Banking and finance shares across Southern California and much of the country were boosted Wednesday on news of Wells Fargo & Co.’s better-than-expected earnings.

City National Corp. shares jumped 15 percent to $43.76 and Nara Bancorp Inc. climbed 13 percent to $10.91.

Ares Capital Corp., likewise, increased 11 percent to $10.39.

Several smaller stocks were boosted as well. Beverly Hills Bancorp Inc. surged 40 percent to $1.19, while FirstFed Financial Corp. increased 15 percent to $5.34.

Among Los Angeles stocks, five of the eight largest gainers Wednesday were banks. Wednesday’s uptick follows the recent downward slide that was precipitated by the collapse of IndyMac Bancorp.

Wells Fargo surprised Wall Street when it raised its dividend by 10 percent despite a decline in quarterly profit. The move injected life into the financial sector and boosted Wells Fargo’s shares nearly 33 percent to $27.23.