Wells Fargo & Co (NYSE:WFC) shares plummeted in the current trading session after the San Francisco, California-bank announced disappointing financial results for the third quarter. The bank said that it earned $4.57 billion, or 84 cents per share in the latest quarter, as compared to $5.64 billion, or $1.03 per share in the same period last year.
Revenue for the quarter came in at $21.93 billion, down from $22.33 billion in the year-earlier quarter. Analysts surveyed by Thomson Reuters were looking for earnings of $1.03 per share on $22.40 billion in revenue.
Wells Fargo & Co (NYSE:WFC) is trading lower today, tumbling about -3.13 percent in the mid-day trading. The stock has plummeted -3.85% over the past 3 months, while fell -3.81% during the past 5 days of trading.
Examining further, WFC stock is down -2.99% year-to-date and 4.11% over the past 6 months. There are several reasons behind stock’s upward or downward movement. For instance, the company might have posted strong quarterly financial results or improved its yearly financial outlook, as well key changes in business such as buyout or M&A. Insider activities and analyst ratings also affect stock price.
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. Its Community Banking segment offers checking, savings, market rate, and individual retirement accounts, as well as time deposits and remittances; and lines of credit, automobile floor plan lines, equity lines and loans, equipment and transportation loans, education and residential mortgage loans, and debit and credit cards. This segment also provides equipment leases, real estate and other commercial financing, small business administration financing, venture capital financing, cash management, payroll services, retirement plans, merchant payment processing, and private label financing solutions, as well as purchases retail installment contracts. Its Wholesale Banking segment offers commercial loans and lines of credit, letters of credit, asset-based lending, equipment leasing, international trade facilities, trade financing, collection, foreign exchange, treasury management, institutional fixed-income sales, commodity and equity risk management, insurance, corporate trust fiduciary and agency, and investment banking services, as well as online/electronic products.