Wells Fargo hit by surprise charge from pre-crisis mortgages


The company reported the earnings of $1.07/Share in the last quarter where the estimated EPS by analysts was $1.01/share. More interesting news about Wells Fargo & Co (NYSE:WFC) were released by: Reuters.com and their article: "Wells Fargo's lone outsider aims to clean up bank's reputation" published on September 20, 2017 as well as Seekingalpha.com's news article titled: "Wells Fargo: The Declines Are Over" with publication date: September 24, 2017.

Revenue fell to $21.9 billion from $22.3 billion a year earlier. Meanwhile, WFC's net interest margin was 2.87%, down 3 basis points sequentially from the second quarter. Eastern Bank sold 10,881 shares as Wells Fargo & Co (WFC)'s stock declined 8.66%. Share performance for the month is now at 7.29%. On average, analysts expect Wells Fargo & to post $4.14 EPS for the current fiscal year and $4.40 EPS for the next fiscal year. The financial services provider reported $1.07 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.05.

Additionally, indirect loan delinquencies 30 days or more past due grew to $1.5 billion in the third quarter, compared with $1.3 billion during the same period the year prior.

"We are waiting for the quarter that Wells shows stronger momentum across the business, and this was not the quarter", Brian Kleinhanz of investment banking and security brokerage firm Keefe, Bruyette & Woods, said in a research note. For the quarter, shares have been noted at 5.12%. Wells Fargo & Company has a 52 week low of $44.32 and a 52 week high of $59.99. Wells Fargo & Co (NYSE:WFC) has risen 9.67% since October 12, 2016 and is uptrending.

Nomura Holdings Inc, which manages about $40.89B US Long portfolio, decreased its stake in Aercap Holdings Nv (NYSE:AER) by 4.25M shares to 1.72M shares, valued at $79.77M in 2017Q2, according to the filing.

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Earnings at the United States 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". More recently, Wells Fargo has come under fire over auto-loan clients who were forced to pay for unwanted vehicle insurance and mortgage customers who were improperly charged fees. The company has market cap of $276.32 billion. (NYSE:CAT), 11 have Buy rating, 4 Sell and 14 Hold.

When it comes to the Analysis of a Stock, Price Target plays a vital role.

Wells Fargo & Co's Wealth and Investment Management division reported revenue of $4.25 billion in the third quarter of the year. If you are reading this piece on another site, it was stolen and republished in violation of global trademark and copyright law. The stock declined 2.74% or $1.51 reaching $53.7 per share. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Wells Fargo warned investors in August that it's in talks with the Department in Justice about the bank's pre-crisis lending practices. Vetr upgraded Wells Fargo & from a "hold" rating to a "buy" rating and set a $55.95 price objective on the stock in a research report on Monday, June 26th. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Wells Fargo & by 0.7% in the first quarter.

Berkshire Asset Management Llc increased its stake in Wells Fargo (WFC) by 3.69% based on its latest 2017Q2 regulatory filing with the SEC. The Firm is a diversified financial services company.