Wells Fargo Reports Q1 Earnings Beat, Stock Ticks Higher (NYSE:WFC)

Darnell Taylor
April 14, 2019

Other hedge funds and other institutional investors have also modified their holdings of the company.

PNC Financial (PNC +3.1%) Chairman, President, and CEO William Demchak says he's not interested in the CEO post at Wells Fargo (WFC -2.6%), American Banker reports. Bridgewater Associates LP now owns 10,785 shares of the financial services provider's stock valued at $567,000 after buying an additional 5,095 shares during the period. Finally, Commonwealth Bank of Australia lifted its position in shares of Wells Fargo & Co by 12.8% during the 4th quarter. Wells Fargo & Co accounts for about 1.8% of Griffin Asset Management Inc.'s investment portfolio, making the stock its 9th largest position. Last month he deferred on guidance for 2020 until a new CEO is in place.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research.

Wells Fargo shares erased earlier gains during the conference call with analysts and were last down 2.7 percent.

Wells Fargo's tumultuous start to 2019 was capped by Sloan stepping down at the end of March amid regulatory, political and investor scrutiny.

WFC traded down $1.34 on Friday, reaching $46.41.

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Trading volume swelled to over almost 60 million shares, compared with the full-day average of about 24 million shares. The stock has a market capitalization of $233.11 billion, a price-to-earnings ratio of 10.59, a PEG ratio of 0.87 and a beta of 1.11. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.88 and a quick ratio of 0.87. Wells Fargo & Co has a fifty-two week low of $43.02 and a fifty-two week high of $59.53. Analysts polled by Investing.com expected EPS of $1.12 on revenue of $20.97B.

Analysts had expected earnings of $1.09 per share on revenue of $21.0 billion. Wells Fargo & Co had a return on equity of 13.34% and a net margin of 22.95%. The company's quarterly revenue was down 4.9% on a year-over-year basis.

The San Francisco-based bank comfortably beat Wall Street's profit and revenue forecasts, adding to evidence that the American economy performed more strongly than had been thought in the first three months of the year.

Wells Fargo will probably face questions from analysts later on Friday about its search for a successor for Sloan.

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In a positive sign, however, Wells Fargo's retail banking deposits grew. It focuses mainly on domestic lending and has a big mortgage business.

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