First Republic shares fall on net interest income miss; US Bancorp gains

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First Republic Bank FRC, -16.43% stock fell 10% Friday in the weakest share price reaction among four regional banks that reported earnings. While First Republic’s third-quarter earnings of $2.21 beat the target of $2.18 a share, its net interest income looking ahead is running about 4 basis points behind the forecast for growth of 2.75%, said Jefferies analyst Casey Haire. First Republic’s third-quarter revenue of $1.5 billion missed the analyst target of $1.54 billion, according to estimates compiled by FactSet. Meanwhile, U.S. Bancorp USB, +3.36% rose 1.4% after its earnings of $1.16 a share beat the Wall Street target by a penny and its revenue of $6.33 billion topped the forecast of $6.24 billion. PNC Financial Services PNC, -1.17% dropped 1.2% despite beating analyst estimates for profit and revenue, with earnings of $3.78 a share, ahead of the $3.70 a share forecast and revenue of $5.55 billion, which topped the estimate of $5.42 billion. Huntington Bancshares Inc. HBAN, -1.58% shares dipped 0.6% after the regional bank posted third-quarter earnings of 35 cents a share, a penny ahead of estimates, and revenue of $1.75 billion, ahead of the $1.71 billion analyst target.

This article was originally published by Marketwatch.com. Read the original article here.

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