Bank of America, Citigroup, Wells Fargo and More Bank Earnings Coming This Week
Banks will be central in leading the economic recovery through small business lending, among other things. The numbers that these institutions post this week will be an important barometer for what comes next.
Earnings season is just around the corner, and that means the big banks will be leading the way. While some are saying this earnings season isn’t significant (considering the coronavirus headwinds) the fundamentals released will be important in calculating the real impact of the COVID-19 outbreak.
Banks will be central in leading the economic recovery, through small business lending, among other things. The numbers that these institutions post will be an important barometer for what comes next.
24/7 Wall St. has put together a preview of some of the major financial companies kicking off the new earnings reporting season. Markets are fighting back from their lows in March, and banks will be integral to the economic recovery.
For Goldman Sachs and JPMorgan, check out our separate preview of the Dow Jones industrial average stocks reporting this week.
Charles Schwab Corp. (NYSE: SCHW | SCHW Price Prediction) is scheduled to reveal its first-quarter results before regular trading begins on Monday. The consensus estimates call for $0.63 in earnings per share (EPS), as well as $2.62 billion in revenue. Shares closed trading most recently above $36. The consensus price target is $39.35. The stock has a 52-week trading range of $28.00 to $51.65.
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Wells Fargo & Co. (NYSE: WFC) is set to report its first-quarter results before the opening bell on Tuesday. Analysts are calling for $0.59 in EPS and revenue of $19.37 billion. Wells Fargo stock closed above $33, and the consensus price target is $36.95. The 52-week trading range is $25.11 to $54.75.
Watch for Morgan Stanley (NYSE: MS) to release its most recent quarterly results on Wednesday morning. The consensus third-quarter forecast is $1.14 in EPS and $9.89 billion in revenue. Morgan Stanley stock ended the week near $41. The consensus price target is $46.25, and the share price has ranged from $27.20 to $57.57 in the past 52 weeks.
Bank of America Corp. (NYSE: BAC) is reporting first thing Wednesday as well. The consensus estimates are EPS of $0.58 and $22.75 billion in revenue. Shares were changing hands around $25 on last look. The consensus price target is $27.74, and the stock has a 52-week range of $17.95 to $35.72.
And Citigroup Inc. (NYSE: C) is expected to reveal its first-quarter results on Wednesday before the open. The consensus estimates call for $1.56 in EPS, as well as $19 billion in revenue. Citigroup stock was trading most recently above $47. The consensus price target is $64.86. The stock has a 52-week trading range of $32.00 to $83.11.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
