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Wells Fargo’s Q4 Net Jumps 21%, Matching View (WFC)

By Dividend.com,  January 19, 2011, 08:53:48 AM EDT

Banking giant Wells Fargo & Company ( WFC ) on Wednesday posted a 21% gain in fourth quarter profit, matching analyst estimates.

The San Francisco-based company reported fiscal fourth quarter net income of $3.41 billion, or 61 cents per share, compared with $2.82 billion, or 8 cents per share, in the year-ago period.

Revenue fell 5% from last year to $21.49 billion.

On average, Wall Street analysts expected a matching profit of 61 cents per share, on lower revenue of $21 billion.

Wells Fargo shares fell 19 cents, or -0.6%, in premarket trading Wednesday.

The Bottom Line
Shares of Wells Fargo ( WFC ) have a .62% dividend yield, based on last night's closing stock price of $32.49. The stock has technical support in the $28-$30 price area. If the shares can firm up, we see overhead resistance around the $34 price level.

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 .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: WFC



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