Wells Fargo matches earnings estimates

Wells Fargo Fourth-Quarter Rises 21%


The bank reported on Wednesday that it earned $3.4 billion, or 61 cents a share, in the fourth quarter, up 21 percent, from $2.8 billion, or 8 cents a share, in the quarter a year earlier, matching analysts’ forecasts. For the year the San Francisco-based bank reported profit of $12.36 billion in 2010, compared with $12.28 billion in 2009.

The bank’s revenue fell, however, stemming in part from new federal regulations that restrict the size of overdraft fees banks can charge on checking accounts.

In the fourth quarter, revenue fell slightly to $21.5 billion from $22.7 billion. Wells reported a $97 million decline in service charges during this three-month span. Full-year revenue fell to $85 billion, from $88.7 billion in 2009.

Comment: Now trading at $ 32. Too bad I sold a bunch of it at $ 24 5 months ago.

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