Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  Equities  >  Nyse  >  Wells Fargo & Company    WFC


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Wells Fargo mpany : Reports Earnings Rose 4%

01/15/2021 | 08:35am EST

By Ben Eisen

Wells Fargo & Co.'s profit rose 4% in the final three months of the year.

The San Francisco-based lender said Friday that it made $2.99 billion in the fourth quarter, up from $2.87 billion a year earlier. Per-share profit totaled 64 cents, compared with analyst forecasts of 59 cents.

Wells Fargo's results reflect a topsy-turvy year in which the pandemic-induced recession forced lenders to sock away tens of billions of dollars to prepare for a wave of soured loans. The bank released $757 million from its pile of reserves in the fourth quarter, largely because it sold a book of student loans.

Net charge-offs remained low at $584 million, down almost a quarter from a year earlier. So far, the government's expanded unemployment, stimulus checks, small business relief and loan deferral programs have staved off widespread loan losses, but bank executives caution they could still be coming.

With banks so far weathering the crisis, regulators at the Federal Reserve said last month they could start buying back their own stock again, though total shareholder returns are limited to the quarterly profit they generated over the past year. Wells Fargo said its board approved the repurchase of 500 million shares.

The bank posted revenue of $17.93 billion, down almost 10% from $19.86 billion a year ago. That missed expectations of $18.12 billion.

Wells Fargo came into the coronavirus crisis in weaker financial shape than its peers, trying to recover from its long-running sales-practice scandal. Its stock fell 44% last year, by far the worst performance among the six largest U.S. banks. However, it has bounced back 15% this year, along with a rise in bank stocks broadly.

On Friday, Wells Fargo shares fell 2.3% in premarket trading.

Chief Executive Charles Scharf has gave priority to cost-cutting in recent months, hoping to make the bank run as efficiently as its competitors. Noninterest expenses in the fourth quarter totaled $14.8 billion, down 5% from a year earlier.

Write to Ben Eisen at ben.eisen@wsj.com

(END) Dow Jones Newswires

01-15-21 0834ET

All news about WELLS FARGO & COMPANY
02/26WELLS FARGO MPANY : Closed-End Funds Declare Monthly and Quarterly Distributions
02/26DOMINO PIZZA : Wells Fargo Adjusts Price Target on Domino's Pizza to $385 From $..
02/26WELLS FARGO MPANY : Geneviève Piché Leads Banking Environmental, Social and Gove..
02/26CRESTWOOD EQUITY PARTNERS LP : Wells Fargo Upgrades Crestwood Equity Partners to..
02/25Dollar firms on sudden spike in U.S. Treasury yields
02/25WAYFAIR : Wells Fargo Adjusts Wayfair's Price Target to $260 From $250, Maintain..
02/25CHAMPIONX : Wells Fargo Adjusts Price Target on ChampionX to $24 From $19, Reite..
02/25U.S. labor market showing tentative signs of improvement; manufacturing stron..
02/25NETAPP : Wells Fargo Adjusts NetApp's Price Target to $65 From $60, Keeps Equal-..
02/25TJX : Wells Fargo Adjusts Price Target on TJX to $84 From $74, Reiterates Overwe..
More news
Financials (USD)
Sales 2021 69 204 M - -
Net income 2021 10 024 M - -
Net Debt 2021 - - -
P/E ratio 2021 14,7x
Yield 2021 1,36%
Capitalization 150 B 150 B -
Capi. / Sales 2021 2,16x
Capi. / Sales 2022 2,10x
Nbr of Employees 268 531
Free-Float 75,4%
Duration : Period :
Wells Fargo & Company Technical Analysis Chart | WFC | US9497461015 | MarketScreener
Technical analysis trends WELLS FARGO & COMPANY
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 37,62 $
Last Close Price 36,17 $
Spread / Highest target 24,4%
Spread / Average Target 4,02%
Spread / Lowest Target -17,1%
EPS Revisions
Managers and Directors
Charles William Scharf President, Chief Executive Officer & Director
Michael Santomassimo Chief Financial Officer & Senior Executive VP
Charles H. Noski Chairman
Saul van Beurden Senior Executive VP & Head-Technology
Gary Owen Chief Information Security Officer
Sector and Competitors