In this article, we discuss the 5 stocks making headlines after releasing their financial results. If you want to read our detailed analysis of these companies, go directly to the 11 Stocks Making Headlines After Releasing Their Financial Results.
5. First Republic Bank (NYSE:FRC)
Number of Hedge Fund Holders: 39
Shares of First Republic Bank (NYSE:FRC) rose nearly seven percent on Wednesday, April 13, 2022, after announcing a better-than-expected profit for the first quarter. The San Francisco-based bank reported earnings of $2 per share, up from $1.79 per share in the first quarter of 2021.
Revenue jumped 23 percent on a year-over-year basis to $1.4 billion. Analysts were expecting First Republic Bank (NYSE:FRC) to report earnings of $1.90 per share on revenue of $1.4 billion.
Follow First Republic Bank S F New (NYSE:FRC)
Follow First Republic Bank S F New (NYSE:FRC)
Net interest income, a key growth indicator, increased to $1.15 billion, from $939 million in the same period last year. In addition, First Republic Bank (NYSE:FRC) reported that its total deposits jumped 26.7 percent to $162.1 billion, while loan originations rose 13.3 percent to $17.8 billion in the quarter.
Discussing the results, CEO Mike Roffler said:
“The entire business continued to perform very well in the first quarter. Loan originations were our best ever, client satisfaction reached an all-time high, and we successfully completed our core system conversion. It was a terrific quarter.”
4. Delta Air Lines, Inc. (NYSE:DAL)
Number of Hedge Fund Holders: 47
Shares of Delta Air Lines, Inc. (NYSE:DAL) rose over six percent on Wednesday, April 13, 2022, after posting a narrower-than-expected loss for the first quarter. The Georgia-based airline attributed the results to solid demand, reopening of offices and easing travel restrictions.
Delta Air Lines, Inc. (NYSE:DAL) reported an adjusted loss of $1.23 per share and revenue of $9.35 billion. The results were better than the consensus of $1.27 per share for loss and $8.92 billion for revenue.
Follow Delta Air Lines Inc. (NYSE:DAL)
Follow Delta Air Lines Inc. (NYSE:DAL)
Moving forward, Delta Air Lines, Inc. (NYSE:DAL) expects to turn a profit for the current quarter amid rising bookings and fares that are helping the company offset increasing fuel prices.
Speaking on the results, CEO Ed Bastian said:
“With a strong rebound in demand as omicron faded, we returned to profitability in the month of March, producing a solid adjusted operating margin of almost 10 percent. As our brand preference and demand momentum grow, we are successfully recapturing higher fuel prices, driving our outlook for a 12 to 14 percent adjusted operating margin and strong free cash flow in the June quarter.”
3. BlackRock, Inc. (NYSE:BLK)
Number of Hedge Fund Holders: 49
Shares of BlackRock, Inc. (NYSE:BLK) marginally moved down on Wednesday, April 13, 2022, following its mixed financial performance for the first quarter. The investment management giant reported adjusted earnings of $9.52 per share, up from $8.04 per share in the year-ago quarter.
Revenue for the quarter increased approximately 7 percent on a year-over-year basis to $4.69 billion. Analysts were expecting BlackRock, Inc. (NYSE:BLK) to report earnings of $8.75 per share on revenue of $4.73 billion.
Follow Blackrock Inc. (NYSE:BLK)
Follow Blackrock Inc. (NYSE:BLK)
Among other updates, BlackRock, Inc. (NYSE:BLK) reported that it had $9.57 trillion in assets under management at the end of the quarter versus $9.01 trillion in the comparable period of 2021.
Commenting on the results, CEO Laurence Fink said in a statement:
“BlackRock generated $114 billion of long-term net inflows in the first quarter, with positive flows across all product types, investment styles and regions, demonstrating the breadth of our asset management platform.”
2. Wells Fargo & Company (NYSE:WFC)
Number of Hedge Fund Holders: 94
Shares of Wells Fargo & Company (NYSE:WFC) turned red in the pre-market trading session on Thursday, April 14, 2022, after its first-quarter revenue fell short of estimates. The California-based bank generated revenue of $17.59 billion in the quarter, missing the consensus of $17.8 billion.
Follow Wells Fargo & Company (NYSE:WFC)
Follow Wells Fargo & Company (NYSE:WFC)
On the positive side, Wells Fargo & Company (NYSE:WFC) reported earnings of 88 cents per share, topping expectations of 80 cents per share. In addition, the net interest income of $9.2 billion rose five percent on a year-over-year basis and matched the consensus forecast. Moreover, average loans increased three percent versus last year to $898 billion in the quarter.
Discussing the results, CEO of Wells Fargo & Company (NYSE:WFC), Charlie Scharf, said in a statement:
“Our internal indicators continue to point towards the strength of our customers’ financial position, but the Federal Reserve has made it clear that it will take actions necessary to reduce inflation and this will certainly reduce economic growth. In addition, the war in Ukraine adds additional risk to the downside. Wells Fargo is positioned well to provide support for our clients in a slowing economy.”
1. JPMorgan Chase & Co. (NYSE:JPM)
Number of Hedge Fund Holders: 107
Shares of JPMorgan Chase & Co. (NYSE:JPM) hit a new 52-week low of $126.01 on Wednesday, April 13, 2022, after announcing a disappointing profit for the first quarter. The New York-based bank’s lackluster performance is primarily attributed to the negative effects of the Russia-Ukraine war, rising inflation and supply chain disruptions.
JPMorgan Chase & Co. (NYSE:JPM) also warned of economic uncertainties as a result of the Ukraine war and soaring inflation. For the first quarter, the bank reported earnings of $2.63 per share, representing a sharp decline from $4.50 per share in the year-ago period. Analysts were looking for earnings of $2.73 per share.
Follow Jpmorgan Chase & Co (NYSE:JPM)
Follow Jpmorgan Chase & Co (NYSE:JPM)
On the bright side, JPMorgan Chase & Co. (NYSE:JPM) posted revenue of $31.59 billion, just ahead of the consensus of $31.14 billion. In addition, net interest income rose seven percent to $13.97 billion and topped expectations of $13.7 billion. Moreover, average loans and average deposits for the quarter increased 5 percent and 13 percent, respectively.
Speaking on the results, CEO Jamie Dimon said in a statement:
“We remain optimistic on the economy, at least for the short term – consumer and business balance sheets as well as consumer spending remain at healthy levels – but see significant geopolitical and economic challenges ahead due to high inflation, supply chain issues and the war in Ukraine.”
You can also take a peek at 10 Best Value ETFs to Invest in Now and 10 Undervalued Dividend Kings To Buy In 2022.
