Streetbeat News

Earnings

CINF

Cincinnati Financial (NASDAQ:CINF) received mixed analyst ratings over the past three months, with recent updates showing a shift towards a more neutral stance. The average 12-month price target for CINF has been raised to $130.00, reflecting a 2.36% increase from the previous target. Analysts from Citigroup, Keefe, Bruyette & Woods, Piper Sandler, and BMO Capital have adjusted their ratings and price targets, indicating a nuanced view of the company's future performance. Cincinnati Financial, a property and casualty insurance company, has shown strong financial indicators such as a 7.74% revenue growth, a net margin of 35.25%, and an ROE of 10.41%, outperforming industry averages.

Portfolio Pulse from Benzinga Insights

April 16, 2024 | 1:00 pm

BLMH

Blüm Holdings Inc. (OTCQB:BLMH) reported a 36% decrease in 2023 revenue to $33.2 million, attributing the drop to a strategic slowdown in its distribution segment. Despite this, the company narrowed its net loss by 93% to $13.8 million from the previous year and increased its gross margin from 35% to 53%. The company also exited an unprofitable cultivation facility and became the parent company of Unrivaled Brands, Inc. Shares fell 12.36% to $0.78 after the announcement.

Portfolio Pulse from Jelena Martinovic

April 16, 2024 | 12:58 pm

SCHW

Charles Schwab Corporation (NYSE:SCHW) reported a 17% Y/Y decline in adjusted net income for Q1 2024 but exceeded revenue expectations with $4.74 billion, slightly above the consensus of $4.71 billion. The company also added 1 million new brokerage accounts, reaching a total of 35.3 million. Following the earnings announcement, analysts from JP Morgan, Barclays, B of A Securities, and Piper Sandler raised their price targets on SCHW, with varying ratings from Overweight to Underperform.

Portfolio Pulse from Avi Kapoor

April 16, 2024 | 12:58 pm

AMZN

META

UBER

JPMorgan analyst Doug Anmuth remains bullish on the Internet sector, highlighting Amazon (AMZN), Meta (META), and Uber (UBER) as top picks ahead of Q1 2024 earnings. Amazon is praised for its growth prospects, especially in AWS and free cash flow. Meta is noted for its advertising strength and AI capabilities, with potential for revenue growth. Uber is recognized for its demand resilience and profitability outlook. The integration of AI and strategic initiatives across these companies underscores their potential for future growth.

Portfolio Pulse from Surbhi Jain

April 16, 2024 | 12:56 pm

NOK

Nokia shares are experiencing an uptick due to positive market reaction to Ericsson's better-than-expected Q1 earnings per share (EPS) results. The positive performance of Ericsson has created a sympathetic rise in Nokia's stock as investors anticipate similar positive financial health and performance from Nokia.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 12:54 pm

BAC

During a conference call, the CEO of Bank of America (BofA) stated that the strategy of replacing lower earning assets with higher yielding ones continues to benefit the bank's net interest income, which is expected to reach $14 billion in Q2.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 12:54 pm

AZN

AstraZeneca Plc (NASDAQ:AZN) released updated results from the TOPAZ-1 Phase 3 trial of Imfinzi in combination with chemotherapy for advanced biliary tract cancer, showing significant survival benefits at three years. The data revealed a 26% reduction in the risk of death and more than double the survival rate at three years compared to chemotherapy alone. The trial met its primary endpoint of overall survival in October 2021.

Portfolio Pulse from Vandana Singh

April 16, 2024 | 12:53 pm

MTB

M&T Bank Corporation (NYSE:MTB) reported Q1 earnings with revenue of $2.260 billion, slightly below consensus, and net income of $531 million, down from $702 million a year ago. EPS was in line with consensus at $3.09. Total assets were $211.5 billion, with loans and leases at $133.8 billion. The CET1 capital ratio stood at 11.07%. Shares rose 4.6% to $140.94. Analysts from B of A Securities, Wells Fargo, and RBC Capital adjusted their price targets post-earnings, with positive outlooks.

Portfolio Pulse from Avi Kapoor

April 16, 2024 | 12:53 pm

IAT

PNC

RDIV

PNC Financial Services Group Inc (NYSE:PNC) reported first-quarter FY24 results with an 8% Y/Y revenue decline to $5.15 billion, missing consensus estimates. Net interest income and noninterest income both decreased, contributing to the revenue decline. Despite this, adjusted EPS was above consensus at $3.36. The company also declared a quarterly dividend of $1.55 per share. PNC expects FY24 revenue to be stable to down 2%, with net interest income declining 4%-5% Y/Y. Shares are down 1.88% in premarket trading. Exposure to PNC can also be gained through IShares U.S. Regional Banks ETF (NYSE:IAT) and Invesco S&P Ultra Dividend Revenue ETF (NYSE:RDIV).

Portfolio Pulse from Lekha Gupta

April 16, 2024 | 12:51 pm

BAC

FTXO

KBWB

Bank of America Corp (NYSE:BAC) reported Q1 fiscal 2024 results with a net income of $7.2 billion and EPS of $0.83, surpassing consensus estimates. Revenue declined by 2% Y/Y to $25.8 billion, but still beat expectations. Consumer Banking income fell by 14.5% Y/Y, while Global Wealth and Investment Management saw a 9.6% increase. The bank added over 1 million credit card accounts and saw its stock rise by 18% over the last 12 months. BAC shares are up 0.42% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

April 16, 2024 | 12:46 pm