Bank stocks are mostly flat despite earnings beats

Business Insider

The initial wave of big banks released earnings this morning and beat analysts’ expectations, but financial sector stocks have been mostly flat in early trading.

The S&P 500 financials index was up 0.47% in pre-market trading. The KBW Bank Index was up 0.70%.

JPMorgan was the first of the big banks to report fourth-quarter earnings on Friday, reporting $US1.76 adjusted earnings per share, beating Wall Street analysts’ expectations of $US1.69 a share. Though the bank reported a solid quarter after taking into account the effects from tax reform, it also revealed that it took a $US143 million loss from a single client in the fourth-quarter.

Wells Fargo also beat expectations with an adjusted EPS of $US1.16 versus analysts’ estimates of $US1.07 a share, according to Thomson Reuters data. The company posted an 18% profit boost due to a one-time tax benefit from President Donald Trump’s new tax reform.

PNC reported earnings of $US2.29 adjusted EPS, also beating Wall Street expectations of $US2.19 per share.

Some of the big banks are listed below with their current trading price. Click on each name to go to their real-time chart. You can also see when the other big banks report their earnings here.

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