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Wells Fargo Beats Earnings Estimates While JP Morgan Falters

  +Follow January 14, 2014 10:49AM
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As the first earnings season of 2014 kicks into full gear, one of the largest financial institutions in America reported numbers that far exceeded expectations, indicating that the turnaround for the banking sector is possibly more robust than the already optimistic projections.

Wells Fargo & Co (WFC) reported fourth quarter and full year earnings on Jan 14, posting an uptick of 10 percent over the same period in the year prior. Their numbers stand in contrast to those posted by scandal-ridden JP Morgan Chase & Co. (JPM) , who suffered billions in expenses in conjunction with myriad improprieties.  

While JP Morgan still dwarfs Wells Fargo in size, with only $1.5 trillion in assets to JP Morgan’s $2.4 trillion, Wells Fargo enjoys a relatively squeaky reputation compared to their competitor, and has avoided both the regulatory scrutiny and massive fines heaped on JP Morgan.

In the last 12 months, JP Morgan shelled out over $20 billion in fines and settlements for improprieties ranging from securities fraud to bribery to energy price fixing. The costs in the fourth quarter alone accounted for a $0.27 per-share loss for JP Morgan.

Wells Fargo Sees Revenues Slide, But Profit Increases

For their fourth quarter 2013 earnings report, Wells Fargo reported a net gain of $5.6 billion, or $1.00 per share, versus the net profit of $5.06 billion, or $0.91 per share, from the same period a year ago. Revenue for the quarter was $20.7 billion, as compared to $22 billion from the previous year. Analysts were expecting a profit of $0.98 per share on revenues of $31.62 billion.

Wells Fargo's reported profit for FY 2013 was $21.9 billion, a 16 percent increase from FY 2012.

JP Morgan’s Slightly Beats Revenue Yet Profit Drops 7.3 Percent

For their fourth quarter 2013 earnings report, JP Morgan reported a net gain of $5.28 billion, or $1.30 per share, versus the net profit of $5.7 billion, or $1.39 per share, from the same period a year ago. Revenue for the quarter was $24.1 billion, as compared to $24.3 billion from the previous year. Analysts were expecting a profit of $1.35 per share on revenues of $24.083 billion.

JP Morgan's reported profit for FY 2013 was $17.9 billion, compared to $21.3 billion the previous year, representing a 16 percent decrease.

Following their respective earnings reports, by midday trading on Jan 13 both JP Morgan and Wells Fargo were flat. Wells Fargo was unchanged at $45.56 a share, and JP Morgan gained .07 percent to hit $57.74, as the heavy regulatory fines had already been factored in by the market.

 

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for jpm
lookn4wins
2 Oct 14 06:37:00
$KO Chart $KO Most recent stock chart and technical analysis. $SPXU $JPM $DXJ $SRPT $DDD $RIG http://stockchar http://t.co/nNKfP4YFWr
Leni
2 Oct 14 06:32:27
$JPM booked on this drop
TheStreet Alerts
2 Oct 14 06:30:08
How Will JPMorgan Chase $JPM Stock Respond to This Analyst Action Today? http://t.co/O6aAmh5pBR
Big Options
2 Oct 14 06:29:42
Notable morning upgrades 10-2 - $ADSK, $FOSL, $ICE, $TWTR & Downgrades - $ETN, $INTU, $JPM, $OKE
Jay
2 Oct 14 06:14:17
Notable Downgrades this morning: $ETN, $FRAN, $JPM, $OI, $PNC, $WBMD, $X
OptionSamurai
2 Oct 14 06:12:03
Financials reports in 2 weeks and imp vol is high. $bac $wfc $bk $c $gs $jpm $ms $jpm $pnc $STI http://t.co/r8obSMF8sw
Carolyn B Miciano
2 Oct 14 06:11:18
A trade that profits when interest rates rise http://t.co/F9kj0OBUEI $JPM $BA $BAC
Stock Wire
2 Oct 14 06:07:00
JPMorgan Chase & Co. Reiterates Neutral Rating for Franklin Resources (BEN) $JPM http://t.co/246oI8f8EN
steven silva
2 Oct 14 06:02:28
RT @carlquintanilla: Raining upgrades today: $TWTR, $JPM, $P, $TWX. @CNBC
Patrick
2 Oct 14 06:00:06
#SENTISHIFTUP $WAG $DJIA $TWTR $SHLD $ADSK $BAC $AAPL $BBRY $NLNK $JPM #quantheta
Umbisam
2 Oct 14 05:52:49
$JPM raised $TWTR target price, from $54 to $64 #stocks
Jon Ogg
2 Oct 14 05:51:24
THURS ANALYST UPGRADES & DOWNGRADES $AKS $ADSK $BAC $ABX $ENPH $GNTX $ICE $JPM $KMI $NDAQ $P $TWTR $X $SPLK $VLO http://t.co/ftL3HkxV1h
Karl Eggerss
2 Oct 14 05:34:44
Street #downgrades: $WBMD $ETN $DISCA $OI $INTU $PNC $X $MSI $JPM $FRAN $OKE
Anthony DePaola
2 Oct 14 05:30:30
$UBS upgrades $BAC with a 20 pt and cuts $JPM to neutral
GO CUSE1
2 Oct 14 05:22:30
RT @theflynews: $BAC $JPM Bank of America upgraded to Buy from Neutral at UBS: Full Story http://t.co/OnAmravW3Y
Dan Colella
2 Oct 14 05:17:12
RT @kenr0966: @SKITHEG GPRO 1m1 minute ago Dirty move by $GPRO founder. Getting $JPM to release 5m shares from lockup ahead of o
TootsTheBulldog
2 Oct 14 05:16:48
RT @theflynews: $BAC $JPM Bank of America upgraded to Buy from Neutral at UBS: Full Story http://t.co/OnAmravW3Y
ToddGackIsDutch
2 Oct 14 05:14:57
“@carlquintanilla: Raining upgrades today: $TWTR, $JPM, $P, $TWX. @CNBC” I say $CNBC gets an upgrade today too
kenr0966
2 Oct 14 05:11:52
@SKITHEG GPRO 1m1 minute ago Dirty move by $GPRO founder. Getting $JPM to release 5m shares from lockup ahead of o
kenr0966
2 Oct 14 05:11:19
@PipsToDollars Vlad Mazek @vladmazek 1m1 minute ago Dirty move by $GPRO founder. Getting $JPM to release 5m shares from lockup ahead of o
kenr0966
2 Oct 14 05:10:49
@RedDogT3 gpro Vlad Mazek @vladmazek 1m1 minute ago Dirty move by $GPRO founder. Getting $JPM to release 5m shares from
Biotecher86
2 Oct 14 05:10:32
RT @vladmazek: Dirty move by $GPRO founder. Getting $JPM to release 5m shares from lockup ahead of others for basically his tax free pocket…
kenr0966
2 Oct 14 05:10:12
@pennies4stocks Vlad Mazek @vladmazek 1m1 minute ago Dirty move by $GPRO founder. Getting $JPM to release 5m shares from lockup ahead of o
V
2 Oct 14 05:08:46
RT @MarketCurrents: Big bank pair trade from UBS; BofA upgraded, JPM cut http://t.co/z6c9WYxRh6 #premarket $BAC $JPM
Vlad Mazek
2 Oct 14 05:08:27
Dirty move by $GPRO founder. Getting $JPM to release 5m shares from lockup ahead of others for basically his tax free pocket foundation.
Austin Deric
2 Oct 14 05:02:08
@TheStalwart yea, probably just in 1 OTC swap, $JPM on the other side.
kidspouseme
2 Oct 14 04:58:22
RT @theflynews: $BAC $JPM Bank of America upgraded to Buy from Neutral at UBS: Full Story http://t.co/OnAmravW3Y
danielo
2 Oct 14 04:57:34
RT @EVplusEV: $TWTR Gets an upgrade to buy from $JPM with a 6 $64 price target.
Dave Kelly
2 Oct 14 04:56:59
$TWTR Gets an upgrade to buy from $JPM with a 6 $64 price target.
Roxanne Whittum
2 Oct 14 04:55:18
RT @carlquintanilla: Raining upgrades today: $TWTR, $JPM, $P, $TWX. @CNBC
Carlos Zacarias
2 Oct 14 04:48:02
RT @carlquintanilla: Raining upgrades today: $TWTR, $JPM, $P, $TWX. @CNBC
Stock Wire
2 Oct 14 04:45:18
United Technologies Earns “Overweight” Rating from JPMorgan Chase & Co ... $JPM http://t.co/COPRsaITBH
Lauren Young
2 Oct 14 04:39:34
RT @carlquintanilla: Raining upgrades today: $TWTR, $JPM, $P, $TWX. @CNBC
Squawk on the Street
2 Oct 14 04:34:30
RT @carlquintanilla: Raining upgrades today: $TWTR, $JPM, $P, $TWX. @CNBC
Carl Quintanilla
2 Oct 14 04:34:13
Raining upgrades today: $TWTR, $JPM, $P, $TWX. @CNBC
alpe pinnazzo
2 Oct 14 04:29:40
Because Europe is growing & happy: "LVMH, Richemont raised to overweight at J.P. Morgan Cazenove" $JPM
Quantpost Financial
2 Oct 14 04:28:46
$JPM News Alert: http://t.co/5WqNatLsmx Updated options view: https://t.co/yR8tqoFWF0 All options views: https://t.co/70xv7VQT5H
MarketCurrents
2 Oct 14 04:28:43
Big bank pair trade from UBS; BofA upgraded, JPM cut http://t.co/z6c9WYxRh6 #premarket $BAC $JPM
apppro
2 Oct 14 04:19:03
@YahooFinance $AA I'm sure this #HFT hedge fund controlled market will punish Alcoa for creating jobs HERE in U.S. Repeal FinReg $JPM $GS $C
4-traders.com
2 Oct 14 04:10:04
Canadian M&A activity soars as energy sector fuels growth http://t.co/MjwoG5ljUa $ATHL $JPM $FCX $BMO $BNS $CM $ECA $RY $TD $THI $BARC $BKW
Carolyn B Miciano
2 Oct 14 04:09:56
Trading Options doesn't get any more advanced http://t.co/LWfH9pz2fJ $JPM $BA $BAC
praveenkumar@gmail.c
2 Oct 14 03:34:33
How to make 120,000 chase miles in 6 months. http://t.co/25RY7HO2mn $jpm #frequentflyer #mileageplus #creditcards
$Stocknewsalerts
2 Oct 14 03:16:26
$JPM New SEC Document(s) for JPMorgan Chase & Co. From our Stock News Alerts App
Stock_Tracker
2 Oct 14 03:12:27
JP Morgan Chase & Co (JPM) 59.77 $JPM GoPro Founders Establish The Jill + Nicholas Woodman Foundation PR Newsw http://t.co/eGVtxIuPJd
Michael Torres, PhD
2 Oct 14 03:10:42
RT @financialjuice: JP Morgan $JPM cut to neutral vs buy and Bank of America $BAC raised to buy vs neutral at UBS #stocks
Usman Rafi
2 Oct 14 03:04:50
$EBAY Receives an Overcast Warning by $JPM While The Boeing Company (BA) Gets a Clear Weather Signal http://t.co/8VoHtFzXcJ
Media Sentiment
2 Oct 14 03:03:22
$JPM received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 29
12Stocks.com
2 Oct 14 03:01:20
Weekly Dow #Stocks Trend $KO $CSCO $MCD $NKE $T $WMT $DD $VZ $HD $CAT $TRV $V $DIS $INTC $PG $MSFT $MRK $JPM @ http://t.co/TvzJfd0RGT
ZOZO
2 Oct 14 03:01:11
$JPM JPMorgan downgraded to Neutral from Buy at UBS
FinancialJuice
2 Oct 14 02:57:16
JP Morgan $JPM cut to neutral vs buy and Bank of America $BAC raised to buy vs neutral at UBS #stocks
				
				
  +Follow January 14, 2014 10:49AM
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