|Bid||68.65 x 1300|
|Ask||68.85 x 800|
|Day's range||68.16 - 69.60|
|52-week range||64.38 - 80.70|
|Beta (3Y Monthly)||1.50|
|PE ratio (TTM)||N/A|
|Earnings date||14 Jan 2019|
|Forward dividend & yield||1.80 (2.58%)|
|1y target est||85.35|
Bank of America (BAC) reported third-quarter revenues of $22.8 billion, surpassing Wall Street’s forecast of $22.7 billion. Its quarterly revenues rose 4.0% YoY and ~1.0% sequentially.
Goldman Sachs (GS) stock was up ~2% in the October 16 premarket trading session after the investment bank reported better-than-expected third-quarter earnings results on the day. Goldman Sachs’s top and bottom lines not only surpassed Wall Street analysts’ estimates but also marked significant YoY (year-over-year) improvement.
Analysts are bullish on JPMorgan Chase (JPM). Analysts haven’t changed their ratings on JPMorgan Chase in the last three months. Wall Street’s one-year forward target prices for other major banks (XLF) including Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), and Citigroup (C) represent upsides of 22.6%, 19.4%, 29%, and 21.7%, respectively.
Treasury Secretary Steven Mnuchin and some powerful and well-connected Wall Street figures still appear to be attending “Davos in the Desert.”
Zacks Investment Ideas feature highlights: JP Morgan Chase, Citigroup, Wells Fargo, Bank of America and Bank of New York Mellon
An extended period of calm on the market has ended as investors worry about a surge in interest rates. The benchmark S&P 500 index is coming off a six-day losing streak. Apple and Amazon made big gains as technology and internet companies and retailers recovered some of their recent losses.
Despite the worldwide stocks rebound, the market, remains in a correction. A price pop after sharp losses is less convincing than those that emerge during a run-up.
The stock market rallied with big gains Friday after two days of heavy losses. Three Wall Street banks reported earnings early Friday.
Despite the Fed's rate hikes and balance sheet unwind, three of the largest U.S. banks reported improving yield on interest-bearing assets.
JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. -- announced Friday that their costs for bad loans are falling. The same strong economy pushing the Federal Reserve to raise rates is helping households keep current on their growing mound of debt. JPMorgan’s provision for bad loans was half-a-billion dollars less than analysts estimated as one measure of trouble in its consumer portfolio fell to the lowest level in more than a decade.
Citigroup said Friday that its third-quarter profits rose 12 percent from a year earlier, as the banking conglomerate was able to cut expenses and benefited from lower taxes. Citi earned a profit of $1.74 per share, which was better than the $1.68 a share that was expected according to a survey of analysts' by FactSet. Citi was able to grow profits despite a small drop in revenue compared to a year earlier.
For energy importers, the squeeze in supply is stoking inflation, while climbing U.S. rates lure funds from their markets. Whether crude hits $91 per barrel, as Citigroup Inc. says it may, or if it breaches $100, as other major oil traders suggest, no nation’s relationship to the rally is the same. Brent crude was little changed at $80.27 per barrel after trading above $85 earlier in the week.
Citigroup (C) delivered earnings and revenue surprises of 4.82% and -0.24%, respectively, for the quarter ended September 2018. Do the numbers hold clues to what lies ahead for the stock?
Technology stocks were at the forefront during the carnage witnessed on Wall Street on October 10. In this series, we’ll look at tech stocks that are trading close to 52-week lows, and we’ll see if these stocks are a good buy after their price decline. Snap (SNAP) declined 19.7% in October and closed at $6.81 yesterday.
America’s fourth-biggest bank by assets was expected to report net income of $4.1bn for the third quarter according to analyst forecasts compiled by Bloomberg. Last year, Citi’s third-quarter net income came in at $4.1bn. Citi noted that revenue would have been up 4 per cent year on year if not for a one-off gain in the prior-year period and foreign exchange translation effects that hurt this year’s results.
Major bank stocks tumble as markets witness significant sell-off due to many concerns weighing on investor sentiments. But banks' efforts to restructure businesses are impressive and will aid growth.
JPMorgan Chase, Citigroup and Wells Fargo reported big increases in quarterly profits but their results did little to allay fears that US banks will miss out on a golden era of an economic boom and rising interest rates.
Over the past couple of years mega US banks have returned ever-larger proportions of their profits to shareholders, in the form of dividends and share repurchases. , which also made bullish noises on Friday, the share count dropped 8 per cent in the third quarter.