Wells Fargo’s Mixed Q1 Results Boost Its Stock
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Schaeffer's Investment Research |
The bank giant announced first-quarter earnings of $1.27 per share, beating analyst estimates of $1.23 per share, though revenue of $20.15 billion missed estimates.
Wall Street Journal |
Net income rose 6% from a year earlier to $4.89 billion.
SFGate |
The investment bank posted revenue of $29.13 billion in the period.
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Shares of Wells Fargo dropped by as much as 3% on Friday after the bank’s net interest income, or NII, declined and fell short of analysts’ expectations. The stock pared some of those losses by midday as the S&P 500 rose 1.
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Wells Fargo's profit beat expectations in the first quarter as the bank cut costs and set aside less money to cover potential loan losses, but its CEO warned on Friday that U.S. tariffs risk slowing economic growth.
Like its rival Morgan Stanley, Wells Fargo saw a healthy increase in its AUM and wealth revenues before Trump's tariff policies sent investments reeling.
Shares of Wells Fargo & Co. WFC advanced 6.85% to $66.33 Wednesday, on what proved to be an all-around positive trading session for the stock market, with the S&P 500 Index SPX rising 9.52% to 5,456.90 and the Dow Jones Industrial Average DJIA rising 7.87% to 40,608.45.
Wells Fargo's profit rose 6% in the first quarter, driven by robust performance in its wealth management business. Shares of the San Francisco, California-based bank rose 1% in premarket trading after the bank also reiterated its annual interest income forecast.
Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share. In the case of Wells Fargo, which is trading at $60.65 as of ...
Among Wells Fargo’s close peers, Bank of America BAC and Citigroup Inc. C are also slated to announce quarterly numbers on April 15. WFC’s fourth-quarter performance benefited from higher non ...