This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Fifth Third, JPMorgan Lead Big Bank Revenue Winners: KBW

Stocks in this article: BAC JPM WFC RF FITB HBAN USB

JPMorgan Chase posted a third-quarter net loss of $380 million, or 17 cents a share, springing from $9.15 billion in extraordinary expenses, which came to $7.2 billion or $1.85 after tax. The company is expected soon to enter into a settlement of mortgage related investigations with the Justice Department, the Federal Housing Finance Agency, other federal regulators and states' attorneys general, with the total figure climbing as high as $13 billion, according to media reports. The Wall street Journal on Wednesday reported that a group of investors, including BlackRock (BLK) and Neuberger Berman are seeking "at least $5.75 billion" from JPMorgan Chase, to recover losses on mortgage-backed securities sold to them by the bank.

JPMorgan reported that its legal reserves as of Sept. 30 stood at $23 billion. That's an impressive figure, but if the media reports are accurate, investors could see a rough fourth-quarter bottom line. Still, JPMorgan's shares rose 2% from Oct. 10 -- the day before the third-quarter net loss was announced -- through Tuesday's close at $53.62. The shares trade for just 8.9 times the consensus 2014 EPS estimate of $6.01, among analysts polled by Thomson Reuters, which is one of the cheapest valuations among large-cap banks.

Huntington ranks third among large banks for core revenue with mortgage revenue excluded. Adjusted revenue-per-share came to 78 cents in the third quarter, increasing 4.3% from a year earlier.

In fourth place is Bank of America (BAC), with adjusted core revenue, excluding mortgage revenue, of $20.049 billion in the third quarter, increasing from $18.299 billion in the third quarter of 2012, according to KBW. Bank of America's third-quarter average share count increased to 11.482 billion from 10.776 billion in the third quarter of 2012, according to KBW. Still, revenue-per-share was up 2.8% to $1.75 in the third quarter from $1.70 a year earlier.

Please see TheStreet's earnings coverage for much more on Bank of America's third-quarter results.

Wells Fargo (WFC) is in fifth place, with adjusted third-quarter core revenue, excluding mortgage revenue, of $19.071 billion, increasing from $18.561 billion a year earlier, according to KBW. The company's share count declined to an average of 5.382 billion in the third quarter from 5.355 billion in the third quarter of 2012, according to KBW's data. Wells Fargo's adjusted core revenue rose 2.3% to $3.54 a share in the third quarter from $3.47 a share a year earlier.

3 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs