The San Francisco-based financial giant’s stock was down 2.7 percent at $54.51 after Wells Fargo reported earnings per share of 98 cents on net income of nearly $5.19 billion.
Financial analysts surveyed by Bloomberg News had forecast earnings per share of $1.12 and net income of $5.5 billion for the quarter that ended June 30.
Wells Fargo, the biggest U.S. mortgage lender, posted revenue of $25.03 billion in the period. Its revenue net of interest income was $21.55 billion, beating some Wall Street forecasts.
Wells Fargo shares have dropped almost 8 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 5 percent. The stock has climbed almost 2 percent in the last 12 months.