Wells Fargo Q2 results are here

Wells Fargo & Co. (WFC) announced its Q2 financial results before the opening bell on Wall Street on Friday. The US financial services company missed analyst expectations for the quarter.

Revenue was reported at $17.028 billion for Q2 vs. $17.479 billion expected.

Earnings per share at $0.74 per share vs. $0.80 per share estimated.

”While our net income declined in the second quarter, our underlying results reflected our improving earnings capacity with expenses declining and rising interest rates driving strong net interest income growth. Loan balances increased with growth in both consumer and commercial loans. Credit quality remained strong, and we continued to execute on our efficiency initiatives. Noninterest income declined as higher interest rates and weaker financial markets reduced our vent,” CEO of Wells Fargo, Charlie Scharf said in a press release when the results were announced.

”Looking ahead, our results should continue to benefit from the rising interest rate environment with growth in net interest income expected to more than offset any further near-term pressure on noninterest income. We do expect credit losses to increase from these incredibly low levels, but we have yet to see any meaningful deterioration in either our consumer or commercial portfolios. Our efficiency initiatives continue to be on track, and the recent Federal Reserve stress test confirmed our strong capital position and our capacity to return excess capital to shareholders through dividends and common stock repurchases,” Scharf concluded.

Wells Fargo & Co. (WFC) chart

Shares of Wells Fargo were up by 6.17% at the end of the trading day on Friday at $41.05 per share.

Here is how the stock has performed in the past year:

• 1 Month +6.89%
• 3 Month -11.26%
• Year-to-date -14.28%
• 1 Year -7.11%

Wells Fargo price targets

• Citigroup $47
• Morgan Stanley $59
• RBC Capital $45
• Raymond James $50
• BMO Capital $60
• Piper Sandler $63

Wells Fargo & Co. is the 68^th largest company in the world with a market cap of $155.89 billion.

You can trade Wells Fargo & Co. (WFC) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD.

Sources: Wells Fargo & Co., TradingView, MetaTrader 5, Benzinga, CompaniesMarketCap