The banking sector plays a crucial role in our economy and touches the lives of almost everyone. It consists of banks that assist individuals and businesses with their financial needs, such as saving money, taking out loans, and investing. Bank stocks are shares of these financial institutions that you can buy and sell in the stock market. When you invest in bank stocks, you’re putting your money into these companies with the hope that they will grow and generate profits.
Investing in bank stocks can be a smart move for many people, especially since banks tend to make money even during economic downturns. Additionally, bank stocks often pay dividends, which means they distribute a portion of their earnings back to their shareholders. This can provide a steady stream of income for investors, making bank stocks attractive to those looking for a balance between growth and income.
If you’re considering investing in the stock market, exploring bank stocks might be a good starting point. It’s essential to remember that investing always comes with risks, so it’s crucial to do your research and make informed decisions. Take the time to learn about each bank’s financial performance, the overall health of the banking sector, and any potential challenges they may face in the future. Considering this, let’s look at three banking stocks that are trending in the stock market today.
Banking Stocks To Watch Right Now
Truist Financial (TFC Stock)
First, Truist Financial Corporation (TFC) is a leading financial services company formed by the merger of BB&T and SunTrust Banks in 2019. The company offers a wide range of banking, lending, and investment services to individuals and businesses, making it one of the largest regional banks in the United States.
Last month, Truist Financial announced its first quarter 2023 financial results. Diving in, the company reported 1st quarter 2023 earnings of $1.09 per share, along with revenue of $8.0 billion. Versus Wall Street’s estimates for Q1 2023, which were earnings of $1.13 per share, with revenue estimates of $6.1 billion. Furthermore, Truist Financial also noted that revenue increased by 45.8% versus the same period, the previous year.
On Friday morning, shares of TFC stock are trading higher off the open by 6.41% so far at $27.88 a share.
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Morgan Stanley (MS Stock)
Next, Morgan Stanley (MS) is a global financial services firm known for its expertise in investment banking, wealth management, and trading. The company works with a diverse clientele, including governments, corporations, and individuals, providing financial advice and helping them manage and grow their wealth.
In April, Morgan Stanley announced a beat for its first quarter 2023 earnings results. Specifically, the company reported earnings of $1.70 per share versus estimates of $1.67 per share. Additionally, Morgan Stanley notched in revenue of $22.6 billion versus analyst estimates of $14.1 billion. As a result, revenue for the quarter advanced by 48.0% on a year-over-year basis.
Meanwhile, during Friday morning’s trading action, shares of MS stock opened higher on the day so far by 2.11%, trading at $84.28 a share.
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Citigroup (C Stock)
Last but not least, Citigroup Inc. (C) is a multinational investment bank and financial services corporation that operates worldwide. With a vast network of branches and services, Citigroup offers various financial products and services such as retail banking, credit cards, corporate and investment banking, and wealth management to a broad range of customers.
Last month, Citigroup also reported its first quarter 2023 financial results. The company posted better-than-expected Q1 2023 results reporting earnings of $1.86 per share, on revenue of $37.5 billion. For context, Wall Street’s consensus estimates were an EPS of $1.66 per share, with revenue of $2.0 billion. With that, Citigroup also reported that revenue increased by 74.7% compared to the same period, the prior year.
On Friday morning shares of Citigroup stock popped higher off the open by 2.72%, currently trading at $46.12 a share.
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