Wells Fargo & Co WFC shares are trading higher by 3.38% to $40.98 Monday afternoon on continued strength after the company on Friday reported better-than-expected first-quarter results, including a 45% increase in net interest income due to higher rates.
The company on Friday reported quarterly earnings of $1.23 per share which beat the analyst consensus estimate of $1.13 by 8.9%.
The company also reported quarterly sales of $20.73 billion which beat the analyst consensus estimate of $20.07 billion by 3.3%. This sales figure represents a 17.8% increase over sales of $17.59 billion in the same period last year.
Analyst Reactions
Analyst Gerard Cassidy reaffirmed a Sector Perform rating on Wells Fargo and price target of $42.
Wells Fargo’s earnings beat was “driven by higher-than-expected net interest income and noninterest income, partially offset by higher-than-expected noninterest expense and a larger-than-expected provision for credit losses,” Cassidy wrote in a note...Read More
According to data from Benzinga Pro, WFC has a 52-week high of $49.49 and a 52-week low of $35.25.
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