On Friday banking and financial services powerhouse Wells Fargo
& Company (
) reported a sharp rise in net income.
The San Francisco based company reported third-quarter net
income of $4.72 billion, or 88 cents per share, versus net income
of $3.84 billion, or 72 cents per share, a year earlier.
Quarterly revenue was up 7.4%, from $19.63 billion last year to
Analysts polled by Reuters expected Wells Fargo to earn smaller
profit of 87 cents per share on higher revenues of $21.47
Wells Fargo's share price was down $1.14, or -3.2%, in premarket
trading on Friday. The stock is up over 25% YTD.
The Bottom Line
Shares of Wells Fargo (
) have a 2.50% dividend yield, based on last night's closing stock
price of $35.18. The stock has technical support in the $32-$34
price area. If the shares can firm up, we see overhead resistance
around the $36-$39 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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