Wells Fargo 2Q earnings beat estimates

Wells Fargo & Co. on Tuesday reported higher second quarter results that beat estimates.

The San Francisco-based bank said it had earnings of $6.21 billion, or $1.30 per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.16 per share.

The biggest U.S. mortgage lender posted revenue net of interest expense was $21.58 billion, which also topped Street forecasts. Five analysts surveyed by Zacks expected $20.79 billion.

Wells Fargo shares have risen slightly more than 1% since the beginning of the year, while the Standard & Poor’s 500 index has increased 20%. The stock has dropped 16% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WFC at https://www.zacks.com/ap/WFC