Wells Fargo profit beats estimates as shares swing on interest outlook
-Wells Fargo's profit fell 7% in the first quarter, beating analysts' forecasts, as it paid more to hold customer deposits while demand from borrowers declined.
The guidance is"conservative," and Wells Fargo could yet see bring in more income as interest rates stay higher for longer, CFRA analyst Alexander Yokum wrote in note. He upgraded the stock to a buy rating from hold. Higher rates had boosted lenders' earnings as they brought in more money from interest payments, but that benefit waned in the first quarter of 2024.
Wells Fargo also paid $284 million into a Federal Deposit Insurance Corp fund that was drained last year after three regional lenders failed.
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