Categories Earnings, Finance

A look at how Goldman Sachs (GS), JPMorgan (JPM) and other bank stocks fared this quarter

A slew of banking and financial services companies reported earnings this week with some more yet to come. Here is a quick look at how each of the major banks performed this quarter:

Tuesday

Goldman Sachs – The Goldman Sachs Group Inc. (NYSE: GS) missed earnings estimates for the third quarter of 2019 while revenues were better-than-expected. Analysts had forecast EPS of $4.81 on revenue of $8.31 billion. Total revenues declined 6% year-over-year to $8.32 billion. Net income fell 27% to $1.79 billion and EPS dropped 24% to $4.79.

JPMorgan – JPMorgan Chase & Co. (NYSE: JPM) beat market estimates for revenue and earnings in the third quarter of 2019. Analysts had expected earnings of $2.45 per share on revenue of $28.4 billion. Revenues grew 8% to $29.3 billion. Net income rose 8% to $9.08 billion while diluted EPS increased 15% to $2.68.

JPMorgan
Photo by Matthew Foulds on Unsplash

Citigroup – Citigroup Inc. (NYSE: C) beat revenue and earnings expectations for the third quarter of 2019. The consensus forecast was for earnings of $1.95 per share on revenue of $18.5 billion. Revenue inched up 1% to $18.6 billion. Net income grew 6% to $4.9 billion and EPS grew 20% to $2.07.

Wells Fargo – Wells Fargo & Company (NYSE: WFC) beat revenue expectations but missed the mark on earnings in the third quarter of 2019. Analysts had forecast earnings of $1.14 per share on revenue of $21.2 billion. Revenues remained flat year-over-year at $22 billion. Net income dropped 26% to $4.04 billion and EPS was down 19% to $0.92.

Wednesday

Bank of America – Bank of America (NYSE: BAC) topped earnings expectations for the third quarter of 2019 while revenues came in line with estimates. The consensus forecast was for earnings of $0.51 per share on revenue of $22.8 billion. Total revenue grew slightly to $22.8 billion versus $22.7 billion last year. GAAP net income was $5.8 billion, or $0.56 per share while adjusted net income was $7.5 billion, or $0.75 per share.  

Bank of New York Mellon – The Bank of New York Mellon Corporation (NYSE: BK) beat earnings expectations but missed revenue estimates for the third quarter of 2019. The forecast was for earnings of $0.99 per share on revenue of $3.9 billion. Total revenue decreased by 5% to $3.86 billion due to lower fees and net interest revenues. Net income fell by 7% to $1.04 billion while EPS rose by 1% to $1.07 helped by lower average shares outstanding. 

PNC Financial – PNC Financial Services Group (NYSE: PNC) beat revenue and earnings estimates for the third quarter of 2019. Analysts had forecast EPS of $2.80 on revenue of $4.41 billion. Revenues grew 3% to $4.49 billion. Net income remained relatively flat at $1.4 billion. EPS rose 4% to $2.94.

US Bancorp – US Bancorp (NYSE: USB) beat analysts’ estimates for the third quarter of 2019. The consensus target was for earnings of $1.11 per share on revenue of $5.82 billion. Total net revenue increased 4% to $5.92 billion. Net income was $1.91 billion, or $1.15 per share.

Thursday

Morgan Stanley – Morgan Stanley (NYSE: MS) is set to report third quarter 2019 earnings on October 17. Analysts have forecast earnings of $1.11 per share on revenue of $9.6 billion.

KeyCorp – KeyCorp (NYSE: KEY) is also slated to report third quarter 2019 earnings results on October 17. Analysts expect earnings of $0.46 per share on revenue of $1.64 billion.

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