Why the price went up today
- Wells Fargo & Company (NYSE: WFC) stock price rose more than 3% in intraday trading today. That’s why it happened.
Wells Fargo & Company (NYSE: WFC) stock price rose more than 3% in intraday trading today. Investors are reacting positively to the company’s fourth quarter results.
The company reported fourth-quarter earnings of $5.75 billion ($1.38 per share) versus $3.09 billion ($0.66 per share) in the same period a year ago. The company’s revenue increased from $18.49 billion to $20.86 billion.
“Looking back on my just over two years at Wells Fargo, I’m incredibly proud of what our team has accomplished as we remake this incredible franchise. We’ve made sweeping changes to leadership and culture, made significant progress in our work on risk, regulation and control, improved business efficiency while investing in our business more holistically and aggressively, and took a different approach to our responsibilities to live with customers and the community as a great public company. And those on the front lines have worked fearlessly and tirelessly to support our customers in incredibly difficult circumstances.”
“In 2021, we improved our financial returns, including reducing our expenses and returning a significant amount of excess capital to our shareholders by increasing our dividend and repurchasing $14.5 billion of common stock. We also experienced strong deposit growth and, although loan demand was weak at the start of the year, loans increased by 5% in the second half, with growth in our personal and commercial portfolios. .
As the economy continued to recover, we saw increased consumer spending, higher investment banking fees, higher asset-based fees in our wealth and investment management business and strong capital gains in our affiliated venture capital and private equity businesses. We continued to manage credit well and strong economic conditions reduced charges to historically low levels and our results benefited from the reduction in our provision for credit losses. »
“The changes we’ve made to the business and the continued solid economic growth outlook allow us to feel good about our positioning heading into 2022. But we also remain mindful that we still have a multi-year effort to meet to our regulatory requirements – with setbacks likely to continue along the way – and we continue our work to put behind us the exposures related to our historic practices.
“As we look to the future, we will continue to be aggressive in advancing and improving our performance, fulfilling our responsibility to our customers and our communities, and I remain incredibly optimistic about our future.”
—Charlie Scharf, President and CEO
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