The Zacks Investment Research Downgraded Wells Fargo & Company (WFC) to Hold

Wells Fargo fired 5,300 of its employees involved in the scandal.

The San Francisco-based institution saw profit of 96 cents per share against estimates of $1 from analysts surveyed by Reuters. According to this price target, it now means the analyst believes there is a potential increase of 7.1% from the company’s current share price of 54.16.

Income from credit-card fees advanced to $1 billion from $966 million a year earlier, while deposit-account service charges rose to $1.36 billion from $1.33 billion.

As for as concerns shares volumes, in share of capital Wells Fargo & Company (NYSE:WFC) has 5035.08 million outstanding shares among them 5009.15 million shares have been floated in market exchange.

The quarter’s total revenue was $21.6 billion, lagging the Zacks Consensus Estimate of $22.4 billion. During the same period previous year, the business earned $1.05 earnings per share. Stock performance in last five sessions is recorded as -3.87% while year to date (YTD) performance is 4.09%. Wells Fargo & Company P/E (price to earnings) ratio is 13.58 and Forward P/E ratio of 13.2. If you are viewing this piece of content on another publication, it was stolen and reposted in violation of worldwide trademark & copyright legislation. Wells Fargo & Company now has a consensus rating of Hold and an average price target of $50.96.

WFC has been the subject of a number of other reports. Wells Fargo stock price gained 2.4 percent Friday morning to reach $56.01 in the stock market. Macquarie restated an “underperform” rating on shares of Wells Fargo & Company in a research note on Tuesday, October 18th.

Investors will be looking to see if Wells Fargo’s account openings continued to plunge in December.

And shares in the Japanese airbag maker Takata surged by 16.5% Friday as investors expect that the company is close to settling a case with the U.S. Department of Justice over its deadly airbags.

So why is WFC stock climbing? Wells Fargo & Company presently has a consensus rating of “Hold” and a consensus target price of $50.96.

Wells Fargo & Company (NYSE:WFC) has its dividend (annual) of 1.52 while its Dividend Yield (annual) is 2.79%. Vanguard Group Inc is the second biggest holder with 294 million shares now valued at 13.00 B million whilst BlackRock Fund Advisors has 160 million shares valued at 7.07 B million.

Number of analysts are covering this stock and now stock has got OUTPERFORM rating from 10 analysts of Thomson Reuters, 3 analysts given HOLD rating to the stock and 0 given UNDERPERFORM rating to Silver Wheaton Corp. Banced Corp increased its position in shares of Wells Fargo & Company by 13.1% in the second quarter. Alpha Windward LLC now owns 6,453 shares of the financial services provider’s stock valued at $286,000 after buying an additional 37 shares during the period. It would take about 1.21 days to cover all short positions. The insider owns 664,940 shares which have current market value of around $36239230.Robert K. Steel is another major inside shareholder in the company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance.

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