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Published: Sun, October 15, 2017
Economy | By Melissa Porter

Wells Fargo & Co (WFC) Q3 Profit Beats, But Revenue Misses

Wells Fargo & Co (WFC) Q3 Profit Beats, But Revenue Misses

That would match the figure the company earned a year earlier. The stock declined 2.74% or $1.51 reaching $53.7 per share. About 416,881 shares traded. It has underperformed by 7.03% the S&P500. "Our balance sheet remained strong, which enabled us to repurchase almost $3 billion in common stock and pay $1.3 billion in common stock dividends in the quarter". The Brown Brothers Harriman & Co holds 18.21M shares with $1.01 billion value, up from 17.67 million last quarter. This indicates more upside for the $138.15B company. It closed at $64.19 lastly. It has underperformed by 16.70% the S&P500. Factory Mutual Insurance Co controls 2,158,139 shares valued at $119,022,000.

TRADEMARK VIOLATION WARNING: "Wells Fargo & Company (WFC) Shares Gap Down After Earnings Miss" was posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. The stock of Wells Fargo & Co (NYSE:WFC) has "Hold" rating given on Friday, July 7 by Jefferies. Robert W. Baird reaffirmed a "buy" rating and set a $58.00 price objective on shares of Wells Fargo & in a research report on Tuesday, September 5th. According to these analysts, the Low Revenue Estimate for Wells Fargo & Company is 21.84 Billion and the High Revenue Estimate is 22.84 Billion.

Wells Fargo was knocked of the perch of being the most valuable bank in the world after it was hit by the scandal, but is slipping further down. The stock has "Outperform" rating by Evercore on Wednesday, April 12. Keefe Bruyette & Woods maintained the shares of WFC in report on Friday, August 25 with "Buy" rating. RBC Capital Markets maintained Stericycle Inc (NASDAQ:SRCL) on Friday, October 23 with "Sector Perform" rating. Wells Fargo & presently has a consensus rating of "Hold" and a consensus target price of $57.19. The rating was maintained by Nomura on Thursday, September 28 with "Buy". The stock of Wells Fargo & Co (NYSE:WFC) earned "Neutral" rating by Guggenheim on Tuesday, November 15.

Expenses have been a key issue for investors, and the bank has targeted a full-year ratio of 60% to 61% in 2017, aiming to improve to 55% to 59% next year. Its down 0.49, from 1.89 in 2017Q1. It is positive, as 85 investors sold WFC shares while 685 reduced holdings. 62 funds opened positions while 158 raised stakes. New York-based M&R Cap Mngmt has invested 0.66% in Wells Fargo & Co (NYSE:WFC). Exchange Capital Incorporated, a Michigan-based fund reported 42,556 shares. Pnc Fincl Serv invested in 0.64% or 10.83 million shares. Ntv Asset Lc invested in 11,363 shares or 0.19% of the stock.

"During the quarter, first under our 2017 Capital Plan, we returned $4 billion to shareholders through common stock dividends and net share repurchases, up from $3.4 billion in the second quarter", Shrewsberry said. Alphamark Advsrs invested in 156 shares or 0% of the stock. Freestone Cap holds 0.23% of its portfolio in Wells Fargo & Co (NYSE:WFC) for 50,853 shares. Ngam Advsr Ltd Partnership has invested 0.63% in Wells Fargo & Co (NYSE:WFC). Intersect Ltd Liability Corp holds 1.76% of its portfolio in Wells Fargo & Co (NYSE:WFC) for 52,999 shares. 41,292 were reported by Advisory Services Networks Lc.

CEO at Wells Fargo Timothy Sloan, when referring to the poor earnings report, said that the bank was making progress in important areas, but did acknowledge it continues to struggle.

Brown Brothers Harriman & Co increased Wells Fargo & Co (WFC) stake by 3.04% reported in 2017Q2 SEC filing.

Since May 5, 2017, it had 1 insider buy, and 3 insider sales for $3.93 million activity. Pelos Petros G sold $1.34M worth of stock. The insider SARGENT RONALD bought 9,050 shares worth $499,108. Shares for $2.05M were sold by Mack Mary T on Thursday, June 8.

Harris Associates LP decreased Hca Healthcare Inc (NYSE:HCA) stake by 337,623 shares to 11.88 million valued at $1.04 billion in 2017Q2. It also increased its holding in Alexandria Real Estate Eq In (NYSE:ARE) by 460,698 shares in the quarter, for a total of 8.81 million shares, and has risen its stake in Tyson Foods Inc (NYSE:TSN). Its up 0.06, from 0.5 in 2017Q1. It increased, as 16 investors sold Sonus Networks, Inc. shares while 28 reduced holdings. California Public Employees Retirement System reported 176,000 shares. Bnp Paribas Arbitrage Sa stated it has 10,318 shares.

However, it did mention that charge over pre-financial crisis mortgages, which was the result of a lawsuit past year, in which the lender admitted deceiving the U.S. government into insuring thousands of risky mortgages, and agreed to pay a settlement of $1.2bn. Sonata Capital Group Inc owns 6,200 shares. Chicago Equity Limited Liability Co has invested 0.03% in Parsley Energy Inc (NYSE:PE). The company was maintained on Thursday, January 19 by Goldman Sachs. Oakbrook Invs Ltd has invested 1.15% in Stericycle Inc (NASDAQ:SRCL). Deutsche Bank AG reissued a "buy" rating on shares of Wells Fargo & in a report on Monday, July 3rd. The dividend payment was $0.390 per share for the quarter which comes to $1.56 on an annualized basis. Phocas Financial holds 421,403 shares or 0.59% of its portfolio. Baltimore holds 1.99% or 149,351 shares in its portfolio.

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