Wells Fargo 2Q earnings beat estimates

22
Wells Fargo 2Q earnings beat estimates
In this July 10, 2019, photo a Wells Fargo building is shown in downtown Minneapolis. JP Morgan Chase reports financial results on Tuesday, July 16, 2019. Wells Fargo & Co. reports financial results on Tuesday, July 16. (AP Photo/Jim Mone)

SAN FRANCISCO (AP) — Wells Fargo & Co. on Tuesday reported higher second quarter results that beat estimates.

The San Francisco-based bank said it had earnings of $6.21 billion, or $1.30 per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.16 per share.

The biggest U.S. mortgage lender posted revenue net of interest expense was $21.58 billion, which also topped Street forecasts. Five analysts surveyed by Zacks expected $20.79 billion.

Wells Fargo shares have risen slightly more than 1% since the beginning of the year, while the Standard & Poor’s 500 index has increased 20%. The stock has dropped 16% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WFC at https://www.zacks.com/ap/WFC