5 Key Quarterly Reports from The Financial Sector

2. Wells Fargo & Company (NYSE:WFC)

Number of Hedge Fund Holders: 93

Shares of Wells Fargo & Company (NYSE:WFC) slightly moved down in the pre-market trading session on Friday, July 15, 2022, after the California-based bank failed to meet financial expectations for the second quarter.

The mortgage lending business of Wells Fargo & Company (NYSE:WFC) was hit by higher interest rates during the quarter. Like its peers, the bank had to trim its mortgage staff due to lower demand.

For the second quarter, Wells Fargo & Company (NYSE:WFC) earned 74 cents per share, down from $1.38 per share in the year-ago quarter. Revenue also decreased to $17.02 billion, from $20.27 billion in the second quarter of 2021. Analysts were looking for a profit of 86 cents per share on revenue of $17.6 billion.