Wells Fargo & Company (NYSE:WFC)

Darnell Taylor
April 14, 2018

"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 on Friday.

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Wells Fargo reported preliminary Q1/18 net income was $5.9 billion, up from $5.6 billion in Q1/17.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WFC.

Patriot Financial Group Insurance Agency LLC raised its holdings in Wells Fargo by 0.3% in the 2nd quarter.

For the week, the Dow gained 1.8%, the S&P popped 2% and the Nasdaq advanced 2.8%, thanks to a rebound in tech stocks and a big jump in energy shares.

According to the ruling, Wells Fargo announced in May 2017 it was exiting the commercial insurance business.

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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. Highland Private Wealth Management now owns 4,481 shares of the financial services provider's stock valued at $248,000 after acquiring an additional 43 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co.

WFC stock was down 3% as of Friday morning. The stock has a 50 day moving average of $55.49 and a 200-day moving average of $50.40. The stock has a market cap of $283.06 billion, a PE ratio of 14.14 and a beta of 0.98. Wells Fargo has a one year low of $49.27 and a one year high of $66.31.

Before the start of trading, JPMorgan, Citigroup, and Wells Fargo all reported first quarter earnings that came in above analyst estimates. Wells Fargo had a net margin of 22.57% and a return on equity of 12.24%. Susan Roth Katzke of Credit Suisse told clients that a quarter-over-quarter and year-over-year declines in revenue and weakness in mortgage banking would not be surprising.

The scandal-plagued bank said it earned $5.94 billion, or $1.12 per share, in the first quarter, compared to $5.63 billion, or $1.03 per share. a year ago, beating analysts' estimates of $1.06 per share.

Past 5 years growth of WFC observed at 1.50%, and for the next five years the analysts that follow this company is expecting its growth at 9.37%. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued. First Commonwealth Fincl Pa holds 0.39% in Wells Fargo & Company (NYSE:WFC) or 6,081 shs. They noted that the move was a valuation call. Zacks Investment Research cut Wells Fargo & Company from a "buy" rating to a "hold" rating in a research note on Monday. Acquiring the most possible knowledge about the markets and individual stocks can play a vital role in the long-term success of the individual investor. Analyst recommendation for this stock stands at 2.7. BKS Advisors LLC acquired a new position in Wells Fargo in the third quarter valued at $143,000. It says it will provide updated results in a Form 10-Q that it will file with the U.S. Securities and Exchange Commission. Company insiders own 0.09% of the company's stock.

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Wells Fargo shareholders receive a 2.95% dividend.

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