Wells Fargo & Co (NYSE:WFC)’s quarterly results for the third quarter beat estimates


Wells Fargo & Co (NYSE:WFC)’s earnings for the third quarter fell but managed to beat consensus forecast.

The third biggest bank in the U.S. reported earnings of $5.64 billion, or $1.03 per share for the quarter, down from $5.8 billion, or $1.05 per share in the same period last year. Analysts surveyed by Thomson Reuters were looking for a profit of $1.01 per share.

Revenue jumped to $22.33 billion in the latest period and beat consensus forecast of $22.21 billion.

Wells Fargo is facing a number of federal and state investigations over a sales-tactics scandal of opening up to two million accounts with unofficial or fictitious data. Its CEO John Stumpf recently left the bank. The San Francisco, California-based bank has named Timothy Sloan as its new Chief Executive.

Wells Fargo shares are slightly up in the pre-market on Friday. The stock has declined more than 18 percent so far this year. The 52-week range of the stock is $43.55-$56.34. The company’s market cap is $225.14 billion and P/E ratio is 11.04.