Update (4:05 p.m.): Updated with Friday market closing price and mortgage revenue drop information.
The company did not increase its earnings per share from the previous quarter for the first time since 2009 to end a 17-quarter streak. Net income totaled $5.42 billion, or $1.01 a share, which matched analysts' estimates.
Revenue dipped to $21.1 billion from $21.4 billion in the same period last year, which edged the expectations of analysts polled by Thomson Reuters.
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Wells Fargo also posted a 39% drop in mortgage revenue, which highlighted the bank's need to find other ways to grow its income.
The stock closed down 0.62% to $51.49 on Friday. More than 29.8 million shares changed hands, compared to the average volume of 14,741,100.
Separately, TheStreet Ratings team rates WELLS FARGO & CO as a "buy" with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate WELLS FARGO & CO (WFC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."