ibusinesslines.com
ibusinesslines.com July 23, 2018


Wells Fargo could face $1 billion penalty for auto and mortgage abuses

15 April 2018, 02:40 | Kelvin Horton

Modal Trigger Getty Images

Bank stocks slip on signs of worry about the US economy

Ausdal Financial Partners Inc.'s holdings in Wells Fargo were worth $1,067,000 at the end of the most recent reporting period. Susquehanna Bancshares' price objective suggests a potential upside of 6.11% from the stock's previous close. The stock of Wells Fargo & Company (NYSE:WFC) earned "Buy" rating by S&P Research on Thursday, August 13. Vaughan Nelson Invest LP reported 17,480 shares. As per Monday, October 16, the company rating was maintained by UBS. JPMorgan Chase downgraded Wells Fargo from a "neutral" rating to an "underweight" rating in a report on Monday, February 5th. They noted that the move was a valuation call. In Monday, February 5 report RBC Capital Markets downgraded the stock to "Sell" rating. The stock now has an average rating of "Hold" and an average price target of $61.79.

WFC opened at $50.89 on Friday. The firm has a market capitalization of $253,301.77, a price-to-earnings ratio of 12.38, a P/E/G ratio of 1.37 and a beta of 1.13. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88. 55% are bullish. With $76 highest and $50 lowest [Target] Wells Fargo has $65.09 average [Target] or 27.90% above the current ($50.89) price.

Wells said in a supplemental earnings statement that "at this time, we are unable to predict final resolution of the [Consumer Financial Protection Bureau/Office of the Comptroller of the Currency] matter and can not reasonably estimate our related loss contingency". The hedge fund run by Brian J. Higgins held 1.50M shares of the hospital and nursing management company at the end of 2017Q4, valued at $22.74M, down from 1.90M at the end of the previous reported quarter. Putnam Fl Investment Management Co who had been investing in General Electric Co. for a number of months, seems to be less bullish one the $117.27B market cap company. The company had revenue of $21.93 billion during the quarter, compared to the consensus estimate of $21.74 billion.

"Our first quarter results demonstrate strength and balance across our franchise and position us well for the rest of the year", said Michael Corbat, CEO, Citi. While the bank's revenue was down to $21.9 billion from $22.3 billion, it reported an increase in earnings per share of $1.12 compared with $1.03 in the same period a year ago. Highland Private Wealth Management boosted its stake in shares of Wells Fargo by 1.0% during the 2nd quarter. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued. About 32.05 million shares traded or 36.63% up from the average. Following the completion of the purchase, the director now directly owns 81 shares in the company, valued at $4,534.38. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

A number of other institutional investors have also bought and sold shares of the business.


Chapter Iv Investors Llc increased its stake in Range Res Corp (RRC) by 7.54% based on its latest 2017Q4 regulatory filing with the SEC. Bouchey Fincl Gru reported 116,131 shares or 0.59% of all its holdings. The Adams Asset Advisors Llc holds 61,682 shares with $3.74 million value, down from 70,711 last quarter. Western Standard LLC increased its holdings in shares of Wells Fargo by 96.8% in the third quarter. Elm Ridge Management Ltd holds 287,960 shares.

The disclosure comes as Wells reports a 6 percent increase in first-quarter profit. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider's stock valued at $2,511,614,000 after purchasing an additional 7,445,414 shares during the last quarter.

ILLEGAL ACTIVITY NOTICE: This piece of content was first published by Macon Daily and is owned by of Macon Daily.

Wells Fargo said that the net income reported in the first quarter is subject to the resolutions of the CFPB/OCC matter and that its earnings performance included continued strong credit performance, liquidity, and capital levels. 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.

To view Vetr's full report, visit Vetr's official website.



Other News

Trending Now

Russia: Britain staged fake chemical attack in Syria
The war of words between the USA and Russian Federation over Syria's use of chemical weapons against its own people has escalated. US allies have offered strong words of support for Washington but no clear military plans have yet emerged.

Europa title could save Wenger - Arsenal stars
Playing each Thursday in Europe and then Sunday in the Premier League has taken its toll on many English clubs over the years. CSKA Moscow scored two goals before Elneny distributed a magical pass to Danny Welbeck , turning the result to 2-1.

Thousands Of Mourners Bid Winnie Mandela Farewell
The UN deputy chief said the late activist kept the anti-apartheid movement going while so many men were imprisoned or exiled. Mandela had not only on the people of South Africa and on the African continent, but for millions around the world.

Chief Cosby accuser says she was too weak to 'fight him off'
Janice Baker-Kinney walks toward the courtroom to testify against Bill Cosby on April 12, 2018 in Norristown, Pennsylvania. The next morning, she awoke in the bed and felt pain between her legs. "I was disgusted and in shock and humiliated".

You're lucky: Gangster brags on Facebook after shooting Punjabi singer
Dhalan uploaded a picture on Facebook of him holding a gun with another picture of Parmish Verma with a cross drawn on it. Mohali SSP Kuldeep Singh Chahal reportedly said that they are investigating the matter and scrutinising the CCTV footage.

NATO supports joint airstrikes in Syria
Representatives of the U.K, France and the USA will inform the council about the airstrikes in Syria, the source added. On April 7, the volunteer organizations reported that the chemical attack at Douma, the East Ghouta took place.

Gmail to Bring Self-Destructing Email Feature to the Platform
Calendar information has been also brought up straight within Gmail , which works fantastic for scheduling dates, meetings. In other news , Google will also be launching a new, more simplified design for its Gmail interface soon.