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Big Bank Stocks News: Why JPM, C and WFC Are Moving Today

Bank stocks are on the move Friday as some of the biggest players in the market release their earnings reports for the fourth quarter of 2020.

Image of a grey cityscape with a large corporate building that features the word bank on it
Source: Shutterstock

Let’s start off with JPMorgan Chase (NYSE:JPM).

  • Earnings per share came in at $3.79.
  • That beats out analysts’ estimates of $2.62 per share for the period.
  • Revenue for the quarter sitting at $29.2 billion.
  • This is better than Wall Street’s estimate of $28.7 billion.
  • Net income of $12.14 billion is up 42% year-over-year from $8.52 billion.

Now, let’s take a look at what Q4 brought for Citigroup (NYSE:C).

  • The company reported EPS of $2.08.
  • That’s above analysts’ estimates of $1.34 per share.
  • Its revenue reached $16.5 billion.
  • This has it missing Wall Street’s estimate of $16.71 billion for the quarter.
  • Its net income of $4.63 billion is down 7% from $4.98 billion in the same period of the year prior.

Finally, this is what Wells Fargo (NYSE:WFC) reported in its fourth quarter of 2020.

  • EPS for the quarter comes in at 64 cents.
  • That’s better than analysts’ EPS estimate of 60 cents.
  • Revenue in the most recent quarter is $17.93 billion.
  • That’s a miss next to Wall Street’s revenue estimate of $18.13 billion.
  • Net income of $2.99 billion is up 4% YoY from $2.87 billion.

While JPMorgan Chase did well today, it looks like the mixed results from Citigroup and Wells Fargo are likely dragging it down. As a result, each of these bank stocks is seeing their shares dip lower today.

JPM stock was down 2.3%, C stock was down 5.1% and WFC stock was down 7.5% as of Friday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2021/01/big-bank-stocks-news-why-jpm-c-and-wfc-are-moving-today/.

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