Key Takeaways
-
Wells Fargo shares rose roughly 6% Friday morning following the release of third-quarter results that beat analysts’ consensus estimates.
-
Revenue and profit fell year-over-year, but not by as much as analysts anticipated.
-
Wells Fargo stock is up about 25% this year.
Wells Fargo (WFC) shares rose roughly 6% Friday morning after the bank reported better-than-expected third-quarter revenue and profit.
The lender reported $5.11 billion in net income for the quarter, down from $5.77 billion last year but nearly half a billion dollars better than analysts had expected, according to consensus estimates compiled by Visible Alpha.
Wells Fargo’s revenue also was down year-over-year at $20.37 billion but came in slightly above estimates. Net interest income (NII) fell more than analysts expected to $11.69 billion.
Bank Earnings Season Gets Under Way
In addition to Wells Fargo, JPMorgan Chase (JPM) reported earnings Friday, with a number of competitors like Bank of America (BAC) and Goldman Sachs (GS) set to follow next week. Investors will be looking to see how the banks plan to adjust after the Federal Reserve last month cut interest rates for the first time since 2020.
Shares of Wells Fargo were up nearly 6% to $61.14 Friday morning. They have gained nearly 25% this year.
Read the original article on Investopedia.
Read the full article here
