SAN FRANCISCO (AP) _ Wells Fargo & Co. (WFC) on Tuesday reported fourth-quarter net income of $2.87 billion.
The bank, based in San Francisco, said it had earnings of 60 cents per share. Earnings, adjusted for non-recurring costs, were 93 cents per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.12 per share.
The biggest U.S. mortgage lender posted revenue of $24.26 billion in the period. Its revenue net of interest expense was $19.86 billion, beating Street forecasts. Four analysts surveyed by Zacks expected $19.81 billion.
For the year, the company reported profit of $19.55 billion, or $4.05 per share. Revenue was reported as $85.06 billion.
Wells Fargo shares have decreased 3% since the beginning of the year, while the Standard & Poor’s 500 index has risen 31%. The stock has climbed roughly 9% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WFC at https://www.zacks.com/ap/WFC
The Associated Press