NEW YORK (TheStreet) -- Wells Fargo reported quarterly earnings that met expectations. Revenue slipped but it still beat Wall Street estimates.
Wells Fargo (WFC) kicked off the big banks' earnings season by reporting quarterly earnings that met expectations with revenue that beat Wall Street forecasts.Wells Fargo reported earnings of $1.01 a share, up from 98 cents a share a year ago. Revenue was nearly $21.1 billion, down 1.5% from a year ago but ahead of analysts' expectations for revenue of $20.8 billion. The largest U.S. mortgage lender saw a weaker spring selling season than last year, but provided $47 billion in home loans during the quarter, up from the $36 billion i the prior quarter. At last check, shares of Wells Fargo were slipping almost 1% to $51.38. In a note, Bank of America Merrill Lynch research analysts said that while there was plenty to like in Wells Fargo's quarter, the market may pressure the stock given its superior year-to-date outperformance. That said, the analysts recommend long-term investors take advantage of any weakness, maintaining their Buy rating on the stock. In New York, I'm Brittany Umar for TheStreet. -- Written by Brittany Umar in New York.
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