Why Wells Fargo (WFC) Stock Is Rising Today
NEW YORK (TheStreet) -- Shares of Wells Fargo (WFC) - Get Report are gaining 1.31% to $48.90 early Thursday afternoon alongside other bank stocks after JPMorgan Chase (JPM) reported better-than-expected results for the 2016 second quarter.
How bank earnings would react to low interest rates and in the wake of the U.K.'s decision to exit the European Union were big concerns for Wall Street heading into 2016 second quarter results, Barron's noted.
The results were an optimistic signal for banks such as Wells Fargo, which is scheduled to report earnings tomorrow, and Bank of America (BAC) which will post results next week.
Shares of Citigroup (C) are climbing 3.12% to $44.68 this afternoon, Morgan Stanley (MS) stock is up 3.07% to $28, Bank of America stock is advancing 2.05% to $13.71 and Goldman Sachs stock is rising 2.48% to $161.83.
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Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, expanding profit margins and attractive valuation levels.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: WFC