Wells Fargo & Co (WFC) Q3 Profit Beats, But Revenue Misses


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%. Share performance for the month is now at 4.60%. Wells Fargo & Co now has $275.28B valuation. The stock declined 3.06% or $1.69 reaching $53.5 on the news. Delphi Private Advisors LLC now owns 2,017 shares of the financial services provider's stock valued at $100,000 after purchasing an additional 1,461 shares during the last quarter. Wealth and Investment Management revenue from the third quarter of 2016 was $4.18 billion. 38,988 Wells Fargo & Co (NYSE:WFC) shares with value of $2.05M were sold by Mack Mary T. Clear Harbor Asset Management Ltd Llc, a New York-based fund reported 5,517 shares. Wells Fargo & Co (NYSE:WFC) has risen 9.67% since October 12, 2016 and is uptrending. The company has market cap of $6.12 billion. After a recent look, shares have been seen 1.31% from the 200-day moving average, and 4.67% from the 50-day moving average. Moreover, Fulton Breakefield Broenniman Ltd Liability Com has 2.11% invested in Wells Fargo & Co (NYSE:WFC). The bank's results missed the forecasts of Wall Street analysts, who were looking for the bank to post a profit of $1.02 a share, according to FactSet. Revenue growth from that business has been declining over the last two years and customers opened fewer accounts in the first six months after the scandal. Return on assets is 1.10% and Return on equity (ROE) is 11.60% while it's Return on Investment (ROI) of 7.90%. The institutional investor held 6.36M shares of the major banks company at the end of 2017Q2, valued at $352.46M, up from 3.91 million at the end of the previous reported quarter.

For the fourth quarter in a row, Wells Fargo Dealer Services' delinquencies and charge-offs have grown amid a rapidly declining originations volume environment, and the company expects the volume declines to continue into the second half of 2018.

Wells Fargo & announced that its board has approved a share buyback plan on Wednesday, June 28th that permits the company to repurchase $11.50 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 4.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued. If you are accessing this piece of content on another domain, it was stolen and reposted in violation of United States and worldwide copyright laws. The legal version of this piece can be viewed at https://weekherald.com/2017/10/13/wells-fargo-company-wfc-shares-sold-by-busey-trust-co.html.

A number of research firms recently weighed in on WFC.

The bank also has the same underlying challenges as rivals, including a drop in mortgage refinancing, interest income rising slowly after a prolonged period of rock-bottom rates, expensive technology investments and new regulations. Instinet restated a "buy" rating and issued a $64.00 price objective on shares of Wells Fargo & in a research report on Wednesday, July 12th. The stock of Wells Fargo & Co (NYSE:WFC) earned "Sell" rating by UBS on Thursday, March 24. Finally, Robert W. Baird reiterated a "buy" rating and set a $58.00 price objective on shares of Wells Fargo & in a research note on Friday, October 6th.

The bank's community banking division, where the sales scandal arose, remains a trouble spot.

Some buy side analysts are also providing their Analysis on Wells Fargo & Company, where 5 analysts have rated the stock as Strong buy, 7 analysts have given a Buy signal, 16 said it's a HOLD, 2 reported it as Underperform and 2 analysts rated the stock as Sell.

Also in the market, the stock price of Wells Fargo strengthened to 55.67 up +0.05.