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Sector Update: Financial Shares Weighed as JP Morgan Q1 Results Miss Street View

Posted
4/11/2014 7:57:00 AM
By: MT Newswires
Referenced Stocks:JPM;ETFC

Top Financial Shares:

JPM: -3.41%

BAC: -1.80%

WFC: -0.34%

C: -1.64%

USB: -0.25%

Financial shares were lower in pre-market trade Thursday as JPMorgan Chase( JPM ) kicked off banks' Q1 earnings season with a disappointment.

JPM was down more than 3% after it reported Q1 earnings short of the Street view and revenue just short of estimates.

JPMorgan Chase & Co. reported net income for Q1 2014 of $5.3 billion, compared with net income of $6.5 billion in Q1 2013.

Earnings per share were $1.28, compared with $1.59 in Q1 2013. Revenue for the quarter was $23.9 billion, down 8% compared with the prior year.

The firm's return on tangible common equity for Q1 2014 was 13%, compared with 17% in the prior year.

The Street expected earnings of $1.41 per share on revenue of $24.0 billion, according to Capital IQ estimates.

And, in other financials stocks news, E TRADE Financial Corporation ( ETFC ) has been upgraded to an overweight rating from underweight by analysts at Barclays. The firm also raised its price target to $24 from $20 a share, which

represents a potential upside of 23% from the stock's current market price.