The first-quarter earnings season kicks off this week with major banks reporting their results.
Analysts expect banks to be the largest contributor to growth for financials during Q1.
BofA is bullish on banks and names six stocks that could outperform as results come in.
This week, investors are increasingly turning their attention to banks as earnings results for the first quarter of the year start to roll in.
The first-quarter earnings season kicks off on Wednesday with major banks, including JPMorgan Chase, Wells Fargo, and Goldman Sachs, reporting their performances.
For the first quarter, the estimated earnings growth rate for the S&P 500 is 24.5%, said John Butters, a senior earnings analyst at FactSet. That s just above the highest year-over-year rate ever reported by the index, which was 26.1% in the third quarter of 2018, Butters wrote in a recent note.
Unfortunately for his clients, those accounts are mostly empty.
Kossoff has two accounts with Signature that contain $47,726 and $56,585, according to David Grantz, an attorney for the bank. At Valley National One, an account is overdrawn and another contains $7,665, said Patrick Spina, Valley’s counsel.
“I don’t think anyone on this call would be surprised to hear that,” said Kevin Fritz, an attorney representing Prince Street Holdings, a purported victim of Kossoff’s.
“We can buy coffee, that’s about it,” Spina joked.
A representative for Chase did not attend the conference, nor did one for Kossoff or his firm.
The boom in cryptocurrencies is creating enormous opportunities for tech and finance companies.
Wedbush Securities shares 5 stocks of companies that are attracting this new market opportunity.
It also highlights an altcoin that could double its valuation over the next 12 to 18 months.
Back in 2013, Wedbush Securities was the first Wall Street brokerage to issue a research report about bitcoin and its underlying blockchain technology.
The company said the digital token could rise to as much as $98,500 from around $1,200 back then and described it as a potentially game-changing disruption to the payments companies under its coverage. In 2014, it also became the first US financial institution to accept payments in bitcoin.
Signature Bank (SBNY) is Harding Louvner’s Largest Quarterly Contributor
Harding Loevner, an investment management firm, published its “Global Small Companies Equity” fourth quarter 2020 investor letter – a copy of which can be downloaded here. A net return of 17.68% was recorded by the fund in the fourth quarter of 2020, trailing its MSCI All Country World Small Cap benchmark that delivered a 23.79% return. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.
Harding Loevner, in their Q4 2020 investor letter, mentioned Signature Bank (NASDAQ: SBNY) and shared their insights on the company. Signature Bank is a US-based Commercial banking company that currently has a $13 billion market capitalization. Since the beginning of the year, SBNY delivered a 67.12% return, impressively extending its 12-month gains to 214.16%. As of March 31, 2021, the stock closed at $226.10 per share.
2 Unstoppable Stocks to Own for 2021 and Beyond fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.