Market Overview

Big Bank Earnings Begin Trickling In With JPMorgan, Citi, PNC And Wells Fargo

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Big Bank Earnings Begin Trickling In With JPMorgan, Citi, PNC And Wells Fargo

Financial stocks are in the midst of a rollercoaster 2017. After a strong start to the year, many bank stocks lost momentum in late March, only to regain momentum in June and July.

Heading into Friday's trading session, the financial sector exchange-traded fund, Financial Select Sector SPDR Fund (NYSE: XLF) was sitting just 1.1 percent below its record highs seen in March, Matt Maley of Miller Tabak explained during a recent CNBC "Trading Nation" segment. Investor attention will be focused on the ETF's highs of $25.30, and a strong report from the bank stocks on Friday will serve as a break-out catalyst.

These early reporters are also likely to give investors "confidence" in the financial system, which has been lacking for nearly 10 years, Maley added.

How Did They Do?

Heading into Friday's opening bell, many large-cap banks reported their earnings, including JPMorgan Chase & Co. (NYSE: JPM), Wells Fargo & Co (NYSE: WFC), Citigroup Inc (NYSE: C) and PNC Financial Services Group Inc (NYSE: PNC).

JPMorgan

  • In Friday's pre-market, shares of JPMorgan were trading lower by 1.76 percent.
  • The bank earned $1.82 per share in the second quarter on revenue of $25.5 billion versus expectations for $1.58 per share and $25 billion.
  • Net income for the quarter rose from $6.2 billion a year ago to $7.029 billion.
  • Book value per share rose 5 percent to $66.05, tangible book value per share rose 6 percent to $53.29.

Wells Fargo

  • Shares of Wells Fargo were trading lower by 1.87 percent.
  • The bank earned $1.07 per share in the second quarter on revenue of $22.17 billion versus expectations for $1.01 per share and $22.5 billion.
  • Net income for the quarter rose from $5.56 billion a year ago to $5.81 billion.
  • Book value per common share rose 3 percent to $36.53, tangible book value per share rose 4 percent to $30.64.

Citigroup

  • Shares of Citigroup were trading lower by 0.7 percent.
  • The bank earned $1.28 per share in the second quarter on revenue of $17.9 billion versus expectations for $1.21 per share and $17.4 billion.
  • Net income dipped from $4.0 billion in the same quarter a year ago to $3.9 billion.
  • Book value per common share rose 6 percent to $77.36, tangible book value per share also rose 6 percent to $67.32.

PNC Financial

  • Shares of PNC were trading lower by 0.27 percent.
  • The bank earned $2.10 per share in the second quarter on revenue of $4.1 billion versus expectations for $2.02 per share and $3.99 billion.
  • Net income for the quarter rose from $989 million a year ago to $1.097 billion.
  • Book value per common share rose 2.79 percent to $87.78, tangible book value per share rose 2.48 percent to $68.55.

Related Links:

25 Stocks Moving In Friday's Pre-Market Session

A Peek Into The Markets: U.S. Stock Futures Flat; Citigroup Earnings In Focus

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