A leading American investment bank looks all set to surge, with its Growth score in Benzinga’s Edge Stock Rankings witnessing a significant spike over the past week.
In Benzinga’s Edge Rankings, the Growth score is computed based on the pace at which revenue and earnings have grown historically, with equal parts importance given to both short and long-term trends. A spike in the Growth score essentially indicates that a company recently reported a strong quarterly performance.
Leading US Bank Sees Its Growth Scores Spike
The bank in question is JPMorgan Chase & Co. (NYSE:JPM), which has seen its Growth metric in Benzinga’s Edge Rankings surge from 14.83 to 71.67 within the span of a week.
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This was primarily driven by the company’s recent third-quarter earnings release, when it reported $47.12 billion in revenue, up 8.78% year-over-year, while surpassing analyst forecasts by a wide margin. The company’s profits during the quarter stood at $14.4 billion, up 16% year-over-year, and again ahead of consensus estimates.
The company delivered a 20% return on tangible common equity (ROTCE), a key profitability metric, indicating strong performance in core areas of operation.
The stock is up 0.40% on Tuesday, closing at $305.36, and is up 0.09% overnight. According to Benzinga’s Edge Stock Rankings, the stock scores high on Growth and Momentum, with a favorable price trend in the short, medium and long terms. Click here for deeper insights on the stock, its peers and competitors.
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