Quarterly reports for the major banks are set to start releasing results this week, and there are some positives to take away for the upcoming earnings season.
Wells Fargo (NYSE:)
Financials – Commercial Banks |
After their recent scandals and facing the heat on Capitol Hill from Senator E. Warren, Wells Fargo is likely to fly under the radar by way of contrast to the other big banks, who are likely to post positive quarterly earnings.
Still perhaps, there is a positive outlook for WFC, who will attempt to get back on track in the new earnings season. Estimize predicts that their YoY growth for EPS is around 2%, with revenue remaining the same. Estimize and Wall Street both predict EPS to come out at $1.04 this quarter.
Bank of America Corp (NYSE:)
Financials – Diversified Financial Services |
Recently, Bank of America has been making larger strides into digital banking, shutting down more physical branches across the country. The move seems to be working, with Estimize predictions for their projected year-on-year growth this year aggregating to a whopping 17%.
Bank of America’s stock price has been gradually rising since early September, and Estimize predicts their EPS at around $0.48 in comparison to $0.46 predicted by Wall Street. By way of reference, the bank tends to beat Wall Street estimates 75% of the time, and surpasses the Estimize consensus 57% of the time.