Analysts at Citigroup on Monday made a big call, cutting its earnings estimates for major finance stocks by an average of 45%.
The firm cited volatility in the credit markets and a steep decline in global equities for the move. Citigroup’s changes include:
All three banking stocks saw their shares falling lower in premarket trading Monday.
The Bottom Line
Shares of Goldman Sachs (GS) have a 1.37% dividend yield, based on Friday’s closing stock price of $102.25. The stock has technical support in the $96-$97 price area. If the shares can firm up, we see overhead resistance around the $110-$116 price levels. Shares of Morgan Stanley (MS) have a 1.31% dividend yield, based on Friday’s closing stock price of $15.28. The stock has technical support in the $10-$12 price area. If the shares can firm up, we see overhead resistance around the $18 price level. Shares of J.P. Morgan (JPM) have a 3.12% dividend yield, based on Friday’s closing stock price of $32.08. The stock has technical support in the $27-$30 price area. If the shares can firm up, we see overhead resistance around the $35-$36 price levels.
None of the dividend stocks mentioned in this article are recommended at this time.
Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.