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JP Morgan’s 2nd quarter earnings beat estimates

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Stocks of investment banking and financial services provider JP Morgan Chase & Co. (JPM) closed 1.7% lower on Tuesday and slid another 0.05% in after-hours trading despite the company reporting better than foreseen second-quarter financial results.

Quarterly earnings were $3.78 per share, up from $1.38 reported in the year-ago quarter. This beat estimates of $3.20 made by analysts. 

Consumer Banking revenue increased 3% to $12.8 billion, revenue for Commercial Banking increased 3% to $2.5 billion and Asset & Wealth Management revenue was up 20% to $4.1 billion.

Meanwhile, Corporate & Investment Banking revenue fell 19% to $13.2 billion, and Corporate loss stood at $1.2 billion. JP Morgan had reported a loss of $754 million in the second quarter of last year.

Last week, KBW analyst David Konrad started coverage on the stock with a price target of $167 (7.3% increase potential). In a research note to investors, the analyst said that the company was trading at historical highs.

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