Major U.S. banks, including JPMorgan Chase & Co. JPM, Wells Fargo & Co WFC, BlackRock Inc. BLK, Citigroup Inc C, and State Street Corp. STT, are scheduled to release their second-quarter earnings results on Friday, July 14.
Bank Earnings Season Has Begun: What Does the Street Expect?
According to the Street consensus, JPMorgan is projected to report earnings per share (EPS) of $4.00 in the second quarter, representing a significant 45% increase from the previous quarter. The consensus for quarterly revenues stands at $38.96 billion, reflecting a notable 27% surge compared to the first quarter.
Wells Fargo is predicted to post a second-quarter EPS of $1.18, up 55% from the prior quarter. Revenues are expected to climb 18% to $20.1 billion.
BlackRock’s second-quarter consensus EPS is $8.41, up 14.3% from the previous quarter. However, its revenues are expected to drop by 1.3% to $4.47 billion.
The market consensus expects Citigroup’s second-quarter EPS to fall to $1.30, down 40.6% from last quarter. Citigroup revenues are forecasted to drop 1.9% to $19.27 billion.
State Street Corp.’s second-quarter EPS is anticipated to rise 8.76% quarter-on-quarter to $2.11. State Street Corp. expects $3.14 billion in revenues, up 6.44% from the first quarter.
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| Date | Company | Q2 Consensus EPS | Q1 Reported EPS | Expected %chg in EPS (QoQ) | Q2 Consensus Revenues | Q1 Reported Revenue | Expected %chg in Revenues (QoQ) |
|---|---|---|---|---|---|---|---|
| Friday, Jul 14 | JPMorgan | 4.00 | 2.76 | +44.93% | 38.96B | 30.72B | +26.77% |
| Friday, Jul 14 | Wells Fargo | 1.15 | 0.74 | +55.41% | 20.1B | 17.03B | +18.03% |
| Friday, Jul 14 | BlackRock | 8.41 | 7.36 | +14.29% | 4.47B | 4.53B | -1.32% |
| Friday, Jul 14 | Citigroup | 1.30 | 2.19 | -40.64% | 19.27B | 19.64B | -1.88% |
| Friday, Jul 14 | State Street | 2.11 | 1.94 | +8.76% | 3.14B | 2.95B | +6.44% |
3 Bank ETFs To Monitor
- Financial Select Sector SPDR Fund XLF
Description: A popular exchange-traded fund (ETF) that tracks the performance of the financial sector in the S&P 500 index.
AUM: $33 billion
Year-to-date performance: 1.8%
Top holdings: Berkshire Hathaway Inc. BRK BRK (13%), JP Morgan Chase & Co. (9.2%), Visa Inc. V (8.3%). - Direxion Financial Bull 3x Shares FAS
Description: A leveraged ETF that aims to provide three times the daily return of the Russell 1000 Financial Services Index.
AUM: $1.3 billion
Year-to-date performance: down by 6.4% - SPDR S&P Bank ETF KBE
Description: An ETF that seeks to replicate the performance of the S&P Banks Select Industry Index, providing an exposure to a portfolio of 90 U.S. bank stocks.
AUM: $1.4 billion
Year-to-date performance: down by 13.5%
Top holdings: Comerica Inc. CMA (1.6%), Pinnacle Financial Partners, Inc. PNFP (1.6%), Wintrust Financial Corp. WTFC (1.4%).
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