Wells Fargo Nears Mortgage-Securities Settlement With Regulators
- Author: Darren Santiago Oct 14, 2017,
Oct 14, 2017, 0:21
In a report released on 6/08/2017 Jefferies & Co increased the stock price target of Wells Fargo & Company (NYSE:WFC) to $62.00 reporting a potential upside of 0.18%. On an adjusted basis, its profit was US$1.04 per share, scraping past estimates of US$1.03, according to Thomson Reuters I/B/E/S.
Depending on the earnings numbers reported, Wells Fargo & Company (NYSE:WFC) stock may see increased volatility following the report. As a result, auto outstandings dropped 12% year over year to $55.5 billion in the third quarter. "We're also committed to helping our communities recover from the devastation of the recent hurricanes by providing payment relief and proactively waiving fees for impacted customers, and our foundation donated $2.6 million for hurricane relief efforts". The financial services provider reported $1.07 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.05. Mairs & Power Inc sold 7,315 shares as Wells Fargo & Co (WFC)'s stock declined 8.66%. Longview Partners Guernsey LTD lifted its position in shares of Wells Fargo & by 5.3% in the second quarter. Buckhead Limited Liability Corporation holds 1.24% of its portfolio in Wells Fargo & Co (NYSE:WFC) for 123,206 shares.
Wells Fargo is also facing a similar struggle as it tries to prove to cities and states where it operates that it has reformed itself. Community Tru & Comm owns 200,543 shares or 1.24% of their U.S. portfolio. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider's stock valued at $127,000 after purchasing an additional 891 shares in the last quarter. The Ellington Management Group Llc holds 9,500 shares with $277,000 value, down from 69,900 last quarter.
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Wells Fargo, the nation's largest mortgage lender, has disclosed a number of probes into its mortgage practices involving government agencies, including the Department of Justice and the Consumer Finance Protection Bureau. The company has market cap of $6.12 billion. Eight equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Once the decision is made that the company is a good fit for the portfolio, it may be wise to assess whether or not current conditions and price levels indicate proper levels for share purchase. Dimensional Fund Advisors LP increased its position in shares of Wells Fargo & by 26.7% during the 2nd quarter. Alpha Cubed Investments Llc acquired 117,380 shares as Wells Fargo Co New (WFC)'s stock declined 8.66%. The investor checklist may include studying the scope of a company's competitive industry advantage, examining company management, and trying to get a general feel if the stock is valued properly. PG's profit will be $2.73B for 21.33 P/E if the $1.07 EPS becomes a reality.
Wells Fargo & Co's Wealth and Investment Management division reported revenue of $4.25 billion in the third quarter of the year.
ILLEGAL ACTIVITY NOTICE: This piece was first posted by Week Herald and is the property of of Week Herald. If you are reading this piece on another site, it was stolen and republished in violation of worldwide trademark and copyright law. About 18.32 million shares traded or 5.23% up from the average. The stock has "Neutral" rating by Guggenheim on Tuesday, November 15. Piper Jaffray upgraded Wells Fargo & Co (NYSE:WFC) on Tuesday, April 11 to "Neutral" rating. The Firm is a diversified financial services company.