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Nov. 4, 2019, 8:52 a.m. EST

Bank of America, Citigroup stocks rally after J.P. Morgan boosts bank price targets

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By Tomi Kilgore

Financial stocks rose in premarket trading Monday, after J.P. Morgan analyst Vivek Juneja raised his price targets on a number of large-capitalization banks, as he removed his previous assumption that the Federal Reserve would cut interest rates in December. While expects near-term earnings for the group to be clouded by the "continued sizable decline" in net interest margin, he expects the pace of the decline to slow in 2020 given the Fed's less-dovish tone last week. The SPDR Financial Select Sector ETF /zigman2/quotes/209660484/composite XLF +3.44% rose 1.0% in premarket trading, while futures for the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.44% climbed 165 points, or 0.6%. Among the more active components, shares of Bank of America Corp. /zigman2/quotes/200894270/composite BAC +5.49% rose 1.3%, after Juneja raised his price target to $33.50 from $33.00; Citigroup Inc.'s stock /zigman2/quotes/207741460/composite C +6.47% tacked on 1.4%, as the price target goes up to $84.50 from $77.50; Wells Fargo & Co. shares /zigman2/quotes/203790192/composite WFC +5.95% gained 0.9%, after Juneja raised his target to $51 from $48. Juneja also raised his targets for BB&T Corp. to $57.50 from $53.50, Citizens Financial Group Inc. /zigman2/quotes/205410375/composite CFG +6.38% to $43.00 from $39.50, Fifth Third Bancorp /zigman2/quotes/207561596/composite FITB +5.75% to $33.50 from $30.50, PNC Financial Services Group Inc. /zigman2/quotes/203416310/composite PNC +2.78% to $155.05 from $147.50, for Regions Financial Corp. /zigman2/quotes/202396577/composite RF +4.68% to $19.00 from $17.50 and for U.S. Bancorp /zigman2/quotes/206934678/composite USB +6.49% to $58.00 from $55.50.

/zigman2/quotes/209660484/composite
US : U.S.: NYSE Arca
$ 23.46
+0.78 +3.44%
Volume: 94.44M
July 10, 2020 4:00p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
26,075.30
+369.21 +1.44%
Volume: 337.36M
July 10, 2020 5:09p
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/zigman2/quotes/200894270/composite
US : U.S.: NYSE
$ 24.02
+1.25 +5.49%
Volume: 81.14M
July 10, 2020 4:00p
P/E Ratio
9.80
Dividend Yield
3.00%
Market Cap
$197.54 billion
Rev. per Employee
$543,289
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/zigman2/quotes/207741460/composite
US : U.S.: NYSE
$ 52.65
+3.20 +6.47%
Volume: 28.03M
July 10, 2020 4:02p
P/E Ratio
7.30
Dividend Yield
3.87%
Market Cap
$102.95 billion
Rev. per Employee
$479,167
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/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 25.47
+1.43 +5.95%
Volume: 56.48M
July 10, 2020 4:02p
P/E Ratio
8.99
Dividend Yield
8.01%
Market Cap
$98.56 billion
Rev. per Employee
$392,114
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/zigman2/quotes/205410375/composite
US : U.S.: NYSE
$ 24.18
+1.45 +6.38%
Volume: 4.61M
July 10, 2020 4:00p
P/E Ratio
8.28
Dividend Yield
6.20%
Market Cap
$9.70 billion
Rev. per Employee
$395,083
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/zigman2/quotes/207561596/composite
US : U.S.: Nasdaq
$ 18.39
+1.00 +5.75%
Volume: 6.24M
July 10, 2020 4:00p
P/E Ratio
8.07
Dividend Yield
5.87%
Market Cap
$12.38 billion
Rev. per Employee
$429,030
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/zigman2/quotes/203416310/composite
US : U.S.: NYSE
$ 101.60
+2.75 +2.78%
Volume: 2.93M
July 10, 2020 4:00p
P/E Ratio
9.46
Dividend Yield
4.53%
Market Cap
$41.94 billion
Rev. per Employee
$367,770
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/zigman2/quotes/202396577/composite
US : U.S.: NYSE
$ 10.29
+0.46 +4.68%
Volume: 10.66M
July 10, 2020 4:00p
P/E Ratio
8.03
Dividend Yield
6.03%
Market Cap
$9.43 billion
Rev. per Employee
$320,096
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/zigman2/quotes/206934678/composite
US : U.S.: NYSE
$ 36.44
+2.22 +6.49%
Volume: 8.97M
July 10, 2020 4:00p
P/E Ratio
9.42
Dividend Yield
4.61%
Market Cap
$51.55 billion
Rev. per Employee
$342,274
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