Banking giant Wells Fargo & Company (WFC) on Friday posted second quarter earnings that beat Wall Street’s expectations, helped by increased mortgage activity and lower loan loss provisions.
The San Francisco-based company reported second quarter net income of $4.62 billion, or 82 cents per share, compared with $3.95 billion, or 70 cents per share, in the year-ago period.
Revenue rose 4.4% from last year to $21.29 billion.
On average, Wall Street analysts expected a slightly smaller profit of 81 cents per share, albeit on slightly higher revenue of $21.36 billion.
Wells Fargo shares posted modest gains in premarket trading Friday.
The Bottom Line
Shares of Wells Fargo (WFC) have a 2.68% dividend yield, based on last night’s closing stock price of $32.85. The stock has technical support in the $29-$30 price area. If the shares can firm up, we see overhead resistance around the $34-$35 price levels.
Wells Fargo & Company (WFC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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