Thursday, 23 November, 2017

Wells Fargo plans to cut additional $2 billion in costs

WFC_QA_DFSComp170509 Wells Fargo plans to cut additional $2 billion in costs
Kayla Schwartz | 12 May, 2017, 20:39

Several other large investors also recently added to or reduced their stakes in the company.

Freestone Capital Holdings Llc increased Interpublic Group Cos Inc (IPG) stake by 2.48% reported in 2016Q4 SEC filing. Alexandria Capital LLC increased its stake in shares of Wells Fargo & Co by 0.3% in the first quarter.

Analysts expect BioLife Solutions Inc (NASDAQ:BLFS) to report $-0.06 EPS on May, 11.They anticipate $0.04 EPS change or 40.00% from last quarter's $-0.1 EPS. Butensky & Cohen Financial Security Inc. now owns 39,841 shares of the financial services provider's stock valued at $1,764,000 after buying an additional 1,465 shares during the period. Wells Fargo & Co New Com now has $272.91 billion valuation. Papp L Roy & Associates increased its position in Wells Fargo & Co by 2.7% in the third quarter.

Wells Fargo & Co (NYSE:WFC)'s shares are trading at $54.66 with decline of -0.04%. The company's market capitalization is $14.42 billion with the total outstanding shares of 24.16 million. These analysts have also projected a Low Estimate of $0.97/share and a High Estimate of $1.07/share. The stock's price moved up its 200-day moving average of $57.92.

Wells Fargo & Co (NYSE:WFC) have shown a high EPS growth of 7.20% in the last 5 years and has earnings growth of 0.80% yoy. The business had revenue of $22 billion for the quarter, compared to analyst estimates of $22.25 billion.

The net result is that Wells Fargo expects its net interest margin, which captures the difference between a bank's yield on earning assets and its cost of funds, to climb by 5 to 15 basis points under this scenario. The company reported the earnings of $1/Share in the last quarter where the estimated EPS by analysts was $0.97/share. Stockholders of record on Friday, May 5th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Wednesday, May 3rd.

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The extra revenue would be a welcome relief for Wells Fargo. United Secs (D B A Uas Asset Management) owns 1.17% invested in Wells Fargo & Co (NYSE:WFC) for 35,970 shares. If you are accessing this report on another site, it was illegally stolen and republished in violation of worldwide copyright laws. The correct version of this piece of content can be accessed at https://www.chaffeybreeze.com/2017/05/12/wells-fargo-co-wfc-getting-somewhat-positive-news-coverage-report-finds-updated.html.

A number of research firms have issued reports on WFC. The Kcm Investment Advisors Llc holds 650,688 shares with $35.86 million value, down from 662,018 last quarter. Wells Fargo & Co has an average rating of "Hold" and an average target price of $54.69. The company's price range for the trading day is $28.80 to $29.30. Finally, Keefe, Bruyette & Woods raised shares of Wells Fargo & Co from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $53.00 to $63.00 in a report on Wednesday, April 5th.

Citi cut its price target for the department store chain to 23 from 30, keeping a neutral rating, after the company's Q1 earnings that "stood out as extremely weak" amid a host of lousy retail reports. The ABR is the calculated average of the actual recommendations (strong buy, hold, sell etc) made by the brokerage firms for a given stock. The stock has a consensus rating of "Hold" and a consensus price target of $54.90. In this case, shares are down -6.44% from $93.98, the 52-week high touched on March 01, 2017, and are keeping their losses at 44.67% for the past 12 months. CARROLL DAVID M sold $6.95 million worth of stock. The stock is presently trading up its SMA-50 of $59.22. Alexandria Capital LLC now owns 1,826 shares of the financial services provider's stock valued at $102,000 after buying an additional 6 shares in the last quarter. The disclosure for this purchase can be found here.

The bank has a $58.2 billion portfolio of loans originated by auto dealers, and holds an additional $2.2 billion that it made through its own branches. The Company's product offerings include hypothermic storage and cryopreservation freeze media products for cells, tissues, and organs; generic blood stem cell freezing and cell thawing media products; custom product formulation and custom packaging services; cold chain logistics services incorporating precision thermal packaging products and cloud-hosted Web applications, and contract aseptic manufacturing formulation, fill and finish services of liquid media products.

"We had an incentive program and high-pressure sales culture in our community bank that drove behavior that was at times inappropriate and inconsistent with our values", Sloan said, noting that management "took too long to appreciate seriousness of the problem".

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