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U.S. Banks Industry Analysis

UpdatedMay 11, 2026
DataAggregated Company Financials
Companies620
  • 7D-2.1%
  • 3M-7.8%
  • 1Y23.1%
  • YTD-3.5%

Over the last 7 days, the Banks industry has dropped 2.1%, driven by pullbacks in JPMorgan Chase and Wells Fargo of 2.5% and 7.1%, respectively. Over the past 12 months, the industry was up 23%. As for the next few years, earnings are expected to grow by 8.3% per annum.

Industry Valuation and Performance

Has the U.S. Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 12 May 2026US$2.7tUS$727.9bUS$204.6b11.3x13.3x3.7x
Thu, 09 Apr 2026US$2.7tUS$707.1bUS$195.8b11.8x13.6x3.8x
Sat, 07 Mar 2026US$2.7tUS$707.1bUS$195.5b11.3x13.6x3.8x
Mon, 02 Feb 2026US$2.8tUS$715.6bUS$198.5b11.7x14.2x3.9x
Wed, 31 Dec 2025US$2.9tUS$696.2bUS$192.4b11.8x14.8x4.1x
Fri, 28 Nov 2025US$2.7tUS$695.9bUS$192.4b11.4x13.9x3.8x
Sun, 26 Oct 2025US$2.6tUS$694.0bUS$191.8b11.2x13.7x3.8x
Tue, 23 Sep 2025US$2.7tUS$677.7bUS$183.9b11.9x14.9x4x
Thu, 21 Aug 2025US$2.6tUS$678.7bUS$184.0b11.5x14x3.8x
Sat, 19 Jul 2025US$2.6tUS$667.8bUS$176.6b12x14.5x3.8x
Mon, 16 Jun 2025US$2.3tUS$668.8bUS$177.1b11.1x13.1x3.5x
Wed, 14 May 2025US$2.3tUS$668.1bUS$176.7b11.3x13.3x3.5x
Fri, 11 Apr 2025US$2.1tUS$662.3bUS$171.9b10.4x12.2x3.2x
Sun, 09 Mar 2025US$2.3tUS$662.7bUS$171.9b11.3x13.1x3.4x
Tue, 04 Feb 2025US$2.5tUS$661.9bUS$171.4b11.9x14.6x3.8x
Thu, 02 Jan 2025US$2.3tUS$655.0bUS$143.0b12.4x16.2x3.5x
Sat, 30 Nov 2024US$2.5tUS$655.0bUS$143.0b13.3x17.5x3.8x
Mon, 28 Oct 2024US$2.2tUS$651.4bUS$142.7b11.7x15.5x3.4x
Wed, 25 Sep 2024US$2.1tUS$653.7bUS$145.5b11.6x14.7x3.3x
Fri, 23 Aug 2024US$2.1tUS$653.0bUS$145.7b11.2x14.4x3.2x
Sun, 21 Jul 2024US$2.1tUS$660.2bUS$152.3b11.1x14.1x3.2x
Tue, 18 Jun 2024US$1.9tUS$655.4bUS$151.1b9.5x12.7x2.9x
Thu, 16 May 2024US$1.8tUS$655.2bUS$151.0b9.8x11.8x2.7x
Sat, 13 Apr 2024US$1.9tUS$658.2bUS$166.6b9.2x11.6x2.9x
Mon, 11 Mar 2024US$1.9tUS$654.2bUS$166.3b9.5x11.6x2.9x
Wed, 07 Feb 2024US$1.8tUS$652.7bUS$168.4b9.4x10.6x2.7x
Fri, 05 Jan 2024US$1.8tUS$668.2bUS$195.6b9.2x9.4x2.7x
Sun, 03 Dec 2023US$1.7tUS$668.8bUS$194.1b8.7x8.7x2.5x
Tue, 31 Oct 2023US$1.4tUS$665.9bUS$195.2b7.9x7.4x2.2x
Thu, 28 Sep 2023US$1.5tUS$656.7bUS$191.6b7.8x7.9x2.3x
Sat, 26 Aug 2023US$1.6tUS$656.9bUS$191.7b8.1x8.1x2.4x
Mon, 24 Jul 2023US$1.7tUS$654.4bUS$191.5b8.3x8.8x2.6x
Wed, 21 Jun 2023US$1.6tUS$642.3bUS$184.2b7.9x8.5x2.4x
Fri, 19 May 2023US$1.5tUS$642.3bUS$184.2b7.6x8.1x2.3x
Price to Earnings Ratio

8.1x


Total Market Cap: US$1.5tTotal Earnings: US$184.2bTotal Revenue: US$642.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Banks Industry Price to Earnings3Y Average 12.6x202420252026
Current Industry PE
  • Investors are relatively neutral on the American Banks industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 12.6x.
  • The 3-year average PS ratio of 3.3x is lower than the industry's current PS ratio of 3.7x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 3.6% per year over the last three years.
  • Revenues for these companies have grown 4.3% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Financials industry?

US Market2.25%
Financials-0.80%
Banks-2.15%
Regional Banks1.09%
Diversified Banks-3.31%
Industry PE
  • Investors are most optimistic about the Regional Banks industry, which is trading close to its 3-year average PE ratio of 14.2x.
    • Analysts are expecting annual earnings growth of 13.8%, which is lower than the prior year's growth of 23.1% per year.
  • Investors are most pessimistic about the Diversified Banks industry, which is trading close to its 3-year average of 12.2x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 14% over the next 5 years.
  • However this is lower than its past earnings growth rate of 23% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 6.4% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
C CitigroupUS$125.850.2%
+US$375.2m		68.0%PB1.1x
BAP CredicorpUS$322.420.8%
+US$193.7m		58.6%PB2.3x
WBS Webster FinancialUS$72.151.3%
+US$147.4m		36.4%PB1.3x
ONB Old National BancorpUS$24.161.6%
+US$146.8m		9.2%PB1.1x
IBOC International BancsharesUS$72.962.6%
+US$114.5m		12.0%PB1.4x

Latest News

IBOC
US$72.96
International Bancshares
7D
2.6%
1Y
12.0%
BAC
US$50.55
Bank of America
7D
-3.1%
1Y
16.6%
Narrative Update • May 10

BAC: Private Credit Expansion Will Support Future Returns Despite Mixed Street Signals

Bank of America's analyst fair value estimate edges up to $62.98 from $62.72, as analysts factor in slightly higher revenue growth and adjust P/E and discount rate assumptions in light of mixed but active recent price target moves across the Street. Analyst Commentary Recent Street research around Bank of America shows both optimism and caution, with several firms adjusting price targets in different directions and a few changing their overall stance on the stock.
PNC
US$214.59
PNC Financial Services Group
7D
-1.6%
1Y
22.6%
Narrative Update • May 10

PNC: Share Repurchases And Earnings Outlook Will Support Richer Future Multiple

Analysts have nudged the $254.45 price target for PNC Financial Services Group slightly higher, citing a combination of adjusted discount rate assumptions, modest tweaks to revenue growth and profit margin forecasts, and a somewhat richer future P/E outlook that is also reflected in recent Street target changes across several firms. Analyst Commentary Recent Street research on PNC Financial Services Group shows a mix of higher and lower price targets, with several firms revisiting their assumptions within a short time frame.
WTFC
US$150.48
Wintrust Financial
7D
1.0%
1Y
23.7%
COLB
US$29.42
Columbia Banking System
7D
1.2%
1Y
14.8%
BAP
US$322.42
Credicorp
7D
0.8%
1Y
58.6%
WFC
US$73.58
Wells Fargo
7D
-7.1%
1Y
-1.7%
JPM
US$300.00
JPMorgan Chase
7D
-2.5%
1Y
15.4%
USB
US$54.49
U.S. Bancorp
7D
-1.4%
1Y
23.8%
Narrative Update • May 07

USB: Capital Flexibility And Easing Oversight Will Shape Future Earnings Power

Analyst price targets for U.S. Bancorp have shifted modestly higher to reflect a fair value move from $62.95 to $63.48, with analysts pointing to updated assumptions for revenue growth, profit margins, and future P/E multiples as they balance recent target raises and cuts across the broker community. Analyst Commentary Recent research updates around U.S. Bancorp show a mix of higher and lower price targets, as well as at least one rating upgrade, giving you a split view on how the stock’s risk and reward trade off at current levels.
WBS
US$72.15
Webster Financial
7D
1.3%
1Y
36.4%
Seeking Alpha • May 07

Webster Financial: Santander Deal Leaves Limited Upside While Credit Risks Build

Summary Webster Financial is fully priced, with the share price closely tied to the $12.3B Santander merger set for late 2026. WBS benefits from its HSA Bank segment, providing a stable, low-cost deposit base and supporting above-average net interest margins versus peers. Operational efficiency is strong, but credit quality is deteriorating, especially in commercial real estate, and net interest margin is under pressure. Further upside is limited; investors are in a holding pattern awaiting deal completion, with risks from regulatory approval and credit trends. Read the full article on Seeking Alpha
NU
US$13.50
Nu Holdings
7D
-4.7%
1Y
4.2%
HWC
US$67.75
Hancock Whitney
7D
2.0%
1Y
17.7%
C
US$125.85
Citigroup
7D
0.2%
1Y
68.0%
TFC
US$47.97
Truist Financial
7D
-3.1%
1Y
16.7%
MTB
US$207.98
M&T Bank
7D
-2.8%
1Y
12.6%
Seeking Alpha • May 01

M&T Bank: Make Your Local Bank Your Friend

Summary M&T Bank delivers robust returns, with Q1 2026 EPS up 24.4% and strong capital allocation discipline. MTB’s forward P/E of 11.4 and 10.1% projected EPS CAGR through 2028 signal a 12% discount to $250 fair value. Consistent share buybacks and a 2.7% yield, supported by a low-30% payout ratio, underpin MTB’s 8% annual dividend growth. Risks include recession exposure and net interest margin compression, but asset quality and growth drivers remain intact. Read the full article on Seeking Alpha
ONB
US$24.16
Old National Bancorp
7D
1.6%
1Y
9.2%
Narrative Update • Apr 25

ONB: Normalized Yield Curve And Capital Returns Will Support Future Upside

Analysts have lifted their consolidated price target for Old National Bancorp by about $0.55. This reflects updated views on fair value, a slightly lower discount rate, modestly adjusted revenue expectations, and a small improvement in projected profit margins and future P/E levels, in line with recent target increases from firms such as Stephens, Truist, Keefe Bruyette, Jefferies, Citi, and UBS.