- Shares of JPMorgan Chase (JPM - Get Report) closed at $33.90, returning 4% year-to-date, following a 20% decline during 2011. The shares trade just below their reported March 31 tangible book value of $34.91, and for six times the consensus 2013 EPS estimate of $5.30. The consensus 2012 EPS estimate is $4.30. The company will kick-off bank earnings season before the market opens on Friday, with analysts polled by Thomson Reuters expecting a 79-cent profit, declining from EPS of $1.31 the previous quarter and $1.27 a year earlier. Investors of course continue to wonder just how much in second quarter trading losses the company will report, after CEO James Dimon disclosed a hedge trading loss by its Chief investment Office (CIO) estimated at "slightly more than $2 billion," on May 10. JPMorgan's operating ROA has ranged between 0.68% and 1.06% over the past five quarters.
- Shares of Bank of America (BAC - Get Report) closed at $7.66 Friday, returning 38% year-to-date, after dropping 58% during 2011. The shares trade for 0.6 times their reported March 31 tangible book value of $12.87, and for eight times the consensus 2013 EPS estimate of 97 cents. The consensus 2012 EPS estimate is 56 cents. Bank of America will report its second-quarter results on July 18, with analysts expecting earnings of 15cents a share, compared to a three-cent profit during the first quarter, and a net loss of 90 cents a share in the second quarter of 2011, when the company entered into an $8.5 billion mortgage putback settlement with private investors. Bank of America's operating ROA over the past five quarters has ranged from a negative 1.51% to a positive return of 1.08%.
- Shares of Citigroup (C - Get Report) closed at $26.36 Friday, for a flat year-to-date return, following last year's 44% decline. The shares trade for just over half their reported March 31 tangible book value of $50.90, and for less than six times the consensus 2013 earnings estimate of $4.56. The consensus 2012 EPS estimate is $3.95. Citi will report its second-quarter results on July 20, with analysts expecting earnings of 92 cents a share. The consensus EPS estimate for all of 2012 is $4.01. The company's operating ROA has ranged between 0.20% and 0.67% over the past five quarters.
Buy Wells Fargo: Jefferies
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