Wells Fargo hit by surprise charge from pre-crisis mortgages

Gulf International Bank (uk) Ltd Buys A Little More Wells Fargo & Company (WFC) Stock

Gulf International Bank (uk) Ltd Buys A Little More Wells Fargo & Company (WFC) Stock

Wells Fargo & Co (WFC), the banking and diversified financial services provider reported revenues in the third-quarter ending in September fell 1.8% from a year ago to $21.9 billion. On an adjusted basis, profit was $1.04 per share, scraping past estimates of $1.03, according to Thomson Reuters I/B/E/S. The Return on Equity (ROE) value stands at 11.6%.

Net income in the quarter jumped 13.6% to $1.05 billion or $2.16 per diluted share from $924 million or $1.84 in the same quarter a year ago.

"The decisions we made previous year have really worked because the average Fico scores of our customers have now increased, and that's exactly what we wanted", said Tim Sloan, president and chief executive of Wells Fargo & Co., during the earnings call. TRADEMARK VIOLATION NOTICE: This news story was originally posted by TrueBlueTribune and is owned by of TrueBlueTribune. If you are reading this piece of content on another domain, it was stolen and reposted in violation of United States & worldwide trademark & copyright laws.

Net income in the quarter plunged 8.2% to $100.4 million or 91 cents per diluted share from $109.4 million or 97 cents in the same quarter a year ago.

A number of other hedge funds also recently made changes to their positions in WFC.

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ARM interest rates in the 5 year category at Wells Fargo are being quoted at 3.375% and an April of 3.445%. The stock decreased 0.81% or $0.45 during the last trading session, reaching $55.21. Zacks Investment Research raised Wells Fargo & from a "sell" rating to a "hold" rating in a research note on Thursday.

On Friday, Wells Fargo and Bank of America released Q3 2017 financial results. The bank noted, "the production margin on residential held-for-sale mortgage loan originations was 1.24 percent, consistent with the second quarter". Eight equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Keefe Bruyette & Woods upgraded Wells Fargo & Co (NYSE:WFC) on Tuesday, January 12 to "Outperform" rating. The company has a 50-day moving average price of $52.98 and a 200 day moving average price of $53.58. Analysts reported that the Price Target for Wells Fargo & Company might touch $67 high while the Average Price Target and Low price Target is $58.12 and $35 respectively. The company's P/E (price to earnings) ratio is 13.61 and Forward P/E ratio of 12.54. This buyback authorization permits the financial services provider to buy up to 4.2% of its stock through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued. Wells Fargo & Co now has $275.28B valuation. Westside Investment Management Inc. boosted its stake in shares of Wells Fargo & by 63.9% in the 2nd quarter. Grassi Investment Management downsized its holdings by shedding 28,465 shares a decrease of 18.6%. First Fincl Corporation In has invested 0.79% in Wells Fargo & Co (NYSE:WFC). Eagle Ridge Investment Management sold 44,105 shares as Procter And Gamble Co (PG)'s stock declined 5.32%. Hotchkis & Wiley Capital Management LLC now owns 9,713,557 shares of the financial services provider's stock valued at $540,657,000 after acquiring an additional 3,214,592 shares in the last quarter.

Institutional owners hold 77.30% stake while Insiders ownership held at 79.58% in the company. Robert W. Baird maintained Wells Fargo & Co (NYSE:WFC) on Friday, October 6 with "Buy" rating. 229,306 are owned by Jones Financial Companies Lllp.

The company took a surprise $1 billion charge in the quarter for previously disclosed regulatory investigations into its pre-crisis mortgage activity, the third-largest USA lender said Friday in a statement.

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