Wells Fargo & Company (WFC) Earns "Buy" Rating from Citigroup Inc

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The original version of this piece of content can be read at https://stocknewstimes.com/2017/10/12/wells-fargo-company-wfc-scheduled-to-post-quarterly-earnings-on-friday.html. Mairs & Power Inc sold 7,315 shares as Wells Fargo & Co (WFC)'s stock declined 8.66%. It also reduced its holding in Travelers Companies Inc (NYSE:TRV) by 201,400 shares in the quarter, leaving it with 52,000 shares, and cut its stake in Alibaba Group Hldg Ltd (NYSE:BABA). The stock decreased 3.96% or $0.08 during the last trading session, reaching $1.94. Keefe, Bruyette & Woods restated a buy rating and issued a $62.00 target price on shares of Wells Fargo & in a research report on Friday, June 23rd.

The pre-crisis mortgage problems are in addition to Wells Fargo's other scandals, notably the fake account fiasco that left the bank in turmoil for the past year. (NYSE:CAT), 11 have Buy rating, 4 Sell and 14 Hold. Chief Financial Officer John Shrewsberry suggested Wells Fargo may also face issues hitting next year's cost-efficiency target.

Beta is also an important valuation ratio for analyzing the stock of the company, WFC's beta remains at 0.95. UBS initiated Wells Fargo & Co (NYSE:WFC) rating on Thursday, March 24. The company has a 50-day moving average of $52.98 and a 200 day moving average of $53.58.

The San Francisco-based banking giant reported Q3 earnings per share (EPS) of $1.04, which was $0.01 better than the consensus of $1.03.

Total revenue fell 2 percent to $21.9 billion, hurt by a slump in its mortgage banking business.

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Noninterest income was $9.5 billion, compared with $9.7 billion in Q2 2017, which reflected lower mortgage banking and other income, partially offset by "higher market-sensitive revenue". Berkshire Asset Management Llc who had been investing in Wells Fargo for a number of months, seems to be bullish on the $265.57 billion market cap company.

WARNING: This piece of content was originally published by StockNewsTimes and is the sole property of of StockNewsTimes. If you are accessing this piece on another website, it was illegally stolen and republished in violation of worldwide trademark & copyright laws. The original version of this piece can be viewed at https://www.truebluetribune.com/2017/10/13/wells-fargo-company-wfc-earns-buy-rating-from-citigroup-inc.html. Kentucky-based Parthenon Ltd Limited Liability Company has invested 0.07% in Wells Fargo & Co (NYSE:WFC). Brandywine Global Investment Mngmt Ltd Liability Com holds 4.53 million shares. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued. It improved, as 85 investors sold WFC shares while 685 reduced holdings. In the last earnings report the EPS was $4.06 and is projected to be $4.14 for the current year with 4,963,944,000 shares outstanding.

The results included $1 billion in previously disclosed legal costs, but it was not clear whether that figure factored into Wall Street estimates.

Wells Fargo & announced that its board has authorized a share buyback program on Wednesday, June 28th that allows the company to buyback $11.50 billion in shares. In contrast to the year ago quarter EPS was at 1.01. Finally, Empirical Finance LLC acquired a new stake in shares of Wells Fargo & in the 2nd quarter valued at approximately $275,000. About 5.48 million shares traded. Credit Suisse Group reiterated a "hold" rating and set a $57.00 price objective on shares of Wells Fargo & in a research note on Tuesday. 229,306 are owned by Jones Financial Companies Lllp.