ADVFN - Advanced Financial Network.
HOME» NYSE » W » WFC Stock Price » WFC Stock News

Wells Fargo Share News

 Wells Fargo & Co. (new) Stock Price
WFC Stock Price
 Wells Fargo & Co. (new) Stock Chart
WFC Stock Chart
 Wells Fargo & Co. (new) Stock News
WFC Stock News
 Wells Fargo & Co. (new) Company Information
WFC Company Information
 Wells Fargo & Co. (new) Stock Trades
WFC Stock Trades

Wells Fargo Profit Increases 17%

Wells Fargo & Co.'s (WFC) second-quarter profit rose 17% as the nation's fourth-largest bank by assets saw mortgage banking income climb and its provision for credit losses fall. With a smaller capital markets business than its big bank peers, the West Coast-based bank is more closely watched in the investment community for its mortgage banking results. In May, Wells Fargo--the nation's largest mortgage originator--turned over hundreds of emails and other documents related to its mortgage-backed securities business to the Securities and Exchange Commission after being taken to court. The SEC wanted data on the pools of loans underlying nearly $60 billion of securities sold by Wells Fargo to investors from September 2006 through early 2008. The agency said the subpoenas asked for information on the guidelines on loan quality used by the underwriters to vet the loan pools before they were bundled into securities, the outcomes of those due-diligence checks and the prospectuses used to sell the investments. Wells Fargo originated $131 billion of mortgages in the second quarter, compared with $129 billion in the first quarter and $64 billion a year earlier. Mortgage banking non-interest income was up 79% to $2.89 billion from a year earlier. The bank reported a profit of $4.62 billion, up from a year-earlier profit of $3.95 billion. Per-share earnings, reflecting the payment of preferred dividends, rose to 82 cents from 70 cents a year earlier. Analysts polled by Thomson Reuters expected 81 cents. Revenue increased 4.4% to $21.29 billion. Analysts were looking for $21.36 billion. Credit-loss provisions totaled $1.8 billion, down slightly from $1.84 billion a year earlier and $2 billion in the first quarter. Net charge-offs, or loans lenders don't think are collectible, fell to 1.15% of average loans, compared with 1.52% a year earlier and 1.25% in the first quarter. Shares were down 1.07% to $32.50 premarket. Through Thursday's close, the stock is up 19% so far this year. Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com

Stock News for Wells Fargo (WFC)
DateTimeHeadline
04/14/201412:26:44Citigroup Logs Higher Profit, Beats Estimates -- 4th Update
04/13/201408:46:33MARKET SNAPSHOT: Google, Intel, IBM Outlooks To Trump Earnings...
04/11/201419:34:30Fortunes Shift for Wells Fargo, J.P. Morgan
04/11/201418:00:51MARKET SNAPSHOT: Stocks Suffer Big Weekly Loss; Nasdaq Below...
04/11/201416:32:17MARKET SNAPSHOT: U.S. Stocks Extend Fall; S&P On Pace For 2...
04/11/201416:31:45Stock-Market Slump Extends to Europe -- Update
04/11/201415:36:20Wells Fargo's Profit Climbs -- 4th Update
04/11/201411:27:09MARKET SNAPSHOT: U.S. Stocks Extend Fall; S&P Set For 2% Weekly...
04/11/201409:40:43U.S. Hot Stocks: Hot Stocks to Watch
04/11/201409:39:03Wells Fargo's Profit Climbs -- Update
04/11/201409:33:34Wells Fargo's Profit Climbs
04/11/201408:35:55Wells Fargo's Profit Climbs Despite Lower Revenue
04/10/201408:05:13Advisers Needed to Handle North Dakota's Oil Wealth -- Practice...
04/09/201417:00:11MARKET SNAPSHOT: U.S. Stocks Rally On Dovish Signals In Fed Minutes
04/09/201415:13:56MARKET SNAPSHOT: U.S. Stocks Jump On Dovish Signals In Fed Minutes
04/09/201414:39:07MARKET SNAPSHOT: U.S. Stocks Rise After Fed Minutes
04/09/201414:03:21MARKET SNAPSHOT: U.S. Stocks Edge Higher; Focus On Fed Minutes
04/09/201411:51:16MARKET SNAPSHOT: U.S. Stocks Edge Higher; Fed Minutes In Focus
04/08/201417:04:29MARKET SNAPSHOT: U.S. Stocks Edge Higher After 3-session Slide
04/08/201416:44:25MARKET SNAPSHOT: U.S. Stocks Post Modest Gains

Wells Fargo and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad