Wells Fargo & Co. (NYSE: WFC) and U.S. Bancorp (NYSE: USB) both saw a drop in profits for the third quarter — but both also enjoyed a boost to a key metric thanks in part to higher interest rates, and both stocks are trading higher today.
San Francisco-based Wells Fargo this morning reported net income of nearly $3.5 billion, or 85 cents per diluted share. That compares to $5.1 billion, or $1.17 per share, in 2021’s third quarter. The results came in below analysts’ average estimate of $1.09…
