Wells Fargo (NYSE:WFC) shares are on the rise today after the financial services provider delivered better-than-anticipated second-quarter numbers. Revenue surged 20.6% year-over-year to $20.53 billion, outperforming estimates by $410 million. EPS at $1.25 too comfortably beat expectations by $0.09.
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The company is benefitting from higher interest rates and coupled with higher loan balances, saw its net interest income rise by 29% over the prior year period to $12.16 billion in Q2. Provision for credit losses stood at $1.71 billion as compared to $580 million in the comparable year-ago period.
Impressively, Wells Fargo bought back 100.2 million shares for ~$4 billion during the quarter while also delivering a return on equity of 11.4% to investors.
Overall, the Street has a $47.47 consensus price target on Wells Fargo alongside a Moderate Buy consensus rating. After gaining nearly 11.9% over the past 52 weeks, shares of the company are up a further 4.26% at the time of writing today already.
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