Wells Fargo Q2 Earnings Rise on Better Mortgage Results, Lower Credit Losses (WFC)

Wells Fargo Q2 Earnings Rise on Better Mortgage Results, Lower Credit Losses (WFC)


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.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

Free Updates

Join over 100,000 investors who get the latest news from Dividend.com.

Best Dividend Stocks

Looking for stocks that are poised for growth and pay solid dividends? Visit our list of the:

Best Dividend Stocks

14 Day Free Trial

Earn more from your dividend portfolio within the next 14 days.

Sign Up Today