Banking, finance, and taxes
Buffett's Favorite Bank Gets It Done (WFC, BRK-A, C, BAC, JPM)
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Wells Fargo & Co. (NYSE: WFC) managed to beat earnings this morning. Warren Buffett’s favorite bank posted a gain of 19% in net income of $3.15 billion, translating to $0.60 EPS on revenues of $20.9 billion. Thomson Reuters had estimates of $0.55 EPS and revenues of $20.95 billion. As a reminder, Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRK-A) owns roughly 325 million shares of Wells Fargo. The bank is joining Bank of America Corporation (NYSE: BAC), Citigroup, Inc. (NYSE: C) and J.P. Morgan Chase & Co. (NYSE: JPM) in beating earnings estimates. The question is whether Wells Fargo can shake the trend.
The following figures were provided:
Total loans were $753.7 billion at September 30, 2010 compared with $766.3 billion at June 30, 2010 and $800.0 billion at September 30, 2009.
Book value per common share was listed as $22.04 and shares closed on Tuesday at $24.55. Shares are indicated up 1.4% at $24.90 in pre-market trading.
JON C. OGG
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