It’s earnings season, and bank stocks are starting things off with a bang!
Financials were the first to report, and most posted better-than-expected earnings.
And even one well-known name that didn’t (looking at you, Wells Fargo) still posted third-quarter profits that rose compared to the same quarter last year.
The reason it failed to beat expectations is because its expectations were quite high. The company still topped analyst estimates.
Two other stocks reported bank earnings this week that beat quarterly expectations, and both traded higher on the news Wednesday.
One saw revenue rise 12%, while the other saw net income move 37% higher.
Overall, banking stocks put up impressive numbers.
And if we continue to see numbers come in above expectations, especially in the financial sector, there’s a good chance we might see higher prices or a rally in the overall stock market, even if the Federal Reserve decides to take action earlier than expected and raises rates.
So check out the video below to learn which other two banking stocks blew away analyst estimates, and to learn what we can expect if the financial sector continues to outperform.
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