Wells Fargo meets 3Q profit forecasts

AP News
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Posted: Oct 14, 2014 8:17 AM

SAN FRANCISCO (AP) — Wells Fargo & Co. on Tuesday reported third-quarter profit of $5.73 billion.

The San Francisco-based bank said it had earnings of $1.02 per share.

The results met Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was also for earnings of $1.02 per share.

The biggest U.S. mortgage lender posted revenue of $21.21 billion in the period, topping Street forecasts. Analysts expected $20.95 billion, according to Zacks.

Wells Fargo shares have risen 11 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 1 percent. The stock has increased 20 percent in the last 12 months.