{"id":13145,"date":"2016-04-15T03:26:37","date_gmt":"2016-04-15T07:26:37","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=13145"},"modified":"2016-04-15T03:26:37","modified_gmt":"2016-04-15T07:26:37","slug":"bank-heavyweight-earnings-slip","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/15\/bank-heavyweight-earnings-slip\/","title":{"rendered":"Bank heavyweight earnings slip"},"content":{"rendered":"<p>Thursday was a big day for earnings releases, with two bank heavyweights reporting first-quarter (Q1) 2016 earnings.<\/p>\n<p><strong>Bank of America (BAC)<\/strong><\/p>\n<p>Bank of America reported a 19 percent fall in earnings per share ($0.21) compared to the first quarter of last year ($0.26). The fall was largely attributable to a drop in investment banking and trading profits. Provision for credit losses increased 30% for the quarter, to $997 million.<\/p>\n<p>Tier 1 Capital (CET1) improved to 11.6% (Q1 2015: 11.1%) of risk-weighted assets, while Leverage (SLR) improved to 6.8% (Q1 2015: 6.4%).<\/p>\n<p>The dividend was held at 5 cents (Q1 2015: 5 cents), increasing the payout ratio to a modest 24%, from 19% in Q1 2015.<\/p>\n<p>BAC is in a primary down-trend, having broken primary support at $15. Long-term Momentum below zero confirms. Expect a rally to test resistance at $15 but this is likely to hold and respect would warn of another decline, with a target of $9*.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" width=\"525\" height=\"363\" title=\"Bank of America (BAC)\" alt=\"Bank of America (BAC)\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-15-bac.png?resize=525%2C363&#038;ssl=1\" \/><\/p>\n<p style=\"text-align:right;font-size:.9em;color:#999999;\">* Target calculation: 12 &#8211; ( 15 &#8211; 12 ) = 9<\/p>\n<p><strong>Wells Fargo (WFC)<\/strong><\/p>\n<p>Wells Fargo reported a 5 percent fall in (diluted) earnings per share ($0.99) compared to the first quarter of last year ($1.04). Provision for credit losses increased 78% for the quarter, to $1.09 billion, primarily due to exposure to the Oil &amp; Gas sector.<\/p>\n<p>Tier 1 Capital (CET1) improved to 10.6% (Q1 2015: 10.5%) of risk-weighted assets. No leverage ratio was provided..<\/p>\n<p>The dividend of 37.5 cents is up on Q1 2015 dividend of 35 cents, increasing the payout ratio to 38% from 34% in Q1 2015.<\/p>\n<p>WFC is in a primary down-trend, having broken primary support at $48. Long-term Momentum below zero confirms. Expect a rally to the descending trendline but respect is likely and reversal below $48 would warn of another decline, with a target of $40*.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" width=\"525\" height=\"363\" title=\"Wells Fargo (WFC)\" alt=\"Wells Fargo (WFC)\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-15-wfc.png?resize=525%2C363&#038;ssl=1\" \/><\/p>\n<p style=\"text-align:right;font-size:.9em;color:#999999;\">* Target calculation: 48 &#8211; ( 56 &#8211; 48 ) = 40<\/p>\n<p>So far we have had three heavyweights, JPM, BAC and WFC all report similar performance: declining earnings per share despite deep cuts in non-interest expenses, partly attributable to rising provisions for credit losses. <\/p>\n<p>Citigroup (C) is due to report Friday 11:00 am EST. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thursday was a big day for earnings releases, with two bank heavyweights reporting first-quarter (Q1) 2016 earnings. Bank of America (BAC) Bank of America reported a 19 percent fall in earnings per share ($0.21) compared to the first quarter of last year ($0.26). The fall was largely attributable to a drop in investment banking and &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/15\/bank-heavyweight-earnings-slip\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Bank heavyweight earnings slip&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,57,34],"tags":[360,696,882,1054,1158,3665],"class_list":["post-13145","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-stock-markets","category-us-canada-countries-regions","tag-bank-of-america","tag-citigroup","tag-credit-losses","tag-dividends","tag-earnings-per-share","tag-wells-fargo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bank heavyweight earnings slip - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank heavyweight earnings slip - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Thursday was a big day for earnings releases, with two bank heavyweights reporting first-quarter (Q1) 2016 earnings. 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Revenues (net of interest) dropped 11% while non-interest expenses reduced by\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Citigroup (C)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-15-c.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-15-c.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-15-c.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":13183,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/18\/morgan-stanley-earnings-fall-53-pc\/","url_meta":{"origin":13145,"position":1},"title":"Morgan Stanley earnings fall 53 pc","author":"ColinTwiggs","date":"April 18, 2016","format":false,"excerpt":"Morgan Stanley (MS) is the latest bank heavyweight to release their first-quarter (Q1) 2016 earnings, reporting a 53 percent fall in diluted earnings per share ($0.55) compared to the first quarter of last year ($1.18). Net revenues dropped 21%, primarily to a sharp 43% fall in the Institutional Securities (Trading)\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Morgan Stanley (MS)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-19-ms.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-19-ms.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-19-ms.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":13192,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/20\/goldman-sachs-ends-a-dismal-season\/","url_meta":{"origin":13145,"position":2},"title":"Goldman Sachs ends a dismal season","author":"ColinTwiggs","date":"April 20, 2016","format":false,"excerpt":"Goldman Sachs (GS), last of bank heavyweights to release their first-quarter (Q1) 2016 earnings, reported a 55 percent fall in diluted earnings per share ($2.71) compared to the first quarter of last year ($6.05). Net revenues dropped 40%, primarily due to a sharp 53% fall in Market Making and a\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Morgan Stanley (MS)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-20-gs.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-20-gs.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-20-gs.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":13126,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/13\/jp-morgan-earnings-dip-but-stock-rallies\/","url_meta":{"origin":13145,"position":3},"title":"JP Morgan earnings dip but stock rallies","author":"ColinTwiggs","date":"April 13, 2016","format":false,"excerpt":"First of the financial heavyweights to report first-quarter (Q1) earnings this week, JP Morgan (JPM) reported a 7 percent fall in earnings per share ($1.36) compared to the first quarter of last year ($1.46). The fall was largely attributable to a 90 percent increase in provision for credit losses for\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"JP Morgan Chase","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-14-jpm.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-14-jpm.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-14-jpm.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":18555,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/07\/20\/buybacks-are-hurting-growth\/","url_meta":{"origin":13145,"position":4},"title":"Buybacks are hurting growth","author":"Colin Twiggs","date":"July 20, 2019","format":false,"excerpt":"Preliminary Q1 results from S&P Dow Jones Indices show S&P 500 dividends and buybacks continue to exceed reported earnings in the first quarter of the current year. While this could be a spill-over of offshore funds repatriated as a result of the 2017 Tax Cuts and Jobs Act, companies have\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20622,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/05\/30\/sp-500-and-big-tech\/","url_meta":{"origin":13145,"position":5},"title":"S&#038;P 500 and Big Tech","author":"Colin Twiggs","date":"May 30, 2020","format":false,"excerpt":"The S&P 500 broke resistance at 3000, signaling a re-test of its February high at 3400. The Trend Index trough at zero indicates buying pressure. The Nasdaq 100 is already testing its previous high at 9600, with rising Trend Index indicating strong buying pressure. Both have been lifted by performance\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=13145"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13145\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=13145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=13145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=13145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}