J.P. Morgan is set to report Q2 earnings tomorrow before the open with a conference call to start at 8:30amET.

Current Capital IQ consensus stands at EPS of $2.49, Net Income of $8.75 bln, and Revenues of $28.52 bln.

Citigroup (C) started off the Q2 earnings season on a positive note by beating top and bottom line expectations. JPM is number one in credit cards, investment banking, and private banking while running No. 2 in consumer deposits behind Bank of America (BAC).

The strength in the consumer business is expected to be offset by a weaker trading environment.

JPMorgan Chase's Board of Directors intends to increase the quarterly common stock dividend to $0.90 per share (up from the current $0.80 per share), effective the third quarter of 2019 and has authorized gross common equity repurchases of up to $29.4 billion between July 1, 2019 and June 30, 2020 under a new common equity repurchase program. The move brings its dividend yield to 3.20% with a payout ratio over 100%.


Shares of JPM trade at a premium compared to its peers which comes as no surprise. With a return on Equity around 17% and one of the higher bank loan growth stories, most analysts view the premium as well earned. JPM has rallied ~7% since a test of the 200-sma in late June.

Shares are pressing up towards the $118-120 region which has acted as resistance since early 2018.

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