2 Popular Bank Stocks Heating Up Before Earnings

Bank of America Corp (NYSE:BAC) will unveil its latest earnings on Tuesday, October 18, 2011. The average estimate of analysts is for profit of 19 cents per share, a decline of 29.6% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved down from 25 cents. Between one and three months ago, the average estimate moved down. It also has dropped from 20 cents during the last month. For the year, analysts are projecting a loss of 35 cents per share, a swing from net income of 86 cents last year.

The company beat estimates last quarter after falling short in the prior two. In the second quarter, the company reported net loss of 90 cents per share versus a mean estimate of a loss of 91 cents per share. In the first quarter, the company missed estimates by 10 cents. On average, analysts predict $25.84 billion in revenue this quarter, a decline of 3.2% from the year ago quarter. Analysts are forecasting total revenue of $91.7 billion for the year, a decline of 16.8% from last year’s revenue of $110.22 billion.

Competitors to Watch: Citigroup Inc. (NYSE:C), Wells Fargo & Company (NYSE:WFC), JPMorgan Chase & Co. (NYSE:JPM), U.S. Bancorp (NYSE:USB), Goldman Sachs Group, Inc. (NYSE:GS), Barclays PLC (NYSE:BCS), Morgan Stanley (NYSE:MS), PNC Financial Services (NYSE:PNC), KeyCorp (NYSE:KEY), and American Express Company (NYSE:AXP).

State Street Corp (NYSE:STT) will unveil its latest earnings on Tuesday, October 18, 2011. The average estimate of analysts is for profit of 88 cents per share, a rise of 2.3% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved down from 94 cents. Between one and three months ago, the average estimate moved down. It also has dropped from 90 cents during the last month. Analysts are projecting profit to rise by 6.5% versus last year to $3.63.

The company has beaten estimates the last four quarters and is coming off a quarter where it topped forecasts by 5 cents, reporting net income of $1.02 per share against a mean estimate of profit of 97 cents per share. Analysts are projecting a rise of 10.7% in revenue from the year-earlier quarter to $2.38 billion.

Competitors to Watch: The Bank of New York Mellon Corp. (NYSE:BK), Northern Trust Corporation (NASDAQ:NTRS), Citigroup Inc. (NYSE:C), SEI Investments Company (NASDAQ:SEIC), JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), Goldman Sachs Group, Inc. (NYSE:GS), Barclays PLC (NYSE:BCS), FXCM Inc (NYSE:FXCM), and Morgan Stanley (NYSE:MS).