- JPMorgan's third-quarter operating return on average assets (ROA) was 0.99% and its return on average tangible common equity (ROE) was 17.20%, according to Thomson Reuters Bank Insight. For the 12-month period ended Sept. 30, the company's ROA was 0.84%, and its ROE was 14.56%. The shares closed at $41.62 Friday, trading for 1.2 times tangible book value, according to Thomson Reuters Bank Insight, and for eight times the consensus 2013 earnings estimate of $5.21 a share, among analysts polled by Thomson Reuters.
- For Wells Fargo (WFC - Get Report), the third-quarter ROA was 1.46% and its ROE was 16.69%. The company has set the earnings "gold standard" for the big four, with an ROA of 1.36% and an ROE of 15.14%, for the 12-month period ended Sept. 30. The shares closed at $34.25 Friday, and traded for 1.5 times tangible book value, and for 9.4 times the consensus 2013 EPS estimate of $3.64.
- Citigroup announced its third-quarter earnings this morning, reporting an operating return on assets of 1.40% and a return on average common equity of 8.4%, excluding debit valuation adjustments (DVA), a tax benefit, and a $4.7 billion pre-tax loss on the company's sale of a 14% stake in the Morgan Stanley Smith Barney joint venture, and the write-down of its remaining stake in the joint venture. With these items included, the company's return on common equity was 1%. Leaving the messy third quarter aside, the company's ROA for the 12-month period ended June 30 was 0.55%, while its ROE was 7.22%. Citi's shares closed at $34.75 Friday, trading for 0.7 times their reported June 30 tangible book value of $52.70, and for 7.6 times the consensus 2013 EPS estimate of $4.55.
- Bank of America will announce its third-quarter results on Wednesday. For the 12-month period ended June 30, the company's ROA was 0.52% and its ROE was 7.46%. The shares closed at` $9.12 Friday, trading for 0.7 times tangible book value, and for 10 times the consensus 2013 EPS estimate of 91 cents.
JPMorgan Moving Past Beached Whale: Analyst
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