Economy

Wells Fargo quarterly profit rises 6 percent

Wells Fargo quarterly profit rises 6 percent

Wells Fargo & Company (WFC) is highly profitable company that pays rich dividends.

Other hedge funds have also recently modified their holdings of the company.

Reuters reported on Monday that the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency were readying a fine of up to $1 billion for Wells Fargo's auto insurance and mortgage lending abuses. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider's stock valued at $127,000 after purchasing an additional 891 shares during the last quarter. Keefe, Bruyette & Woods reiterated a "buy" rating on shares of Wells Fargo in a research note on Tuesday, January 16th. IA ADV now owns 5,483 shares of the financial services provider's stock valued at $304,000 after buying an additional 968 shares during the last quarter. They have declined about 13 percent since the beginning of the year, a large chunk of that loss coming in early February after the Federal Reserve said it would freeze the bank's asset growth until it could demonstrate how it will prevent future scandals internally. Finally, Dai Ichi Life Insurance Company Ltd grew its holdings in shares of Wells Fargo by 9.6% during the second quarter.

Behemoth money manager BlackRock jumped 1.47 per cent after posting quarterly profits that were up almost 30 per cent year on year, handily beating analyst expectations.

More news: Analyst EPS growth Forecasts Review: PBF Energy Inc.'s (PBF)

The ICE U.S. dollar index DXY, +0.08 percent, which measures the buck against 6 rivals, was down less than 0.1 percent to 89.698, back in the red after Thursday's gain snapped a four-session skid. Buckingham Research upgraded Wells Fargo from a "neutral" rating to a "buy" rating and upped their target price for the company from $57.00 to $75.00 in a research note on Thursday, December 21st. This is based on a 1-5 numeric scale where Rating Scale: 1.0 Strong Buy, 2.0 Buy, 3.0 Hold, 4.0 Sell, 5.0 Strong Sell. The stock now has a consensus rating of "Hold" and a consensus target price of $62.64.

Stocks opened modestly higher following better than expected Q1 results from JPMorgan Chase (-2.7%), Citigroup (-1.6%) and Wells Fargo (-3.4%), but the financial sector (-1.6%) quickly moved lower and pulled the broader market with it. By selling 1.31M shares Balyasny Asset Management Llc made the stock sank with 16.98%. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88. Mcmillion Capital holds 2.54% of its capital in Wells Fargo & Company (NYSE:WFC) for 69,755 shs. This came as the bank's revenue from its stock trading business rose 38 percent to $1.1 billion. The business had revenue of $21.93 billion for the quarter, compared to analyst estimates of $21.74 billion. During the same period a year ago, the business posted $0.96 EPS. Bell Natl Bank reported 0.2% of its capital in Wells Fargo & Company (NYSE:WFC). Stocks opened higher this morning before turning mixed. Stock buyback programs are often a sign that the company's management believes its stock is undervalued. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Inv House Limited Liability Company stated it has 0.05% in Wells Fargo & Company (NYSE:WFC).

TRADEMARK VIOLATION WARNING: This piece was published by StockNewsTimes and is the sole property of of StockNewsTimes. The decline was driven by a decrease in commercial deposits, primarily from financial institutions.


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