Wells Fargo legal headaches are hurting profits

Wells Fargo legal headaches are hurting profits

Wells Fargo legal headaches are hurting profits

Ltd reports that it increased its ownership in Wells Fargo & Company by 1.0% in the quarter ending 09/30/2017.

Earnings per share of $1.04, ex-items, vs. the $1.03 a share expected by analysts. Revenue in the third-largest USA bank's community banking division, the home for all the lending it does to America's consumers, fell to $12.1 billion, the lowest since the quarter after news broke about the fake accounts.

Net interest income, a key measure of profitability, rose almost $500 million from the third quarter past year to $12.48 billion, but missed expectations of $13.14 billion projected. Meanwhile, WFC's net interest margin was 2.87%, down 3 basis points sequentially from the second quarter.

Part of what weighed down the bank during the third quarter dated back to the financial crisis era. We saw total average deposit growth; loan growth in our residential mortgage, credit card and subscription finance portfolios; as well as higher assets under management in Wealth and Investment Management.

Among 24 analysts covering Proctor & Gamble (NYSE:PG), 12 have Buy rating, 1 Sell and 11 Hold. Alexandria Capital LLC boosted its stake in shares of Wells Fargo & by 0.3% in the 1st quarter. This is down 2% from the $12.29 billion in Community Banking revenue from the same period in the year prior.

Wells Fargo's expenses jumped in the quarter, mostly due to an additional $1 billion set aside for previously disclosed investigations into its pre-crisis mortgage practices. 24,708 Wells Fargo & Co (NYSE:WFC) shares with value of $1.34M were sold by Pelos Petros G. Shares for $1.04M were sold by Hardison Hope A. SARGENT RONALD had bought 9,050 shares worth $499,108.

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Wells Fargo & (NYSE WFC) opened at 55.21 on Monday. Checking some other stock price data, we can see that the recent distance from the 50 day high was noted at -4.24% and the separation from the 50 day low is presently 8.39%.

Earnings at the USA banking giant fell 20.2 percent to $4.2 billion, with the $1 billion in expenses related to "previously announced pre-crisis mortgage-related regulatory investigations".

Beta is also an important valuation ratio for analyzing the stock of the company, WFC's beta remains at 0.95. Seven research analysts have rated the stock with a sell rating, fifteen have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of "Hold" and a consensus target price of $57.19. Colonial Trust Advisors acquired a new stake in shares of Wells Fargo & in the 2nd quarter valued at approximately $214,000.

Uss Investment Management Ltd increased its stake in Wells Fargo & Co New (WFC) by 62.67% based on its latest 2017Q2 regulatory filing with the SEC.

WARNING: This piece of content was originally published by StockNewsTimes and is the sole property of of StockNewsTimes. 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. Gardner Russo & Gardner Llc sold 1.01M shares as Wells Fargo (WFC)'s stock declined 8.66%. If you are accessing this article on another site, it was illegally copied and republished in violation of USA & global copyright & trademark legislation. About 18.32 million shares traded or 5.23% up from the average. First Fincl Corporation In has invested 0.79% in Wells Fargo & Co (NYSE:WFC). Eight Capital upgraded the stock to "Buy" rating in Friday, September 15 report. The Company is a diversified financial services company.

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