Banking giant Wells Fargo & Company (
) on Friday posted second quarter earnings that beat Wall Street's
expectations, helped by increased mortgage activity and lower loan
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
Wells Fargo shares posted modest gains in premarket trading
The Bottom Line
Shares of Wells Fargo (
) 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 (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.3 out of 5 stars.
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, as well as a detailed explanation of
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