Nebraska News Desk

Wells Fargo beats estimates

 Breaking News
  • No posts where found

Wells Fargo beats estimates

Wells Fargo, the third largest U.S. bank by assets, reported first-quarter earnings of $5.8 billion, or $1.04 per share Tuesday. Analysts expected 98 cents per share.635645921814432639-AP-Earns-Wells-Fargo

Despite beating analysts’ expectations, the bank’s first-quarter earnings per share were still a penny less than a year earlier, a rare miss for the company. Shares fell 39 cents, or 0.71%, to $54.20 in premarket trading. The bank reported total average loans of $863.3 billion, up $39.5 billion, or 5%, from first quarter 2014. Net loan chargeoffs were down $117 million from a year earlier, and foreclosed assets were $2.3 billion, down from $2.6 billion in fourth quarter 2014.

“Capital levels remained strong, and we were pleased to receive a non-objection to our 2015 Capital Plan, which included a proposed increase in our dividend rate to $0.375 per common share in second quarter 2015, subject to Board approval,” said Wells Fargo CEO John Stumpf in a statement. JPMorgan Chase, the nation’s largest bank, earlier Tuesday reported a 12.2% gain in first-quarter earnings to $5.91 billion, or $1.45 per share, beating analysts’ expectations of $1.40 per share.

Calendar

February 2018
M T W T F S S
« Jan    
 1234
567891011
12131415161718
19202122232425
262728