Wells Fargo & Company (WFC) Shares Sold by Busey Trust CO

Alicia Cross
October 14, 2017

The big bank said on Friday that third-quarter profits tumbled by 18% because it set aside $1 billion for legal expenses. The company reported the earnings of $1.07/Share in the last quarter where the estimated EPS by analysts was $1.01/share.

Wells Fargo & Company (WFC) reported sales (ttm) of 56.49 Billion, whereas, 22 number of analysts estimated the mean sale of 22535.6 million. The company had Year Ago Sales of 22.33 Billion. Meanwhile, WFC's net interest margin was 2.87%, down 3 basis points sequentially from the second quarter. Busey Trust CO's holdings in Wells Fargo & were worth $13,684,000 at the end of the most recent quarter. The stock has performed -0.32% over the last seven days, 7.29% over the last thirty, and 0.40% over the last three months.

The third-largest USA lender, which has been embroiled in a prolonged scandal over its sales practices, said the dip in earnings came largely from a US$1 billion accrual for a legal settlement over issues stemming from before the 2007-2009 financial crisis. This is down 2% from the $12.29 billion in Community Banking revenue from the same period in the year prior.

Sloan told analysts that while the scandal meant lower growth in consumer banking categories, the bank is "moving forward" in wholesale banking and wealth management, divisions with flat or slightly higher profits in the third quarter. For the quarter, shares have been noted at 5.12%. UBS initiated Wells Fargo & Co (NYSE:WFC) rating on Thursday, March 24. Citigroup Inc. reiterated a "buy" rating and set a $65.00 price objective (up from $60.00) on shares of Wells Fargo & in a research note on Monday. The company's 50 day moving average is $52.89 and its 200-day moving average is $53.57. They expect $1.05 earnings per share, up 1.94% or $0.02 from last year's $1.03 per share. The Ellington Management Group Llc holds 9,500 shares with $277,000 value, down from 69,900 last quarter.

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Additionally, mortgage banking noninterest income declined to $1 billion, compared with $1.1 billion in Q2 2017. The company has a market cap of $274.06 billion, a PE ratio of 13.60 and a beta of 0.97. Eight equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Wells Fargo & now has an average rating of "Hold" and an average price target of $57.19.

Eagle Ridge Investment Management decreased Procter And Gamble Co (PG) stake by 74.19% reported in 2017Q2 SEC filing.

WARNING: This piece of content was originally published by StockNewsTimes and is the sole property of of StockNewsTimes. Dimensional Fund Advisors LP increased its position in shares of Wells Fargo & by 26.7% during the 2nd quarter. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued. If you are reading this piece on another site, it was stolen and republished in violation of worldwide trademark and copyright law. Eagle Ridge Investment Management sold 44,105 shares as Procter And Gamble Co (PG)'s stock declined 5.32%. On Thursday, December 3 the stock rating was upgraded by Guggenheim to "Buy". Over the last six months, Wells Fargo & Company's stock has been 7.52% and 21.82% for the year. 229,306 are owned by Jones Financial Companies Lllp. 38,988 Wells Fargo & Co (NYSE:WFC) shares with value of $2.05M were sold by Mack Mary T.

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