Wells Fargo (WFC) and JPMorgan Chase (JPM) are once again about to kickoff earnings season for the financial industry, with results for the second quarter projected to reveal a great deal about the status of the housing market.
According to an earnings preview note from Briefing.com, the Capital IQ consensus calls for Wells Fargo to report earnings per share of $1.03 versus $1.04 last quarter on revenue of $21.69 billion.
“With 97% of its revenue coming from the U.S., WFC is viewed as a great read on the pulse of the American economy," the note stated. "Investors will be paying close attention to the banks mortgage business as the second quarter is usually the start of the home buying season. In addition loan growth metrics will be watched."
In addition, the note said Wells Fargo expects funding volumes will increase in the second quarter given the size of the pipeline and that the seasonal homebuying typically occurs during the second quarter.
Meanwhile, another earnings preview note from Briefing.com on JPMorgan Chase said that the current Capital IQ consensus for JPM stands at an EPS of $1.44 on revenues of $24.3 billion.
Other earnings this week include: