Wells Fargo & Co (WFC) Stock Falls on Q3 Revenue Miss

Ivan Schwartz
October 14, 2017

The total number of shares traded in the last 90-day period is 43,527. Wells Fargo now has $276.29 billion valuation. The stock decreased 0.81% or $0.45 during the last trading session, reaching $55.21. It also upped Hasbro Inc (NASDAQ:HAS) stake by 4,400 shares and now owns 10,300 shares. Kansas City Southern (NYSE:KSU) has declined 0.27% since October 13, 2016 and is downtrending. It has underperformed by 9.16% the S&P500. Revenue in the third-largest US bank's community banking division, the home for all the lending it does to America's consumers, fell to $12.1 billion, the lowest since the quarter after news broke about the fake accounts. The stock declined 3.06% or $1.69 reaching $53.5 on the news. About 3,883 shares traded. $499,108 worth of Wells Fargo & Co (NYSE:WFC) was bought by SARGENT RONALD. It has underperformed by 7.03% the S&P500.

Since May 5, 2017, it had 1 insider buy, and 3 insider sales for $3.93 million activity. Hardison Hope A. had sold 20,000 shares worth $1.04 million on Tuesday, May 16.

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.

Wells Fargo's loan balances at the end of the third quarter were $951.9 billion, down $5.6 billion from the second quarter and down $9.4 billion from the third quarter previous year. Therefore 38% are positive. Wells Fargo & Company had 97 analyst reports since July 29, 2015 according to SRatingsIntel. Keefe, Bruyette & Woods reaffirmed a "buy" rating and set a $62.00 price target on shares of Wells Fargo & in a research note on Friday, June 23rd. The firm has "Buy" rating given on Thursday, July 27 by RBC Capital Markets. Vining Sparks maintained the stock with "Strong-Buy" rating in Friday, April 28 report.

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On Friday, Mr. Sloan didn't give a specific answer on when the firm's reviews of past business problems will wrap up. On Wednesday, April 26 the stock rating was maintained by Stifel Nicolaus with "Hold".

Investors sentiment increased to 0.88 in Q2 2017. 110 funds opened positions while 566 raised stakes. Natl Investment Svcs Wi has invested 2.25% in Wells Fargo & Co (NYSE:WFC).

Wells Fargo & (NYSE:WFC) last issued its earnings results on Friday, July 14th. There were 93 sold out positions, amounting to 24.37 million shares. Schulhoff & Co stated it has 5,220 shares. Sigma Inv Counselors holds 5,539 shares. Barclays Public Ltd Co owns 2.80 million shares. 189,169 are held by Bbva Compass National Bank & Trust Inc. (NYSE:CAT), 11 have Buy rating, 4 Sell and 14 Hold. UBS reinitiated Wells Fargo & Co (NYSE:WFC) on Wednesday, January 11 with "Neutral" rating. Trading was heavy with 12,843,107 shares changing hands by the end of trading on Monday. Zacks downgraded Procter & Gamble Co (NYSE:PG) on Tuesday, August 4 to "Hold" rating. The company was downgraded on Thursday, December 1 by Susquehanna. (NYSE:FE) to report earnings on November, 3. WFC's profit would be $5.20B giving it 13.29 P/E if the $1.05 EPS is correct. Its down 0.14, from 1 in 2017Q1. It increased, as 63 investors sold PG shares while 714 reduced holdings. Qv Invsts holds 102,789 shares. Sector Pension Board holds 291,694 shares. Pggm owns 617,950 shares. Texan Capital Management reported 1.53% stake. Continental Limited Liability Corp has 123,716 shares.

The increase in legal expenses comes as the San Francisco-based bank tries to move beyond its recent phony account scandal and the recent scandal tied to its auto lending business. Boston Family Office Ltd Liability Company reported 29,292 shares. B & T Management Dba Alpha Management has invested 1.2% in Procter & Gamble Co (NYSE:PG). Kentucky-based Parthenon Ltd Limited Liability Company has invested 0.07% in Wells Fargo & Co (NYSE:WFC). Community Tru & Comm owns 200,543 shares or 1.24% of their U.S. portfolio. 93,366 were reported by Meiji Yasuda Asset Management Ltd. Ellington Management Group Llc sold 60,400 shares as Firstenergy Corp (FE)'s stock declined 8.93%. Iberiabank accumulated 1.87% or 113,255 shares.

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