We have covered Jim Cramer for almost 20 years here at 24/7 Wall St., and like all opinionated Wall Street stock pickers, he has had more than his fair share of home runs and some swings and misses. One thing is for sure: His opinions, either good, bad, or indifferent, do not go unheard, as he has maintained one of the most prominent bully pulpits in the financial industry for years. So, with that in mind, when Cramer bellows from that bully pulpit, we listen.
With a career that started at Goldman Sachs, from the formation of his hedge fund, Cramer Berkowitz, to his founding of The Street, which he wrote for from 1996 to 2021, to his popular Mad Money show, Jim Cramer has something in his pocket that many on Wall Street do not have—access to almost everybody, regardless of their Wall Street status. As opposed to many who churn out Wall Street platitudes and stock-picking advice, Jim Cramer at least does the homework required for the masses who see him via television or the internet to get a reasonable look at what he is covering at any given time.
A recent article covering Cramer’s thoughts and the start of the fourth quarter 2024 earnings season on CNBC noted that he is optimistic about the sector’s top stocks in front of the large money-center banks that will report on Wednesday and Thursday this week. We screened the banks that will officially kick off the fourth-quarter earnings season, and four look like outstanding ideas to buy before the earnings release. All are rated Buy at top Wall Street firms we cover.
Bank of America
Bank of America is an American multinational investment bank and financial services company.
The company posted solid third-quarter results, so this week’s print should be interesting. It pays a solid 2.31% dividend and is looking to increase the repurchasing of its shares. Bank of America Corp. (NYSE: BAC) is a ubiquitous presence in the United States and is a bank and financial holding company.
Its segments include:
- Consumer Banking
- Global Wealth & Investment Management (GWIM)
- Global Banking
- Global Markets
The Consumer Banking segment offers a range of credit, banking, and investment products and services to consumers and small businesses.
The GWIM includes two businesses:
- Merrill Wealth Management, which provides tailored solutions to meet clients’ needs through a full set of investment management, brokerage, banking and retirement products
- Bank of America Private Bank, which provides comprehensive wealth management solutions
The Global Banking segment provides a range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services.
Global Markets segment offers sales, trading, and research services to institutional clients across fixed-income, credit, currency, commodity, and equity businesses.
The Truist Securities price target objective for the shares is $52.
Citigroup
Citigroup is an American multinational investment bank and financial services company based in New York City.
This is a top money center bank, and Warren Buffett bought a massive $2.5 billion worth of stock in the summer of 2022. The stock pays a dependable 3.15% dividend. Citigroup Inc. (NYSE: C) is a leading global diversified financial service company that provides consumers, corporations, and governments with a broad range of financial products and services.
Citigroup offers:
- Consumer banking and credit
- Corporate and investment banking
- Securities brokerage
- Transaction services
- Wealth management services
Citi operates and does business in more than 160 countries/jurisdictions in North America, Latin America, Asia, Europe/Middle East and Africa (EMEA).
Trading at a reasonable 9.2 times estimated 2025 earnings; this company looks very reasonable in what remains a volatile stock market and in a sector that has lagged some in 2024 but looks to be gaining ground.
Bank of America has a Buy rating with a solid $95 target price.
PNC Financial Services
PNC Financial Services is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania.
This bank has a vast client base, pays a hefty 3.27% dividend, and is among the top 10 largest U.S. banks by assets. Importantly, Jim Cramer feels the bank is a favorite among Wall Street analysts. PNC Financial Services Group Inc. (NYSE: PNC) operates through three segments:
- Retail Banking
- Corporate & Institutional Banking
- Asset Management Group
The company’s Retail Banking segment offers:
- Checking, savings, and money market accounts, as well as time deposits
- Residential mortgages, home equity loans, and lines of credit
- Auto loans, credit cards; education loans, and personal and small business loans and lines of credit
- Brokerage, insurance, and investment and cash management services
This segment serves consumer and small business customers through branches, digital channels, ATMs, and phone-based customer contact centers.
The Corporate & Institutional Banking segment provides:
- Secured and unsecured loans, letters of credit, and equipment leases
- Cash and investment management services
- Receivables and disbursement management services
- Funds transfer services
- International payment services
- Access to online/mobile information management and reporting
- Securities underwriting, loan syndications, customer-related trading
- Mergers and acquisitions and equity capital markets advisory-related services
- Commercial loan servicing and technology solutions.
It serves mid-sized and large corporations as well as government and not-for-profit entities.
PNC Financial Service Groups Asset Management Group segment offers:
- Investment and retirement planning, customized investment management, credit and cash management solutions, and trust management and administration services for high-net-worth and Ultra-high net worth individuals and their families
- Multi-generational family planning services for ultra-high-net-worth individuals and their families
It provides outsourced chief investment officers, custody, private real estate, cash and fixed-income client solutions, and retirement plan fiduciary investment services for institutional clients.
The Barclays target price objective for the buy-rated shares is $229.
Wells Fargo
Wells Fargo operates in 35 countries and serves over 70 million customers worldwide.
With a solid 2.30% dividend and many headline issues in the rearview mirror, this money-center giant makes sense now. Wells Fargo & Co. (NYSE: WFC) is a financial services company that provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally.
The company operates through four segments:
- Consumer Banking and Lending
- Commercial Banking
- Corporate and Investment Banking
- Wealth and Investment Management
The Consumer Banking and Lending segment offers diversified financial products and services for consumers and small businesses. These include checking and savings accounts, credit and debit cards, and home, auto, personal, and small business lending services.
The Commercial Banking segment provides financial solutions to private, family-owned, and certain public companies. Its products and services include banking and credit products across various industry sectors and municipalities, secured lending and lease products, and treasury management services.
The Corporate and Investment Banking segment offers a suite of capital markets, banking, and financial products and services, such as:
- Corporate banking
- Investment banking
- Treasury management
- Commercial real estate lending and servicing
- Equity and fixed-income solutions
- Sales, trading, and research capabilities services to corporate, commercial real estate, government, and institutional clients
The Wealth and Investment Management segment provides wealth management, brokerage, financial planning, lending, private banking, and trust and fiduciary products and services to affluent, high-net-worth, and ultra-high-net-worth clients.
It also operates through financial advisors in brokerage and wealth offices, consumer bank branches, independent offices, and digitally through WellsTrade and Intuitive Investor.
Truist Financial has a Buy rating with an $82 target.
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