Bank Stocks Plunging After Earnings

Bank stocks were under heavy pressure Thursday morning as several large institutions reported their quarterly earnings.

Shares of PNC Financial Services Group Inc< PNC were lower by nearly 2.50 percent after the company reported that it earned $1.68 per share in its first quarter on revenue of $3.7 billion. These figures fell short of the $1.70 per share and $3.75 billion Wall Street analysts were expecting.

Shares of BlackRock, Inc. BLK were lower by nearly 2 percent after the investment management firm's first-quarter earnings per share of $4.25 fell four cents short of expectations and revenue of $2.62 billion was short of the $2.72 billion analysts were expecting.

Related Link: Citi's Q1 Earnings Cheat Sheet For U.S. Banks

Wells Fargo & Co WFC said that it earned $0.99 per share in the first quarter on revenue of $22.2 billion. Its stock was lower by more than 1.5 percent despite exceeding Wall Street's expectations of $0.97 per share on revenue of $21.6 billion.

Bank of America Corp BAC saw its stock trade lower by around 1 percent following an in-line earnings print and revenue that fell short of expectations. The company said that it earned $0.21 per share in the first quarter, but reported revenue of $19.7 billion, missing Wall Street's $20.3 billion expectation.