Wells Fargo 3Q delivers an unwelcome surprise for investors
- Author: Anthony Vega Oct 15, 2017,
Oct 15, 2017, 0:15
The stock decreased 3.96% or $0.08 during the last trading session, reaching $1.94. Shares were down 3.1 percent to $53.49 as of midday. It has underperformed by 22.07% the S&P500.
Wells Fargo said Friday that it earned $4.6 billion in the third quarter, or 84 cents a share, down from $5.64 billion, or $1.03 a share, in the same period a year earlier. About shares traded. Wells Fargo & Co (NYSE:WFC) has risen 9.67% since October 13, 2016 and is uptrending. Eastern Bank sold 10,881 shares as Wells Fargo & Co (WFC)'s stock declined 8.66%. The stock declined 2.74% or $1.51 reaching $53.7 per share. SQNS's SI was 1.19M shares in October as released by FINRA.
According to Bloomberg News, Wells Fargo's banking franchise has struggled to attract customers after news broke last September that branch bankers opened thousands of accounts without customer approval to meet aggressive sales targets. It has underperformed by 7.03% the S&P500.
When investing in a volatile security, the risk of success is increased just as much as the risk of failure. Its up 0.12, from 0.76 in 2017Q1. It improved, as 85 investors sold WFC shares while 685 reduced holdings.
Institutional investors and hedge funds have recently made changes to their positions in the business. Citigroup Inc. reaffirmed a "buy" rating and set a $65.00 price objective (up from $60.00) on shares of Wells Fargo & in a research report on Monday, October 9th. Evergreen Cap Mngmt Limited Liability Company has invested 0.8% in Wells Fargo & Co (NYSE:WFC). 20,000 shares valued at $1.04 million were sold by Hardison Hope A. on Tuesday, May 16.
Cullen Capital Management Llc increased its stake in Wells Fargo & Co. Ballentine Prtn Ltd Llc has 0.1% invested in Wells Fargo & Co (NYSE:WFC). Moreover, Osterweis Capital Mgmt Incorporated has 0.04% invested in Wells Fargo & Co (NYSE:WFC). Westwood Grp Inc accumulated 1.75M shares or 0.39% of the stock. Zurcher Kantonalbank (Zurich Cantonalbank) holds 35,000 shares or 0.02% of its portfolio. Hightower Advsrs Ltd Liability Co holds 0.32% or 660,017 shares. 697,319 were reported by Artemis Inv Llp. The company has surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. Evercore upgraded Wells Fargo & Co (NYSE:WFC) on Tuesday, September 8 to "Buy" rating. Pelos Petros G sold $1.34M worth of stock. Mack Mary T sold $2.05M worth of stock. SARGENT RONALD had bought 9,050 shares worth $499,108 on Friday, May 5. Seven investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Therefore 41% are positive. The rating was maintained by Nomura on Thursday, September 28 with "Buy". The firm has "Sector Perform" rating by Scotia Capital given on Friday, December 2. The firm earned "Overweight" rating on Tuesday, January 3 by Barclays Capital. The firm has "Neutral" rating by UBS given on Friday, October 6.
Among 32 analysts covering Wells Fargo & Company (NYSE:WFC), 13 have Buy rating, 5 Sell and 14 Hold. Berenberg has "Hold" rating and $45 target. Needham maintained the stock with "Buy" rating in Friday, July 31 report. RBC Capital Markets maintained Wells Fargo & Co (NYSE:WFC) rating on Thursday, July 27.
Investors sentiment decreased to 1.4 in 2017 Q2. It increased, as 9 investors sold TSNU shares while 9 reduced holdings.
Shares fell sharply after the report, which also showed a drop in overall loans at a time when rival banks saw increases. Credit Agricole S A accumulated 34,397 shares. Lombard Odier Asset Management (Europe) stated it has 52,580 shares or 0.16% of all its holdings. That set the and the Dow on track to close higher for the fifth straight week and the Nasdaq for the third. Boothbay Fund Mgmt Llc has invested 0.09% of its portfolio in Parsley Energy Inc (NYSE:PE). Employees Retirement Of Ohio holds 0% or 795 shares. Chemical Bank owns 8,664 shares or 0.05% of their USA portfolio. Community Tru & Comm owns 200,543 shares or 1.24% of their USA portfolio. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued. Boothbay Fund Management Lc has 19,900 shares. Mackenzie Financial Corporation holds 4.35 million shares or 1.34% of its portfolio.