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Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.
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  • Wells Fargo Beats Expectations 0 comments
    Apr 11, 2014 10:29 AM | about stocks: WFC

    Originally published at

    Wells Fargo & Company (NYSE:WFC) announced its first quarter financial results for the 2014 fiscal year, posting results that beat analyst expectations. The bank, which maintained strict control over its expenses, coupled with lower loan losses, posted a 14% rise in profit to $5.9B and $1.05 per share, beating analyst expectations of $0.96 per share. Revenue fell from $21.3B to $20.6B, with mortgage originations falling 28% from the sequential quarter to $36B. Despite a decrease in mortgage lending, the company's loan portfolio grew slightly by $4.2B to $826.4B on increases in auto loans and commercial real estate. CEO John Stumpf remarked that the company's diversified business resulted in great benefit to shareholders. Wells Fargo has largely succeeded in avoiding negative press, unlike many of its competitors, so when it announced its CFO was stepping down to take charge of the wholesale banking business, investors had little reaction.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: WFC
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