Bank of America, Schwab, Morgan Stanley: What To Expect From Tuesday's Earnings

Bank of America Corporation BAC, Charles Schwab Corporation SCHW and Morgan Stanley MS are expected to report their second-quarter earnings on Tuesday.

Analysts expect Bank of America to post earnings per share (EPS) of 80 cents alongside $22.52 billion in revenue for the quarter, according to data from Benzinga Pro. A year ago, the bank reported 88 cents EPS and $25.3 billion in revenue.

Schwab is expected to register 72 cents EPS and report $4.68 billion in revenue for the three-month period. The bank posted 75 cents EPS and $4.656 billion in revenue during the same period in 2023.

Morgan Stanley analysts forecast $1.65 EPS and $14.299 billion in revenue for the second quarter, up from $1.24 EPS and $13.4 billion in revenue a year ago, Benzinga Pro data shows.

On Monday, The Goldman Sachs Group, Inc. GS reported revenue of $12.730 billion for the second quarter, beating the consensus of $12.456 billion.

Sales increased 17% year over year, reflecting higher net revenues in Global Banking and markets and Asset and wealth Management. Global Banking & Markets revenues were $8.18 billion, up 14% year over year.

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On Friday, J.P. Morgan Chase & Co. JPM, Citigroup Inc. C and Wells Fargo & Co. WFC all posted better-than-expected results for the second quarter.

JPMorgan, the largest U.S. bank by assets, reported EPS at $4.40, surpassing the consensus estimate of $4.19. Adjusted revenue reached $50.99 billion, above the forecast of $42.3 billion.

Citi's second-quarter EPS of $1.52 beat the estimated $1.39 as revenue of $20.14 billion, compared to the $20.0 billion forecast.

Wells Fargo's EPS came in at $1.33, slightly higher than the $1.29 expected by analysts, while revenue reached $20.69 billion, exceeding the $20.29 billion estimate.

Price Action: Bank of America gained 0.77% to $41.91 as of Monday’s mid-afternoon trading, while Schwab rose 0.13% to $75.48 and Citi picked up 1.41% to $65.43.

The Financial Select Sector SPDR Fund XLF gained 1.43% by mid-afternoon, while Invesco KBW Bank ETF KBWB jumped 2.06%.

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