Goldman Sachs 3Q Return on Avg Shareholders’ Equity 7.1%
Goldman Sachs 3Q Return on Avg Shareholders’ Equity 7.1%
Goldman Sachs 3Q Return on Avg Shareholders’ Equity 7.1% Read Post »
Financials
Goldman Sachs 3Q Asset & Wealth Management Revenue $3.23B
Goldman Sachs 3Q Asset & Wealth Management Revenue $3.23B。
Goldman Sachs 3Q Asset & Wealth Management Revenue $3.23B Read Post »
Oppenheimer raises Citigroup (NYSE:C) price target from $81 to $82
Oppenheimer analyst Chris Kotowski maintains Citigroup (NYSE:C) with a Outperform and raises the price target from $81 to $82.
Oppenheimer raises Citigroup (NYSE:C) price target from $81 to $82 Read Post »
Raymond James raises Progressive (NYSE:PGR) price target from $145 to $165
Raymond James analyst C. Gregory Peters maintains Progressive (NYSE:PGR) with a Outperform and raises the price target from $145 to $165.
Raymond James raises Progressive (NYSE:PGR) price target from $145 to $165 Read Post »
Charles Schwab (NYSE:SCHW) Q3 Adj EPS $0.77 Beats $0.75 Estimate, Sales $4.61B Miss $4.63B Estimate
Charles Schwab (NYSE:SCHW) reported quarterly adj. earnings of $0.77 per share which beat the analyst consensus estimate of $0.75 by 2.67 percent. This is a 30 percent decrease over earnings of $1.10 per share from the same period last year. The company reported quarterly sales of $4.61 billion which missed the analyst consensus estimate of $4.63 billion by 0.52 percent. This is a 16.25 percent decrease over sales of $5.50 billion the same period last year.
Morgan Stanley raises BlackRock (NYSE:BLK) price target from $836 to $897
Morgan Stanley analyst Mike Cyprys maintains BlackRock (NYSE:BLK) with a Overweight and raises the price target from $836 to $897.
Morgan Stanley raises BlackRock (NYSE:BLK) price target from $836 to $897 Read Post »
CFRA Keeps Hold Opinion On Shares Of Citigroup Inc.
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lower our target $3 to $48, applying a 8.0x forward P/E of our 2024 EPS view, below the 8.5x three-year historic average. We lift our 2023 EPS $0.20 to $6.20 and 2024’s $0.10 to $6.00. C reported Q3 EPS of $1.63, a $0.41 consensus beat, and realized +10% Y/Y growth (1% Q/Q) in net interest income (NII), with higher volumes and net interest earning an asset yield of 2.49% vs. 1.68% (2.48%). Non-NII businesses were +6% Y/Y, with higher commission (+3%) and principal transaction fees (+15%). The Institutional Clients Group was +12% (53% of total revenues), Personal Banking and Wealth Management (PBWM) +10% (34%), Legacy Franchises -13% (11%), and Corporate/Other +67% (2%). In PBWM, branded cards revenue was +12%, retail services +21%, and retail banking -3%.
CFRA Keeps Hold Opinion On Shares Of Citigroup Inc. Read Post »
CFRA Keeps Buy Opinion On Shares Of Blackrock, Inc.
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We keep our 12-month target of $750, valuing BLK shares (currently yielding 3.1%) at 18.3x our 2024 EPS estimate of $41.03 and 17x our 2025 EPS estimate of $44.05, versus its three-year average forward multiple of 20x and a peer average of 13x. We lift our 2023 EPS view by $2.41 to $37.52 after Q3 EPS of $10.91 versus $9.55 topped our $8.50 EPS estimate and the $8.34 consensus view on 5% higher revenues with slightly wider operating margins (42.3% versus 42.0%) due to 14% higher AUM and 20% higher tech revenues. But the shares’ tepid performance today likely reflects the disappointing Q3 fund flow trends, with Q3 inflows of $3B versus $16.9B amid $36B institutional index outflows and $13B in precision ETF outflows. We see 2023
CFRA Keeps Buy Opinion On Shares Of Blackrock, Inc. Read Post »
CFRA Keeps Strong Buy Opinion On Shares Of Pnc Financial Services Group
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We decrease our 12-month target price by $15 to $160, 12.5x our 2024 EPS estimate, a premium to the peer average of 7.8x given PNC’s more stable operating model. We increase our 2023 EPS estimate by $0.06 to $14.04 and lower 2024’s by $1.38 to $12.78 given rising funding costs and likely net interest margin compression. PNC posted Q3 adj. EPS of $3.60 vs. $3.78 a year ago, $0.46 above consensus. Strong results were driven by provisions for credit losses of just $129 million, the lowest level in five quarters. Impressively, net charge-offs (NCOs) actually fell 9 bps Q/Q to 0.15%, although deterioration was seen in PNC’s office portfolio (2.7% of total loans), with NCOs surging to 1.6%. Weakness was seen in deposit balances (-1% Q/Q) as
CFRA Keeps Strong Buy Opinion On Shares Of Pnc Financial Services Group Read Post »
CFRA Keeps Hold Opinion On Shares Of The Progressive Corporation
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lift our 12-month target price by $15 to $160, or 21.3x our 2024 operating EPS estimate of $7.50 and 17.4x our 2025 EPS estimate of $9.20, versus PGR’s five-year average forward multiple of 18x and a peer average of 10x. We up our 2023 EPS estimate by $0.32 to $5.05. We calculate Q3 operating EPS to be $1.97 versus $0.53, above our $1.47 EPS estimate, the $1.71 consensus view, on 20% higher earned premiums and improved underwriting results, evidenced by the Q3 combined ratio of 92.4% versus 99.2%. We note YTD loss costs rose 21%, still outpacing the 18% rise in YTD premiums, though the rise in loss costs is moderating. We now see 15%-18% operating revenue growth in 2023, driven mainly by 12%-18% higher premiums,
CFRA Keeps Hold Opinion On Shares Of The Progressive Corporation Read Post »
CFRA Keeps Buy Rating On Shares Of Jpmorgan Chase & Co.
Despite no lift from investment banking fee income, JPM is executing across most businesses with 18% ROE. We keep our $175 target, a forward P/E of 11x, below the three-year historic average at 12.3x. We increase our 2023 EPS estimate by $0.75 to $17.00 and 2024’s by $0.40 to $15.95. Loan growth remains critical to net interest income (NII) and non-interest income in 2023-2024, assuming economic growth. NII rose 30% Y/Y, with a rise in interest rate spread to 2.00% vs. 1.79% Y/Y (1.97% Q/Q) and total loans +17% Y/Y, while deposit-related fees were -4%. Consumer net revenue was +29%, with banking/wealth management +43%, home lending +36%, and card services and auto +7%. Commercial banking revenue was +32%, with middle markets +37% (gaining market share), corporate client banking +15%, and commercial real estate +48%. Investment banking fees were -2% Y/Y, with M&A advisory -10%, equity underwriting -6%, and debt underwriting
CFRA Keeps Buy Rating On Shares Of Jpmorgan Chase & Co. Read Post »
BlackRock Ekes Out 3Q Net Inflow, CEO Says Power of Cash Is Weighing
BlackRock had a 3Q net inflow of about $2.57 billion as the asset manager recovered from $49 billion in quarterly net outflows from “lower-fee institutional index equity strategies, including $19 billion from a single international client.” CEO Larry Fink says the earning power of cash amid higher interest rates is weighing on flows across the industry. “For the first time in nearly two decades, clients are earning a real return in cash and can wait for more policy and market certainty before re-risking,” he says. The company is trying to position itself for share gains when investors are ready to put money back in the market, he says.
BlackRock Ekes Out 3Q Net Inflow, CEO Says Power of Cash Is Weighing Read Post »