Bank stocks are on the move Thursday following the release of earnings reports from various companies.
We're diving into those earnings reports below to see what has investors in bank stocks so happy today.
Bank Stocks On the Move: $Bank of America(BAC.US)$
Bank of America starts us off with earnings per share of 85 cents on revenue of $22.8 billion. That stacks up well next to Wall Street's estimate of 71 cents per share and revenue of $21.78 billion. The company's earnings per share and revenue are also up roughly 67% and 12% respectively compared to the same time last year.
BAC stock is up 2.6% in pre-market trading on Thursday.
Bank Stocks On the Move: $Wells Fargo & Co(WFC.US)$
Wells Fargo is up next with diluted earnings per share of $1.17 and revenue of $18.83 billion. Both of those are better than analysts' estimates of 99 cents per share and revenue of $18.35 billion. For comparison, the company's diluted earnings per share and revenue for Q3 2020 were 70 cents and $19.32 billion.
Bank Stocks On the Move: $Morgan Stanley(MS.US)$
Morgan Stanley closes us out with earnings per share of $1.98 on revenue of $14.75 billion. That's looking good next to Wall Street's estimates of $1.68 per share on revenue of $14 billion. They're also an improvement over the company's earnings per share of $1.66 and revenue of $11.72 billion from the same period of the year prior.
MS stock is up 1.7% in pre-market trading this morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
The post Bank Stocks: Why BAC, WFC and MS Investors Are Smiling Today appeared first on InvestorPlace.