Earnings Preview: Sovereign Bancorp

Sovereign Bancorp (SOV) is expected to report Q2 earnings Wed., July 23 before market open, with a conference call scheduled for 10:30 am ET.

Guidance

Analysts are looking for EPS of 16c on revenue of $664.18M. The consensus range for EPS is 8c to 21c, while the consensus range for revenue is $636.47M to $694.90M, according to First Call.

Analyst Views

Fox-Pitt, Kelton initiated Sovereign with an In-line rating today. Keefe Bruyette recently predicted that Sovereign would not have to raise additional capital. The Bank of Norway recently said that it obtained a 5.08% passive stake in Sovereign.