Wells Fargo quarterly profit rises 6 percent

Share

Citigroup reported a profit of $4.62 billion, or $1.68 a share, compared with a profit of $4.1 billion, or $1.35 per share, in the same period a year earlier.

Wells Fargo has been the subject of regulatory scrutiny after it was caught opening accounts for customers who had not applied or requested new services in order to grow branch numbers. As per Thursday, July 13, the company rating was downgraded by Bank of America. The company has SMA50 days moving average ratio of -7.05% to its recent price shift.

Other analysts have also recently issued reports about the company. On Monday, October 16 the stock of Wells Fargo & Company (NYSE:WFC) has "Neutral" rating given by UBS. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $57.00 price target on shares of Wells Fargo in a research note on Thursday, April 5th. Finally, Morgan Stanley cut shares of Wells Fargo from an "overweight" rating to an "underweight" rating and reduced their price objective for the company from $75.00 to $64.00 in a report on Tuesday, February 6th. Deutsche Bank AG restated a "buy" rating on shares of Wells Fargo & Company in a research note on Friday, December 23rd. Six equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have assigned a buy rating to the company.

Wells Fargo was accused of steering minority borrowers into loans they could not afford, resulting in higher fees, defaults and foreclosures than for white borrowers, and rewarding employees with bonuses for offering such loans. The stock of Wells Fargo & Company (NYSE:WFC) earned "Buy" rating by RBC Capital Markets on Thursday, June 22. The stock has a market capitalization of $256,667.41, a price-to-earnings ratio of 12.82, a P/E/G ratio of 1.38 and a beta of 1.13. That beat the average Wall Street estimate of $1.06. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88.

"I'm confident that our outstanding team will continue to transform Wells Fargo into a better, stronger company; however, we recognise that it will take time to put all of our challenges behind us", Sloan said in the bank's first-quarter results statement today.

Net income of $5.9 billion in the quarter could be adjusted once the CFPB settlement is finalized, the bank said. The Return on Equity (ROE) value stands at 11.5%.

Fee income dropped 2 percent to $9.7 billion.

Wells Fargo & Co's preliminary results for the first quarter of 2018 includes earnings per share of $1.12.

Wells Fargo & Company (WFC) generated -0.94% down depiction by the movements around 20 day SMA. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. The stock has a 50 day moving average of $55.49 and a 200-day moving average of $50.40. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Several institutional investors and hedge funds have recently made changes to their positions in WFC.

Wells Fargo reported a 3-percent increase in loan revenue to $12.05 billion. Ackerman Capital Advisors LLC bought a new stake in shares of Wells Fargo in the 2nd quarter worth approximately $203,000. The Stock now has a Weekly Volatility of 1.81% and Monthly Volatility of 2.45%. Finally, Meridian Investment Counsel Inc. increased its stake in shares of Wells Fargo by 1.1% in the second quarter. The correct version of this piece can be read at https://stocknewstimes.com/2018/04/13/independence-bank-of-kentucky-invests-2-02-million-in-wells-fargo-wfc-stock.html.

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

Share