Wells Fargo meets 3Q profit forecasts
SAN FRANCISCO (AP) — Wells Fargo & Co. on Tuesday reported third-quarter profit of $5.73 billion.
The San Francisco-based bank said it had earnings of $1.02 per share.
The results met Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was also for earnings of $1.02 per share.
The biggest U.S. mortgage lender posted revenue of $21.21 billion in the period, topping Street forecasts. Analysts expected $20.95 billion, according to Zacks.
Wells Fargo shares have risen 11 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 1 percent. The stock has increased 20 percent in the last 12 months.