BBVA Argentina Announces Third Quarter 2024 Financial Results Schedule

For those looking to find strong Finance stocks, it is prudent to search for companies in the group that are outperforming their peers. Banco BBVA (BBAR) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Finance peers, we might be able to answer that question.

Banco BBVA is one of 871 companies in the Finance group. The Finance group currently sits at #2 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.

The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Banco BBVA is currently sporting a Zacks Rank of #1 (Strong Buy).

The Zacks Consensus Estimate for BBAR's full-year earnings has moved 27% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

According to our latest data, BBAR has moved about 147.2% on a year-to-date basis. Meanwhile, stocks in the Finance group have gained about 19.3% on average. This means that Banco BBVA is outperforming the sector as a whole this year.

Jackson Financial (JXN) is another Finance stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 91.9%.

The consensus estimate for Jackson Financial's current year EPS has increased 8.4% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Banco BBVA belongs to the Banks - Foreign industry, a group that includes 65 individual stocks and currently sits at #45 in the Zacks Industry Rank. This group has gained an average of 10% so far this year, so BBAR is performing better in this area.

Jackson Financial, however, belongs to the Financial - Miscellaneous Services industry. Currently, this 84-stock industry is ranked #146. The industry has moved +9.8% so far this year.

Investors interested in the Finance sector may want to keep a close eye on Banco BBVA and Jackson Financial as they attempt to continue their solid performance.

Zacks Investment Research

Last week, all three major U.S. indexes ended in red due to investors' cautious approach before the election season. The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite have declined by 1.90%, 0.78% and 0.12%, respectively.

Trading remained choppy ahead of the U.S. presidential elections. The benchmark 10-year treasury yield reached 4.222%, the highest level in three months, as results of the election could determine whether federal borrowing will surge. Due to strong macroeconomic data in recent weeks, market participants expect the Federal Reserve to cut interest rates much more slowly. Also, Richmond Fed president Thomas Barkin’s comment that the Fed’s 2% inflation target might take longer than expected has left investors apprehensive about the pace of future rate cuts.

On the international front, rising geopolitical tensions in the Middle East, between Iran and Israel will impact the global supply chain and energy prices.

Regardless of market conditions, we, here at Zacks, provide investors with unbiased guidance on how to beat the market.

As usual, Zacks Research guided investors over the past three months with its time-tested methodologies. Given the prevailing market uncertainty, you may want to look at our feats to prepare better for your next action.

Here are some of our key achievements:

Versus Systems and Bilibili Following Zacks Rank Upgrade

Shares of Versus Systems Inc. VS have gained 84.1% (versus the S&P 500’s 3.05% increase) since it was upgraded to a Zacks Rank #2 (Buy) on August 28.

Another stock, Bilibili Inc. BILI, which was upgraded to a Zacks Rank #2 on August 27, has returned 44.8% (versus the S&P 500’s 3.2% increase) since then.

Zacks Rank, our short-term rating system, has earnings estimate revisions at its core. Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

A hypothetical portfolio of Zacks Rank #1 stocks has returned +6.1% in the year-to-date period through April 1, 2024, vs. +11.3% for the S&P 500 index and +7.7% for the equal-weight version of the S&P 500 index.

This hypothetical portfolio returned +20.63% in 2023 vs. +24.83% for the S&P 500 index and +15% for the equal-weight S&P 500 index.

The portfolio of Zacks Rank #1 stocks is an equal-weight portfolio, while the S&P 500 index is a market-cap-weighted index that has been notably distorted by the concentrated performance of mega-cap stocks since October 2022.

The Zacks Model Portfolio — consisting of Zacks Rank #1 stocks — has outperformed the S&P index by more than 16 percentage points since 1988 (through April 1, 2024, the Zacks # 1 Rank stocks generated an annualized return of +27.6% since 1988 vs. +11.1% for the S&P 500 index).You can see the complete list of today’s Zacks Rank #1 stocks here >>>

Check Versus Systems’ historical EPS and Sales here>>>

Check Bilibili’s historical EPS and Sales here>>>

Mitsubishi UFJ Financial Group, Inc. MUFG, along with its subsidiaries, MUFG Bank, Ltd. and MUFG Innovation Partners Co., Ltd., has announced an investment agreement with Sakana AI K.K. (“Sakana AI”), an artificial intelligence (AI) research and development company.

With this deal, MUFG has become Sakana AI's largest Japanese corporate investor.

Sakana AI, founded in July 2023 and headquartered in Tokyo, is growing rapidly. Within a year, the company achieved unicorn status with a valuation exceeding $1 billion.

MUFG’s Investment Aligns With Medium-Term Business Plan

In April 2024, the company outlined efforts to expand and refine its growth strategies, drive social and environmental progress, and accelerate transformation and innovation. Through its medium-term business plan, MUFG aims to add products and channels, improve balance sheet profitability and drive growth. With this, it aims to increase return on equity to around 9% in fiscal 2026.

A commitment to advancing AI capabilities and data infrastructure is integral to this plan to enable data-driven management, improve productivity and increase customer value. The latest move by MUFG falls under the theme “Accelerate Transformation & Innovation” pillar, which is one of the three pillars of the medium-term plan.

As part of the same plan, in August, MUFG and MUFG Bank obtained approval for participation in the energy market from Tokyo Commodity Exchange, Inc. and the Japan Securities Clearing Corporation. In addition, MUFG Bank plans to acquire a 49% stake in eClear Co., Ltd., a subsidiary of enechain Co., Ltd., which operates in Japan’s largest power hedge wholesale trading marketplace, offering services for mitigating counterparty risks in wholesale power spot trading.

In the same month, MUFG and MUFG Bank announced that they plan to invest in Globe Fintech Innovations, Inc. (“Mynt”), the firm that manages GCash. MUFG will invest $393 million in Mynt to extend its foothold in Asia’s booming digital financial market.

Our View on MUFG’s Latest Investment

MUFG aims to improve its AI strategy by leveraging Sakana AI's advanced technological skills and innovative model development approaches.

This, along with its previous efforts to expand its services and enter new sectors, positions the company to diversify its income sources, helping its financials in the long term.

In the past three months, shares of MUFG on the NYSE have gained 3.5% against the industry’s decline of 5.6%.

At present, MUFG carries a Zacks Rank #2 (Buy).

Other Foreign Stocks Worth Considering

Some other top-ranked bank stocks worth considering are Banco BBVA Argentina S.A. BBAR and Grupo Financiero Galicia S.A. GGAL, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks Rank #1 stocks here.

Estimates for BBAR’s current-year earnings have jumped 27% in the past 60 days. The company’s shares have jumped 43% over the past six months.

Estimates for GGAL’s current-year earnings have surged 63.9% upward in the past month. The company’s shares have surged 85.2% over the past six months.

Zacks Investment Research

Banco BBVA Argentina just reported results for the second quarter of 2024.

• Banco BBVA Argentina reported earnings per share of 61 cents.
• The company reported revenue of $766.78 million.

InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at editor@investorplace.com.

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