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First quarter 2024 earnings season is here. As always, the season will kick off with some of America’s largest banks. Just a year after the banking crisis rocked Wall Street, there appears to be little concern about the largest of America’s banks this earnings season.
But those are not the only earnings reports this week.
We will also hear from key companies in transportation, construction and manufacturing, insurance, and retail. Some of these stocks are trading near new highs and may be priced for perfection.
Others have sold off and might be deals here.
Analysts are expecting S&P 500 earnings to grow 2.5% in Q1.
Fastenal is a barometer for manufacturing and construction. It has only missed twice in the last 5 years with its last miss in early 2020. That’s an incredible record given the pandemic hit in 2020.
Shares of Fastenal are up 16% year-to-date and are trading near all-time highs. Fastenal is not cheap, with a forward P/E of 35.
The Lovesac Co. is a direct-to-consumer specialty furniture brand that has 116 retail showrooms and e-commerce. It has beat 3 out of the last 4 quarters but shares are down 8.6% year-to-date.
The Lovesac Co. is cheap, with a forward P/E of 11. But furniture has been out of favor the last 2 years.
JPMorgan Chase has a solid earnings surprise track record, having beat on earnings 6 quarters in a row.
What banking crisis? JPMorgan Chase is hitting new all-time highs in 2024. Shares of JPMorgan Chase are up 14.9% year-to-date. It is trading with a forward P/E of 12.6.
Is it time to buy a big bank like JPMorgan Chase again?
Citigroup has beat on earnings 4 quarters in a row. Shares of Citigroup are up 19.4% year-to-date but the stock has lagged on a 5-year stack. It’s down 37% during that time period.
Citigroup is one of the cheaper big banks, with a forward P/E of just 10.6. It also pays a generous dividend yielding 3.4%.
The Progressive is a property and casualty insurer. It has beat two quarters in a row.
Shares of the Progressive have been red-hot in 2024, adding 29% year-to-date and trading at a new all-time high. The Progressive trades with a forward P/E of 21.3.
Is it too late to buy shares of The Progressive?
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5 Earnings Charts to Kick Off Earnings Season
First quarter 2024 earnings season is here. As always, the season will kick off with some of America’s largest banks. Just a year after the banking crisis rocked Wall Street, there appears to be little concern about the largest of America’s banks this earnings season.
But those are not the only earnings reports this week.
We will also hear from key companies in transportation, construction and manufacturing, insurance, and retail. Some of these stocks are trading near new highs and may be priced for perfection.
Others have sold off and might be deals here.
Analysts are expecting S&P 500 earnings to grow 2.5% in Q1.
Will they be right?
5 Earnings Charts to Kick Off Earnings Season
1. Fastenal Co. (FAST - Free Report)
Fastenal is a barometer for manufacturing and construction. It has only missed twice in the last 5 years with its last miss in early 2020. That’s an incredible record given the pandemic hit in 2020.
Shares of Fastenal are up 16% year-to-date and are trading near all-time highs. Fastenal is not cheap, with a forward P/E of 35.
Is Fastenal priced for perfection?
2. The Lovesac Co. (LOVE - Free Report)
The Lovesac Co. is a direct-to-consumer specialty furniture brand that has 116 retail showrooms and e-commerce. It has beat 3 out of the last 4 quarters but shares are down 8.6% year-to-date.
The Lovesac Co. is cheap, with a forward P/E of 11. But furniture has been out of favor the last 2 years.
Is the Lovesac Co. a bargain?
3. JPMorgan Chase & Co. (JPM - Free Report)
JPMorgan Chase has a solid earnings surprise track record, having beat on earnings 6 quarters in a row.
What banking crisis? JPMorgan Chase is hitting new all-time highs in 2024. Shares of JPMorgan Chase are up 14.9% year-to-date. It is trading with a forward P/E of 12.6.
Is it time to buy a big bank like JPMorgan Chase again?
4. Citigroup Inc. (C - Free Report)
Citigroup has beat on earnings 4 quarters in a row. Shares of Citigroup are up 19.4% year-to-date but the stock has lagged on a 5-year stack. It’s down 37% during that time period.
Citigroup is one of the cheaper big banks, with a forward P/E of just 10.6. It also pays a generous dividend yielding 3.4%.
Should Citigroup be on your short list?
5. The Progressive Corp. (PGR - Free Report)
The Progressive is a property and casualty insurer. It has beat two quarters in a row.
Shares of the Progressive have been red-hot in 2024, adding 29% year-to-date and trading at a new all-time high. The Progressive trades with a forward P/E of 21.3.
Is it too late to buy shares of The Progressive?