Wells Fargo surprises with solid quarter – Investors eagerly await the key figures

The American banking giant Wells Fargo reported revenue of $20.37 billion for the third quarter of 2024, representing a year-over-year decline of 2.4%. Despite this slight decrease, the company impressed with earnings per share (EPS) of $1.52, compared to $1.39 in the same period last year. The revenue narrowly missed Zacks’ estimates of $20.38 billion, a surprise of -0.07%. Even more remarkable is the positive EPS, which, with a surprise of +19.69% compared to the consensus forecast of $1.27, is impressive. Investors draw their conclusions not only from year-over-year changes but also from comparisons with Wall Street expectations. Here, certain key metrics play an essential role in providing a more detailed picture of the company's financial health. While Wells Fargo's shares achieved a return of +12% over the past month, outperforming the Zacks S&P 500 component's +5.4%, the stock currently holds a Zacks Rank #3 (Hold). This suggests that it might perform comparably to the broader market in the short term.