Investors anxiously await the bank earnings season kick-off, headlined by major players including JP Morgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), Wells Fargo & Company (NYSE:WFC), Citigroup Inc. (NYSE:C) and Bank of New York Mellon Corp. (NYSE:BK) which are scheduled to unveil their fourth-quarter results Friday.
Additionally, Blackrock Inc. (NYSE:BLK), the world’s largest asset manager, which introduced its first Bitcoin ETF, the iShares Bitcoin Trust ETF (NYSE:IBIT) on Thursday, was also slated to disclose its earnings.
According to data from the Benzinga Pro platform, consensus among Wall Street analysts expected the following earnings per share (EPS) and estimated revenue for the listed financial companies set to report this Friday:
Bank of America: Estimated EPS of $0.63 and estimated revenue of $23.743 billion.
Bank of New York Mellon: Estimated EPS of $1.13 and estimated revenue of $4.294 billion.
BlackRock: Estimated EPS of $8.79 and estimated revenue of $4.619 billion.
Citigroup: Estimated EPS of $0.79 and estimated revenue of $18.755 billion.
JPMorgan Chase: Estimated EPS of $3.36 and estimated revenue of $39.778 billion.
Wells Fargo: Estimated EPS of $1.20 and estimated revenue of $20.319 billion.
When compared to the same quarter of the previous year, Wells Fargo and Bank of New York Mellon stand out as the only two banks in the group expected to report an increase in both EPS and revenue.
In contrast, all other banks are experiencing a decline in EPS. Bank of America was the only one showing a decrease in both EPS and earnings compared to the fourth quarter of 2022.
| Name | Year-on-Year Change in EPS | Year-on-Year Change in Revenue |
|---|---|---|
| Bank of America (BAC) | -25.88% (Decrease) | -3.22% (Decrease) |
| Bank of New York Mellon (BK) | +82.26% (Increase) | +9.61% (Increase) |
| BlackRock (BLK) | -1.57% (Decrease) | +6.49% (Increase) |
| Citigroup (C) | -31.90% (Decrease) | +4.15% (Increase) |
| JPMorgan Chase (JPM) | -5.88% (Decrease) | +15.12% (Increase) |
| Wells Fargo (WFC) | +79.10% (Increase) | +3.34% (Increase) |
Shares of major financial stocks, as tracked by the Financial Select Sector SPDR Fund (NYSE:XLF), rose 13.4% in the fourth quarter of 2023, marking their strongest performing quarter since Q1 2021.
Insights On Bank Earnings
Wedbush analysts David J. Chiaverini, CFA; Brian Violino, CFA and…
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