in at $3.96, down 12.1% sequentially and up 45.1% year over year. Analysts are looking for full-year revenue of $9.37 billion, up 14.6%, and EPS of $16.60, up 26.4%.

M&T stock trades at 6.9 times expected 2023 EPS, 7.0 times estimated 2024 earnings of $16.37 and 8.8 times estimated 2025 earnings of $13.11 per share. The stock’s 52-week range is $110.00 to $193.42. The bank pays an annual dividend of $5.20 (yield of 4.43%). Total return for the past year was negative 26.18%.

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State Street

Asset manager and trust bank State Street Corp. (NYSE: SST), the issuer of the SPDR ETFs, has shed about 5% from its share price over the past 12 months, better than the 7.2% share price decline posted by BlackRock, the world’s largest asset management firm. State Street’s servicing and management fees, coupled with limited credit risk and strong balance sheets, make the company even more attractive to institutional owners who hold more than 98% of the float.

Of 18 analysts covering State Street, eight rate the stock a Buy or Strong Buy, and 10 have Hold ratings. At a share price of around $78.40, the upside potential based on a median price target of $90.00 is 14.8%. At the high price target of  $104.00, the upside potential is 32.7%.

For the first quarter of fiscal 2023, the consensus estimate calls for revenue of $3.13 billion, down 0.83% sequentially but up 1.6% year over year. Adjusted EPS are forecast at $1.64, down 20.6% sequentially and 3.1% higher year over year. For the full fiscal year, State Street is expected to report EPS of $8.33, up 12.4%, on revenue of $12.64 billion, up 4%.

Shares trade at 9.4-times expected 2023 EPS, 8.7 times estimated 2024 earnings of $9.01 and 7.8 times estimated 2025 earnings of 10.03 per share. State Street’s 52-week range is $58.62 to $94.73. The bank pays an annual dividend of $2.52 (yield of 3.22%), and the total return for the past year was negative 1.3%.

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