Wells Fargo & Co (NYSE:WFC) shares are trading lower by 2.14% to $38.24 during Thursday's trading session. Shares of banks and financial services companies at large are trading lower in sympathy with JP Morgan Chase and Morgan Stanley, which reported worse-than-expected second-quarter results.
JPMorgan Chase reported quarterly earnings of $2.76 per share which missed the analyst consensus estimate of $2.91. The company also reported quarterly sales of $31.63 billion which missed the analyst consensus estimate of $31.95 billion by 1%. Meanwhile, Morgan Stanley's sales fell to $13.13 billion from $14.76 billion last year.
Jamie Dimon, Chairman and CEO of JP Morgan Chase, commented on the financial results: “JPMorgan Chase performed well in the second quarter as we earned $8.6 billion in net income on revenue of $30.7 billion and an ROTCE of 17%, with growth across the lines of business, while maintaining credit discipline and a fortress balance sheet.”
The earnings reports have caused concerns for the financial services sector heading into earnings season. Wells Fargo will report Q2 results on Friday.
Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets.
According to data from Benzinga Pro, Wells Fargo has a 52-week high of $60.30 and a 52-week low of $36.54.
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