Banking, finance, and taxes
Wells Fargo Sets Record Company Earnings, but Small Drop in Book Value
Published:
Wells Fargo & Company (NYSE: WFC) has released its second-quarter earnings report and the market likes what it sees so far. Earnings rose almost 20% with a record net income of $5.5 billion, or $0.98 in earnings per share. Revenues were up marginally to $21.4 billion. The consensus estimates from Thomson Reuters were $0.93 per share and $21.2 billion in sales.
While rival J.P. Morgan Chase & Co. (NYSE: JPM) posted a stronger earnings growth, Wells Fargo shares closed at $41.89 on Thursday and are trading up more than its rival bank after the report with gains of 1.6% to $42.57. This remains our safest bank of 2013 for depositors, but we would still caution that this was up almost 25% so far in 2013 and shares were up about 34% from its 52-week lows.
Here were some additional key metrics that shareholders (and depositors) will care about:
One thing we would point out here is that Wells Fargo saw its book value per share actually decline by one cent in the second quarter to $28.26 per share, versus $28.27 per share in the first quarter of 2013.
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