Wells Fargo Reports $3.4 Billion 4th Qtr Profit (WFC)

San Francisco, California-based Wells Fargo & Company WFC released financial results on Wednesday morning that were in-line with Wall Street earnings estimates. Wells Fargo & Company announced that its 4th quarter net income climbed 21% to $3.4 billion, or 61 cents per share, up from $2.8 billion, or 8 cents per share, a year earlier. Wells Fargo & Company reported revenue of $21.49 billion, down from $22.7 billion a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 61 cents per share, on revenue of $21 billion. Chairman and CEO John Stumpf said, “In 2010 Wells Fargo saw solid growth in a variety of businesses, with record net income for the full year as well as the fourth quarter. As the U.S. economy showed continued signs of improvement, our diversified model continued to perform for our stakeholders, as demonstrated by growth in loans and deposits, solid capital levels and improving credit quality." Wells Fargo & Company (WFC) finished the previous trading day at $32.49 per share. The consensus price target of analysts covering the company's stock is $36.19 per share. Wells Fargo & Company provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. Read more from Benzinga's Company news.