5 Stocks in The Limelight After Announcing Their Financial Results

2. Wells Fargo & Company (NYSE:WFC)

Number of Hedge Fund Holders: 88

Shares of Wells Fargo & Company (NYSE:WFC) made a new 52-week high of $58.87 on Friday, January 14, 2022, after posting solid profit and sales for the fourth quarter. The San Francisco-based bank earned $1.38 per share, significantly higher than 66 cents per share in the comparable period of 2020.

Analysts were expecting Wells Fargo & Company (NYSE:WFC) to report earnings of $1.11 per share. In addition, revenue came in at $20.86 billion versus $18.49 billion in the year-ago quarter and above expectations of $18.79 billion.

Speaking on the results, CEO of Wells Fargo & Company (NYSE:WFC), Charlie Scharf, said in a statement:

“As the economy continued to recover we saw increased consumer spending, higher investment banking fees, higher asset-based fees in our Wealth and Investment Management business, and strong equity gains in our affiliated venture capital and private equity businesses. We continued to manage credit well and the strong economic environment helped reduce charge-offs to historical lows and our results benefitted from reductions in our allowance for credit losses.”