In a turnaround, Wells Fargo Advisors sees slight bump in headcount

Jerome Frank
October 14, 2017

Wells Fargo & Co.is expected to report its third-quarter results before the market opens Friday. Analysts expect next quarter's EPS to be $1.04 with next year's EPS projected to be $4.40. According to these analysts, the Low Revenue Estimate for Wells Fargo & Company is 21.84 Billion and the High Revenue Estimate is 22.84 Billion.

The third-largest USA lender, which has been embroiled in a prolonged scandal over its sales practices, said the dip in earnings came largely from a US$1 billion accrual for a legal settlement over issues stemming from before the 2007-2009 financial crisis. The Return on Equity (ROE) value stands at 11.6%. Revenue in the third-largest US 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. The company reported Wholesale Banking revenue of $6.95 billion in the third quarter of the previous year.

The market got a boost earlier in the day after data showed retail sales surged by the most in 2-1/2 years in September, while consumer prices recorded their biggest increase in eight months as Hurricanes Harvey and Irma boosted demand. The current consensus recommendation provided by covering analysts is 2.10. Wells Fargo & Co (NYSE:WFC) has risen 9.67% since October 12, 2016 and is uptrending. Marble Arch Investments Lp who had been investing in Servicemaster Global Hldgs I for a number of months, seems to be less bullish one the $6.33 billion market cap company. That fell short of the $1.03 average estimate of 26 analysts surveyed by Bloomberg. Wells Fargo & Company has a 52 week low of $44.32 and a 52 week high of $59.99. RBC Capital Markets has "Sector Perform" rating and $23 target. The stock increased 0.07% or $0.04 during the last trading session, reaching $55.66.

A number of research firms recently weighed in on WFC.

Smart Light Bulb Owners Turn To Amazon Echo, Google Home
Alexa will recognize their voice without you having to manually switch between profiles, or tell Alexa who you are. This includes Echos built by Amazon and other products built by third parties that also run Alexa.

Fatah, Hamas sign reconciliation deal in Cairo
A major sticking point has been the Hamas military wing and its arsenal, which Hamas has said is not up for discussion. Egypt has previously attempted to help Hamas and Fatah create a united government for Gaza and the West Bank.

Amit Shah, Adityanath to hold rally in Rahul Gandhi's bastion Amethi today
Hence, now the prime focus of the Congress in Gujarat is to bring back the focus of education on imparting knowledge. She said Mr Gandhi would lose elections and the lotus will finally bloom in Amethi in 2019.

Wells Fargo's operating efficiency ratio, which measures expenses as a portion of revenue, was 65.5% during the quarter and 63.1% year to date. Jabre Cap Partners has invested 1.14% in Wells Fargo & Co (NYSE:WFC). Signaturefd Ltd holds 0.14% of its portfolio in Wells Fargo & Co (NYSE:WFC) for 17,569 shares. RBC Capital Markets has "Buy" rating and $6000 target.

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 an average rating of "Hold" and an average price target of $57.19. California-based Baker Avenue Asset Management Limited Partnership has invested 0.04% in Wells Fargo & Co (NYSE:WFC). It also reduced its holding in Home Depot (NYSE:HD) by 2,935 shares in the quarter, leaving it with 12,925 shares, and cut its stake in Pultegroup (NYSE:PHM). Dimensional Fund Advisors LP increased its position in shares of Wells Fargo & by 26.7% during the 2nd quarter. Bogart Wealth LLC now owns 13,120 shares of the financial services provider's stock worth $727,000 after purchasing an additional 2,388 shares during the period.

WARNING: This piece of content was originally published by StockNewsTimes and is the sole property of of StockNewsTimes. If you are accessing this article on another site, it was illegally copied and republished in violation of U.S. & worldwide copyright & trademark legislation. 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. Wells Fargo & Co now has $275.28B valuation.

Other reports by Guamnewswatch

Discuss This Article

FOLLOW OUR NEWSPAPER