Bank Stock Roundup: STI, RF, FITB & COF Beat Q1 Estimates, WFC To Pay $1B Fine
Zacks Investment Research | Apr 26, 2018 10:31PM ET
Major banks that reported first-quarter 2018 results over the last five trading days managed to record bottom-line improvement, driven by rising rates, stable asset quality and lower taxes. Apart from the benefits from higher interest rates, banks’ results reflected a slight improvement in lending activities.
However, higher expenses and slowdown in mortgage banking business continued to be major headwinds. Also, it seems that the guidance provided by management didn’t meet investors expectations. Thus, the performance of banks over the last five trading sessions was bearish.
Apart from first-quarter earnings releases, a huge penalty for Wells Fargo (NYSE:WFC) dominated the headlines. The bank’s business misconducts have even led to several probes into its business activities.
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