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.
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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.
