Wells Fargo Bruised by Declining Profits

16 Janvier, 2020, 11:21 | Auteur: Auguste Feret
  • S Signs of JP Morgan Chase Bank Citibank and Wells Fargo & Co. bank are seen in this combination

Wells Fargo also paid out more in salaries. Plus, the bank's third quarter and other recent results left much to be desired. Longview Partners Guernsey LTD raised its position in shares of Wells Fargo & Co by 24.2% in the second quarter. Institutional investors own 75.64% of the company's stock. NuWave Investment Management LLC now owns 798 shares of the financial services provider's stock worth $39,000 after purchasing an additional 439 shares during the last quarter.

A number of equities research analysts have weighed in on the company. Robert W. Baird downgraded shares of Wells Fargo & Co from a "neutral" rating to an "underperform" rating and set a $50.00 price target for the company.in a report on Thursday, January 2nd.

Citigroup did better when it comes to consumers.

United Kingdom consumer price inflation data for the month of December is set to release tomorrow. Seven research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has given a buy rating to the company. 56,661,966 shares of the stock traded hands, compared to its average volume of 21,290,297. The firm's 50 day simple moving average is $53.54 and its two-hundred day simple moving average is $49.98. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.33. Wells Fargo & Co has a 1-year low of $43.34 and a 1-year high of $54.75. Better-than-expected quarterly results were largely fueled by a positive swing in fixed income trading in the fourth quarter of 2019, compared to the same time the year before when bond trading was hammered by U.S. According to consensus expectations, the headline print is expected to remain stable at 1.5 percent year-on-year, the same as in November, the lowest rate in three years. Combined with the bank's 3.9% dividend yield, it's fair to say that Wells Fargo is returning lots of capital to shareholders.

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Its revenue, net of interest expense, fell slightly to $22.35 billion. The consensus estimates had called for $1.12 in EPS and revenue of $20.14 billion. The company has a market capitalization of $222.04 billion, a price-to-earnings ratio of 11.26, a P/E/G ratio of 1.15 and a beta of 1.11.

Even setting aside the legal issues, things do not look good for Wells Fargo, which is more susceptible to fluctuations in interest rates because of its large consumer banking business. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

Mortgage banking income rose to $783 million from $467 million.

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