Why Are Bank Stocks JPM, WFC, PNC On The Move Today?


  • Banks stocks are moving on Friday following earnings news.
  • Several major players in the space released earnings reports today.
  • This has bank stocks rising and falling today.
Bank Stocks - Why Are Bank Stocks JPM, WFC, PNC On The Move Today?

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Bank stocks are on the move Friday after several companies in the sector released their earnings reports today.

Starting off with JPMorgan Chase (NYSE:JPM), the company reported adjusted earnings per share (EPS) of $4.32 on revenue of $39.34 billion. Both of these beat out Wall Street’s estimates of $3.41 per share and revenue of $36.19 billion.

Next up is Wells Fargo (NYSE:WFC) with its EPS of $1.23 alongside revenue of $20.73 billion. Yet again, this is another bank that saw results come in above estimates. In this case, analysts were expecting $1.13 per share and revenue of $20.08 billion.

PNC Financial Services (NYSE:PNC) is the last bank stock we’re covering today with its EPS of $3.98 and revenue of $5.60 billion. Those are mixed results compared to Wall Street’s expectations of $3.67 per share on revenue of $5.61 billion.

Let’s go over how these earnings results are affecting bank stocks today below!

Bank Stocks on the Move Friday

  • JPM stock kicks off our coverage with the financial company’s shares climbing 7.1% higher as of Friday morning.
  • WFC shares are next on our list with the company’s stock mostly flat after seeing gains earlier this morning.
  • PNC is the final bank stock worth watching today with shares down 2% as of this writing following a rally earlier today.

Investors looking for even more of the most recent stock market news will want to keep reading!

We’ve got all of the hottest stock market news traders need to know about on Friday! That includes why shares of Ocugen (NASDAQ:OCGN), Boeing (NYSE:BA), and Lucid (NASDAQ:LCID) stock are moving today. You can dive into that news at the following links!

More Friday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/04/why-are-bank-stocks-jpm-wfc-pnc-on-the-move-today/.

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