The 2023 earnings season starts with four major US banks reporting quarterly earnings this week. In light of the Federal Reserve’s tightening of financial conditions, it is interesting to see the impact the interest rate hikes had on the US banks’ profitability.
JPMorgan Chase
JPMorgan Chase (NYSE:JPM) reports its quarterly earnings on Friday, January 13, during pre-market hours. The market expects EPS of $3.12, and the annual revenue estimate for the fiscal period ending December 2023 is $140.36 billion.
One of the attractive things about JPMorgan is its dividend policy. It pays a quarterly dividend, and the forward dividend yield is 2.9%, while the company raised it for the last eight consecutive years.
Bank of America
Bank of America (NYSE:BAC) provides banking and financial services and products, and it is one of the largest diversified banks in the world. It employs over 210,000 people and was founded in 1784.
The stock price declined by -28.51% in the past twelve months, and the company pays a quarterly dividend too. The forward dividend yield is 2.56%, and the payout ratio is 26.90%.
Bank of America reports its Q4 2022 earnings on Friday, and the market expects EPS of $0.8.
Wells Fargo
Wells Fargo (NYSE:WFC) stock price declined by -20.19% in the past year and bounced in October together with the overall US stock market. Investors expect EPS of $0.99 in the last quarter, and the annual revenue estimate for the fiscal period ending December 2023 is $81.54 billion.
The company has reached a market capitalization of $163.09 billion at the current market price. Wells Fargo pays a quarterly dividend, too, and the forward dividend yield is 2.80%.
Citigroup
Citigroup (NYSE:C) is another large financial institution reporting its Q4 2022 earnings next Friday, January 13. Investors expect EPS of $1.20 in the quarter, and the annual revenue estimate for the fiscal period ending December 2023 is $76.41 billion.
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