- Shares of JPMorgan Chase (JPM) closed at $50.87 Tuesday and traded for 8.5 times the consensus 2014 earnings estimate of $6.00 a share, among analysts polled by Thomson Reuters. The consensus 2013 EPS estimate is $5.74. Analysts on average estimate JPMorgan will report third-quarter net income of $4.794 billion, or $1.21 per share. In comparison, the bank earned $1.60 a share during the second quarter and $1.40 a share during the third quarter of 2012. JPMorgan's revenue is expected to decline to $24.059 billion during the third quarter from $25.958 billion the previous quarter and $25.863 billion a year earlier.
- Wells Fargo (WFC) closed at $40.24 Tuesday and traded for 10.1 times the consensus 2014 EPS estimate of $4.00. The consensus 2013 EPS estimate is $3.84. The company is expected to announce third-quarter net income of $5.211 billion, or 97 cents share, compared to 98 cents the previous quarter and 88 cents a year earlier. The consensus third-quarter revenue estimate is $20.993 billion, declining from $21.378 billion in the second quarter and $21.213 billion in the third quarter of 2012.
- Bank of America's (BAC - Get Report) shares closed Tuesday at $13.69 and traded for 10.1 times the consensus 2014 EPS estimate of $1.36. The consensus 2013 EPS estimate is 89 cents. Analysts expect the company to post third-quarter net income of $2.169 billion, or 19 cents a share, compared to a 32-cent profit during the second quarter and a break-even third quarter of 2012, when debit valuation adjustments and several one-time items wiped out earnings. The consensus third-quarter revenue estimate is $22.082 billion, compared to $22.727 billion the previous quarter and $20.428 billion a year earlier.
- Citigroup (C) closed at $47.67 Tuesday and traded for 8.6 times the consensus 2014 EPS estimate of $5.52. The consensus 2013 EPS estimate is $4.80. Citigroup's consensus third-quarter earnings estimate is $3.253 billion, or $1.06 a share, compared to $1.34 a share in the second quarter, and 15 cents a share in the third quarter of 2012, when the company booked a $2.9 billion after-tax loss on the valuation of its share of the joint brokerage venture with Morgan Stanley (MS). Citigroup's revenue for the third-quarter is projected to total $18.796 billion, down from $20.479 billion the previous quarter, but up considerably from $13.951 billion a year earlier, which included a $4.7 pretax hit from the write-down of Citi's share of the joint venture, which the company was preparing to sell to Morgan Stanley.
4 Top Bank Picks for Earnings Season From Oppenheimer
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