Movers: BlackRock, Bank of NY, Citigroup, PNC, Pinterest, State Street, UnitedHealth, Wells Fargo

Barry Adams
15 Jul, 2022
New York City

BlackRock gained 0.3% to $590.04 after the company said second quarter revenues declined 5% to $4.5 billion from $4.82 billion a year ago. 

Net income fell 22% to $1.08 billion or $7.06 a diluted share from $1.38 billion or $8.92 a share. 

Assets under management fell 11% to $8.5 trillion from $9.5 trillion a year ago.  

Bank of New York Mellon added 4.8% to $42.37 after the company said second quarter revenues increased 7% to $4.3 billion driven by an increase of 4% in fees and 28% in net interest income. 

Assets under management declined 17% to $1.9 trillion and under custody fell 4% to $43.0 trillion. 

Net income declined 16% to $835 million or $1.03 a diluted share from $991 million or $1.13 a diluted share a year ago. 

The company lifted its quarterly dividend by 9% to 37 cents a share. 

Citigroup soared 10.5% to $48.52 after the bank said second quarter revenues increased 19% to $19.6 billion on higher net interest income and strong volumes in the personal banking and institutional clients group. 

Net income declined 27% to $4.5 billion on higher cost of credit and an 8% increase in expenses more than offset the 11% increase in revenues.

Diluted earnings per share declined 27% to $2.19 from $2.85.  

Total deposits at the end of the quarter increased 1% to $1.3 trillion and loans declined 3% to $657.0 billion.

At the end of the June quarter, loan loss reserves were $16.0 billion or loan loss reserves of 2.44% compared to $19.2 billion or 2.88% a year ago. 

PNC Financial Services edged up 0.6% to $151.89 after the bank said second quarter revenues increased 9% to $5.1 billion from $4.7 billion a year ago largely driven by 22 basis points increase in net interest margin.  

Net income rose to $1.5 billion or $3.39 per diluted share from $1.1 billion or $2.43 a share. 

Deposits increased to $446.5 billion from $401.7 billion and loans increased to $304.8 billion from $255.6 billion a year ago. 

Pinterest jumped 12.5% to $19.76 on a Wall Street Journal report that activist investor Elliott Management acquired a 9% stake in the company. 

State Street traded higher 4.3% to $62.32 after the financial services provider said second quarter revenues declined 3% to $2.95 billion from a year ago. 

Net income dropped 2% to $747 million from $763 million a year ago. Diluted earnings per share fell 8% to $1.91 from $2.07 a year ago. 

At the end of the quarter, assets under management declined 11% to $3.47 trillion and under custody fell 2% to $38.2 trillion from a year ago. 

U.S. Bancorp gained 4.9% to $46.42 said second quarter revenues increased 4% to $6.0 billion from $5.8 billion a year ago. 

Net income fell 23.5% to $1.46 billion from $1.91 billion a year ago and diluted earnings per share declined to 99 cents from $1.28 a year ago.. 

Average total loans in the quarter increased 10.2% to $324.2 billion from $294.3 billion and average total deposits increased 6.4% to $456.5 billion from $429.2 billion a year ago.  

UnitedHealth increased 4.9% to $526.82 after the health insurance company said second quarter revenues increased 13% to $80.5 billion. 

Net income in the quarter increased to 16% to $5.0 billion from $4.3 billion a year ago. Diluted earnings per share increased to $5.34 from $4.46 a year ago. 

The company increased its full year net earnings outlook to $20.45 to $20.95 per share and adjusted net earnings to $21.40 to $21.90 per share

Wells Fargo advanced 7.3% to $41.73 said second quarter revenues declined 16% to $17.0 billion from $20.3 billion a year ago. 

Net income fell 48% to $3.2 billion from $3.7 billion a year ago and diluted earnings per share declined 46% to 74 cents from $1.38 a year ago. 

Net Interest income rose 16% to $10.2 billion and non-interest income plunged 40% to $6.8 billion from a year ago. 

Noninterest income decreased primarily from the weak results in private equity and venture capital business and fall in revenues because of lower origination of mortgage loans and lower gains from the re-securitization of loans purchased from securitization pools. 

At the end of the quarter, total deposits increased 1% to $1.444 trillion and total loans rose 8% to $925.6 billion.