Some of the major banks in the United States including Citigroup Inc (NYSE:C), JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Co (NYSE:WFC) are scheduled to reports its third quarter financial results on Tuesday, October 14.
Earnings and revenues expectations for Citigroup
Citigroup Inc (NYSE:C) is expected by to deliver $1.14 in earnings per share on $19 billion in revenue for the third quarter based on the consensus estimate of analysts polled by Bloomberg.
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The estimated earnings for the Citigroup Inc (NYSE:C) was higher than its $1.02 EPS in the same period a year ago. Its projected revenue was also above the $17.9 billion recorded last year.
Over the past 52-week range, the shares of Citigroup Inc (NYSE:C) traded from $45.18 to $55.28 per share. Its stock closed $50.11 per share, down by 2% on Friday. A majority of analysts covering the bank have a Buy recommendation for its stock.
Early this month, the Securities and Exchange Commission (SEC) relaxed a rule allowing Citigroup to sell hedge fund investments to wealthy investors. It also retained its special status as “well-known seasoned issuer” or WKSI to issue stocks and bonds with a SEC review.
Last week, the bank’s unit, Citigroup Global Markets reached an agreement with the New York Attorney General’s office to reimburse approximately $16 million to over 31,000 customers overcharged for advisory fees.
Earnings and revenue estimates for JP Morgan
Wall Street analysts have a consensus estimate of $1.39 in earnings per share on $23.6 billion in revenues for JPMorgan Chase & Co. (NYSE:JPM) for the third quarter.
The estimated earnings of JP Morgan Chase & Co. (NYSE:JPM) for the current quarter was lower compared with the recorded $1.42 per share in the third quarter last year. Its estimated revenue was higher compared with the $23.1 it achieved in the same period a year ago.
Over the past 52-week range, the shares of JP Morgan Chase & Co. (NYSE:JPM) traded from $51.30 to $61.85 per share. Its stock closed $58.52 per share, down nearly 1% on Friday.
Earlier this month, analysts at UBS downgraded their rating for the shares of JP Morgan Chase & Co. (NYSE:JPM) from Buy to Neutral.
Earnings and revenue forecast for Wells Fargo
Wall Street analysts forecasted that Wells Fargo & Co (NYSE:WFC) will be able to deliver $1.02 in earnings per share on $21.2 billion in revenue for the third quarter. The current estimates were higher compared with its $0.99 in earnings per share and $20.7 billion in revenue recorded in the same period last year.
Over the past 52-week range, the shares of Wells Fargo & Co (NYSE:WFC) traded from $41.10 to $53.80 per share. Its stock closed $50.64 per share, down nearly1% on Friday. Analysts covering the bank’s stock have an average price target of $55 per share.
Seventeen analysts have a Buy rating, 16 have a Hold rating and two others have a Sell recommendation for the shares of Wells Fargo & Co (NYSE:WFC).
Wells Fargo & Co (NYSE:WFC) is the largest mortgage provided in the United States. The bank’s mortgage unit suffered a profit decline of 46% over the past quarter and its mortgages for new homes fell to its lowest level since the financial crisis.