U.S. Banks on the Upswing – Latest Report on Citigroup and JPMorgan

NEW YORK, NY / ACCESSWIRE / August 23, 2016 / U.S. bank stocks have been on the upswing after J.P. Morgan Chase & Co. reported earnings that have topped expectations last month. The SPDR KBW Bank ETF (NYSE-ARCA: KBE) is down roughly 2.3 percent year-to-date, but has rallied over 3.7 percent in the past month and outpacing the S&P 500’s gain of roughly 0.35 percent over the same period. Register with us now for your free membership and gain access to our U.S. Banking reports at: www.rdinvesting.com/subscribe-today/.

“If you really want to be a contrarian investor, and are looking for something cheap that got totally left behind and has decent yield, you should look at high-quality banks,” said Susan Bao, portfolio manager at J.P. Morgan Asset Management.

Citigroup Inc. (NYSE: C)

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Citigroup’s shares increased 0.28 percent to close at $46.66 a share Monday. The stock traded between $46.25 and $46.75 on volume of 11.01 million shares traded. The stock appears to be facing some resistance at $47.04 and $47.33 with some support at $46.56 and $45.68. The company is schedule to release results for the third quarter of 2016 before market open on October 14th, 2016. The stock has fallen approximately 25 percent from its high of $61 a year ago, which is much lower than the 14 percent decrease of the banking sector, according to a recent Barron’s article. Shares of Citigroup have fallen approximately 9.8 percent year-to-date, but have rallied roughly 5.3 percent in the past month.

JPMorgan Chase & Co. (NYSE: JPM)

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JPMorgan’s shares declined 0.06 percent to close at $65.80 a share Monday. The stock traded between $65.41 and $65.88 on volume of 9.06 million shares traded. The stock appears to be facing some resistance at $66.30 with some support at $65.73 and $64.93. JPMorgan reported earnings of $1.55 per share for the second quarter of 2016, which topped analysts’ estimates of $1.43 a share. Revenues totaled $25.2 billion for the second quarter, which also topped expectations of roughly $24.16 billion. Shares of JPMorgan have fallen approximately 0.35 percent year-to-date, but have rallied roughly 2.75 percent in the past month.

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