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Bank Stocks Plunging After Earnings

Bank stocks were under heavy pressure Thursday morning as several large institutions reported their quarterly earnings.

Shares of PNC Financial Services Group Inc were lower by nearly 2.50 percent after the company reported that it earned $1.68 per share in its first quarter on revenue of $3.7 billion. These figures fell short of the $1.70 per share and $3.75 billion Wall Street analysts were expecting.

Shares of BlackRock, Inc.  were lower by nearly 2 percent after the investment management firm's first-quarter earnings per share of $4.25 fell four cents short of expectations and revenue of $2.62 billion was short of the $2.72 billion analysts were expecting.

Related Link: Citi's Q1 Earnings Cheat Sheet For U.S. Banks

Wells Fargo & Co said that it earned $0.99 per share in the first quarter on revenue of $22.2 billion. Its stock was lower by more than 1.5 percent despite exceeding Wall Street's expectations of $0.97 per share on revenue of $21.6 billion.

Bank of America Corp saw its stock trade lower by around 1 percent following an in-line earnings print and revenue that fell short of expectations. The company said that it earned $0.21 per share in the first quarter, but reported revenue of $19.7 billion, missing Wall Street's $20.3 billion expectation.

Read more: http://www.benzinga.com/news/earnings/16/04/7839989/bank-stocks-plunging-after-earnings#ixzz45oWZEuyu