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The Zacks Analyst Blog Highlights: Wells Fargo, JPMorgan Chase, Citigroup, BNC Bancorp and First of Long Island

Zacks Investment Research, Inc., www.zacks.com. (PRNewsFoto/Zacks Investment Research) (PRNewsFoto/ZACKS INVESTMENT RESEARCH)

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Zacks Investment Research, Inc.

Apr 16, 2014, 09:30 ET

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CHICAGO, April 16, 2014 /PRNewswire/ -- Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include the Wells Fargo & Company (NYSE:WFC-Free Report), JPMorgan Chase & Co. (NYSE:JPM-Free Report), Citigroup Inc. (NYSE:C-Free Report), BNC Bancorp (Nasdaq:BNCN-Free Report) andFirst of Long Island Corporation (Nasdaq:FLIC-Free Report).

Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.

Here are highlights from Tuesday's Analyst Blog:

Big Banks Report – 2 Banking Picks

Top U.S. banks are in the process of releasing first-quarter 2014 results, likely to reflect the tough backdrop endured by the sector since the beginning of the year.

The first to report earnings was Wells Fargo & Company (NYSE:WFC-Free Report), which beat estimates by a decent margin. But numbers from JPMorgan Chase & Co. (NYSE:JPM-Free Report) lagged behind estimates by a wide margin. However, Citigroup Inc. (NYSE:C-Free Report) reported impressive first-quarter 2014 results, following Wells Fargo's lead.

JPM Disappoints

JPMorgan Chase failed to override industry conditions and delivered a negative earnings surprise of 9.2%. The banking giant came out with earnings of $1.28 per share, missing the Zacks Consensus Estimate of $1.41 by a wide margin. This is also significantly lower from the year-ago number of $1.59.

However, it would not be unjustified to blame industry-wide headwinds, as the company was largely unaffected by settlements of legal disputes. A lower level of consumer and corporate activities, soft trading volumes and sluggish mortgage banking dragged earnings this time around. Moreover, fundamental pressure from a low interest rate and sluggish loan growth made matters worse.

WFC Beats

However, Wells Fargo earned $1.05 per share in first-quarter 2014, thereby achieving earnings growth for the 17th consecutive quarter. Results improved from $1.00 earned in the prior quarter and 92 cents in the year-ago quarter. The reported figure also beat the Zacks Consensus Estimate by 8 cents.

Despite negative market sentiment, shares of Wells Fargo increased marginally in the pre-market session, indicating that investors have been bullish on the results. The price reaction during the trading session will give a fair idea whether Wells Fargo has been able to meet market expectations.

Citibank Impresses

Following a disappointing second-half 2013, Citigroup reported impressive first-quarter 2014 results. Earnings per share came in at $1.30, outpacing the Zacks Consensus Estimate of $1.18. Moreover, earnings surpassed the prior-year period earnings by a penny.

Shares of Citigroup jumped around 3.7% in the pre-market session, indicating that investors have been bullish on the results. The price reaction during the trading session will give a better idea whether Citigroup has been able to meet expectations.

What Did They Get Right?

Both Wells Fargo and Citibank's success was a result of prudent expense management. In Wells Fargo's case total loans and deposits grew. Moreover, a strong capital position and returns on assets and equity acted as the positives. But more importantly, the company recorded reduction in non-interest expenses.

Wells Fargo also reported $500 million in reserve release (pre-tax), attributable to its improved credit performance. However, the company experienced a fall in its top line owing to lower non-interest income.

Better expense management was the driving force behind Citigroup's better performance as well. Total costs of credit for the first quarter at Citigroup were down 20% year over year to $1.97 billion. The improvement was primarily attributable to a decline in net credit losses and reduced provision for benefits and claims.

The Bottom Line

Going forward, expense management may well be the key factor which determines a bank's success and failure. Moreover, reserve releases for most banks are not expected to be strong enough to support bottom-line growth similar to the past year. Only continued expense control and stable balance sheets can make bank stocks desirable in the upcoming quarters.

Below we present two banking stocks which possess the potential to grow appreciably and are slated to report soon, each of which also has a good Zacks Rank and is poised to exceed estimates.

BNC Bancorp

BNC Bancorp (Nasdaq:BNCN-Free Report) is the holding company for the Bank of North Carolina. A full service commercial bank, it offers a large number of banking services. It conducts both retail and business banking operations. Earlier this month, the bank completed a merger with South Street Financial Corp.

The company holds a Zacks Rank #1 (Strong Buy) and has expected earnings growth of 30.40% for the next financial year. The forward price-to-earnings Ratios (P/E) for the current financial year (F1) is 15.22. This stock has a positive earnings ESP of 8.33%

The First of Long Island Corporation

The First of Long Island Corporation (Nasdaq:FLIC-Free Report) is also a holding company for a bank. Its wholly owned subsidiary is The First National Bank of Long Island. Besides commercial and retail banking, it has an investment banking division and an insurance agency. Another subsidiary, FNY Service Corp, is an investment firm.

Currently the company holds a Zacks Rank #2 (Buy), and has expected earnings growth of 11.40% for the next financial year. It has a P/E (F1) of 15.43. The stock has a positive earnings ESP of 3.45%.

The banking environment remains fraught with challenges and yet some stocks have the ability to outperform the sector. These two choices have the ability to post good earnings numbers and would make excellent additions to your portfolios.

Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.

About Zacks Equity Research

Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.

Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today.

About Zacks

Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978. The later formation of the Zacks Rank, a proprietary stock picking system; continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.

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SOURCE Zacks Investment Research, Inc.

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