Rick Wilking/ Reuters
- Wells Fargo beat earnings expectations for the first quarter.
- Shares were little changed ahead of Friday’s opening bell.
- The embattled lender is expected to give an update on its CEO search later today.
- Watch Wells Fargo trade live.
Wells Fargo announced first-quarter results on Friday morning that topped Wall Street’s expectations. Shares were little changed, holding just above $48 apiece.
The embattled lender announced adjusted earnings of $1.20 a share — 10% higher than the $1.09 estimate that analysts surveyed by Bloomberg were expecting.
Revenues for the quarter totaled $21.6 billion, topping the $21 billion that analysts were hoping for. Net interest margin, however, missed estimates, coming in at 2.91%, below the 2.93% that was expected.
The lender remains under a growth restriction from the Federal Reserve and is operating under fourteen other consent orders. The bank continues to work to resolve a raft of scandals that have dogged the lender over the past year.
On the earnings call later on Friday, the embattled lender is expected to give an update on its CEO search. Former CEO Tim Sloan resigned in the wake of last month’s charged congressional hearings. He was replaced by Allen Parker on an interim basis.
Markets Insider% year to date.
See Also:
- MORGAN STANLEY: This earnings season is the ‘moment of truth’ for stocks. Here’s why the signs are pointing to a major disappointment for investors.
- These are the 10 most confusing words in the English language
- Bank of America scoured hundreds of mutual funds with $1.5 trillion in assets and identified 7 neglected stocks poised to surge after crushing earnings
Source: Business Insider – areddy@businessinsider.com (Arjun Reddy)