5 Big Bank Stocks Tearing Higher

Advertisement

bank stocks - 5 Big Bank Stocks Tearing Higher

Source: Shutterstock

Wall Street is rallying again on news that Presidents Xi and Trump struck a truce in the trade war.

The good news giving big bank stocks an extra boost is the results of the latest Federal Reserve “stress test”. The Fed only objected to the plans of Credit Suisse (NYSE:CS), allowing the rest of the banks to increase their dividends and share repurchase programs.

As a result, the entire sector is bounding higher with the Financials Sector SPDR (NYSEARCA:XLF) rising 2.4%. A number of major components are on the move as well. Here are five bank stocks worth a look:

JPMorgan Chase (JPM)


Click to Enlarge

Shares of JPMorgan (NYSE:JPM) are pushing back up and over their 50-day moving average, braking out of a month-long consolidation range to push back towards highs not seen since early May. This came after a test of the 200-day moving average and pushes the stock back towards two-year-old resistance near the $115-a-share level.

The company will next report results on July 16 before the bell. Analysts are looking for earnings of $2.53 per share on revenues of $28.8 billion. When the company last reported on April 12, earnings of $2.65 beat estimates by 30 cents on a 4.4% rise in revenues.

Wells Fargo (WFC)


Click to Enlarge

Wells Fargo (NYSE:WFC), which has been besieged by a lot of bad news in recent months (self-inflicted wounds, largely), is enjoying what looks like another attempt to break up and over resistance near its 200-day moving average. This could put an end to a downtrend pattern that’s been in place for months and marks a 9% rise off of the lows set back in December.

The company will next report results on July 16 before the bell. Analysts are looking for earnings of $1.16 per share on revenues of $20.9 billion. When the company last reported on April 12, earnings of $1.20 per share beat estimates by 10 cents on a 1.5% drop in revenues.

Bank of America (BAC)


Click to Enlarge

Shares of Bank of America (NYSE:BAC) are rising up to test the upper end of a year-to-date consolidation range with a push towards prior highs near $31. Shares have been mired in a sideways pattern since early 2018 as falling long-term interest rates have weighed on net interest margins. But now, with the Fed clearing the way for a 20% rise in its dividend yield to 2.5%, investors are regaining interest.

The company will next report results on July 17 before the bell. Analysts are looking for earnings of 72 cents per share on revenues of $23.3 billion. When the company last reported on April 16, earnings of 70 cents per share beat estimates by four cents on a 0.4% drop in revenues.

Citigroup (C)


Click to Enlarge

Citigroup (NYSE:C) shares are breaking up and out of a month-long consolidation range returning to highs seen in early May. An upward extension from here would break the two-year downtrend pattern and set the stage for a retest of prior highs near $78 — which would be worth a gain of roughly 12% from here.

The company will next report results on July 15 before the bell. Analysts are looking for earnings of $1.86 per share on revenues of $18.7 billion. When the company last reported on April 15, earnings of $1.87 beat estimates by eight cents on a 1.6% decline in revenues.

Goldman Sachs (GS)


Click to Enlarge

Shares of Goldman Sachs (NYSE:GS) are breaking up and over their 200-day moving average, breaking out of a downtrend pattern that’s been in play since early 2018 and ending a long stall near the $200-a-share level. Watch for a run to the reaction high hit last summer near $240, which would be worth a gain of 20% from here.

The company will next report results on July 16 before the bell. Analysts are looking for earnings of $5.39 per share on revenues of $9.1 billion. When the company last reported on April 15, earnings of $5.71 beat estimates by 69 cents on a 12.6% decline in revenues.


Article printed from InvestorPlace Media, https://investorplace.com/2019/07/5-big-bank-stocks-tearing-higher/.

©2024 InvestorPlace Media, LLC