Wells Fargo and BofA Release Financial Results

Wells Fargo & Company

Wells Fargo & Company

The company reported the earnings of $1.07/Share in the last quarter where the estimated EPS by analysts was $1.01/share. The stock of Wells Fargo & Co (NYSE:WFC) earned "Sell" rating by UBS on Thursday, March 24.

The reports from the Wall Street banks kicked off the earnings season and investors are hoping profit growth will help justify valuations after a rally that has sent the S&P 500 up about 14% so far this year. Revenue fell 2 percent to $2.1 billion.

The legal settlement that may soon come out of the years-old mortgage probe doesn't explain a weaker-than-expected revenue figure, which fell to $21.93 billion from $22.33 billion a year earlier.

Originations were down 47% in the third quarter compared to the same period the year prior, marking the third consecutive quarter of double-digit originations declines.

Wells Fargo & Company (NYSE WFC) opened at 55.66 on Thursday. The company has market cap of $6.12 billion. In terms of recent volatility, the average for the month is 1.28% and 1.18% for the past week. Wells Fargo & Company has a 52 week low of $44.32 and a 52 week high of $59.99.

Wells Fargo & announced that its board has authorized a share buyback program on Wednesday, June 28th that allows the company to buyback $11.50 billion in shares. The institutional investor owned 246,957 shares of the financial services provider's stock after selling 4,167 shares during the period. Stephens Incorporated Ar accumulated 208,496 shares or 0.4% of the stock. Finally, Harris Associates L P increased its position in shares of Wells Fargo & by 7.9% during the 2nd quarter. 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 Eastern Bank holds 317,580 shares with $17.60 million value, down from 328,461 last quarter. Royal Bank Of Canada restated a "buy" rating and issued a $60.00 price objective on shares of Wells Fargo & in a research report on Friday, July 28th. Eight Capital upgraded the stock to "Buy" rating in Friday, September 15 report.

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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. Wells Fargo & now has a consensus rating of "Hold" and an average price target of $57.19. Aristotle Fund Lp who had been investing in Wells Fargo & Co. for a number of months, seems to be less bullish one the $276.07B market cap company. Schwab Charles Investment Management Inc. lifted its position in shares of Wells Fargo & by 3.0% in the first quarter. Wells Fargo has been keeping a greater share of the mortgages it makes, boosting loan growth. Delphi Management Inc Ma has invested 2.68% in Wells Fargo & Co (NYSE:WFC).

Overall net income results are down as well, with the bank's net income for Q3 2017 at $4.6 billion, or $0.84 per diluted common share, compared with $5.6 billion, or $1.03 per share, for Q3 2016, and $5.8 billion, or $1.07 per share, for Q2 2017. Hotchkis & Wiley Capital Management LLC now owns 9,713,557 shares of the financial services provider's stock valued at $540,657,000 after acquiring an additional 3,214,592 shares in the last quarter. $499,108 worth of Wells Fargo & Co (NYSE:WFC) was bought by SARGENT RONALD.

Investors studying the fundamentals might be conducting in-depth company research before deciding when to purchase a particular stock.

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Commuters walk by a Wells Fargo ATM location at New York's Penn Station. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

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