NEW YORK (
First Niagara Financial Group
(FNFG - Get Report)
was the winner on Friday among large U.S. financials, shares rising over 2% to close at $9.79.
First Niagara is scheduled to report its third-quarter financial results next Thursday, with analysts polled by FactSet expecting the company to post earnings of 26 cents a share, increasing from 22 cents in the third quarter of 2010.
Bank stocks were mixed on a day that saw a
violent clash between Occupy Wall Street protestors and New York City police
KBW Bank Index
rose 1% to close at 38.01.
(WFC - Get Report)
was also up over 2% to close at $26.67. The San Francisco lender will report its third-quarter results on Monday, with analysts expecting EPS of 72 cents, increasing from 70 cents the previous quarter and 60 cents a year earlier.
Large banks ending the week with 2% gains included
(C - Get Report)
, closing at $28.08, and
(STT - Get Report)
, which closed at $33.80.
Citigroup will also report its third-quarter results on Monday, with the consensus among analysts polled by FactSet for the company to report third-quarter EPS of 82 cents, declining from $1.09 in the second quarter, but rising from 72 cents in the third quarter of 2010.
State Street is scheduled to report its third-quarter financial results on Tuesday, with analysts polled by FactSet expecting the company to post earnings of 89 cents a share, declining from EPS of a dollar the previous quarter and $1.08 in the third quarter of 2010.
(JPM - Get Report)
rose 1% to close at $13.81, following Thursday's 5% decline, after the company opened the third-quarter earnings season for banks by reporting
an 11% quarter-over-quarter revenue decline
FBR Capital Markets analyst Paul Miller reiterated his "Outperform," or "Buy" rating for JPMorgan, saying the company was likely to ""to continue to take market share and buy back stock with excess cash flow," and was
well-positioned to meet enhanced Basel III capital requirements
Other Large banks rounding out the week with 1% gains included
Bank of New York Mellon
, closing at $18.99;
Fifth Third Bancorp
(FITB - Get Report)
, at $11.34; and
, which closed at $24.57.
(CBSH - Get Report)
was down 2% to close at $36.36, following the previous session's 4% decline. The company on Thursday reported
reported a sharp decline in its third-quarter net interest margin
and warned of a significant decline in fourth-quarter fee income as a result of the
new rules that went into effect on October 1, limiting the interchange fees charged to merchants to process debit card purchases as required by the Durbin Amendment.
Written by Philip van Doorn in Jupiter, Fla.
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Philip van Doorn
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