Wells Fargo hit by legal charges, mortgage banking slump

The logo of Barclays is seen on the top of one of its branch in Madrid

Barclays is seen on the top of one of its branch in Madrid Spain

It improved, as 85 investors sold WFC shares while 685 reduced holdings. 110 funds opened positions while 566 raised stakes. The difference between the expected and actual EPS was $0.06/share, which represents an Earnings surprise of 5.9%. Usca Ria Ltd Llc holds 0.03% of its portfolio in Kansas City Southern (NYSE:KSU) for 2,435 shares. $1.34 million worth of Wells Fargo & Co (NYSE:WFC) was sold by Pelos Petros G. Holowesko Prtnrs Ltd invested in 7.68% or 2.05 million shares. Ackerman Capital Advisors LLC acquired a new stake in shares of Wells Fargo & in the 2nd quarter valued at approximately $203,000. Blue Edge Cap Ltd Liability holds 0% or 25,095 shares in its portfolio. Beach Investment Management Limited Co invested in 18,227 shares. First Tru Advsr LP owns 193,118 shares or 0.06% of their U.S. portfolio. State Teachers Retirement Sys reported 167,077 shares.

Wells Fargo & Company (NYSE:WFC) announced its quarterly earnings results on Friday. (NASDAQ:AAPL) stake by 6,223 shares and now owns 232,432 shares. Barrow Hanley Mewhinney & Strauss Lc accumulated 34.57 million shares. 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 insider SARGENT RONALD bought $499,108. Mack Mary T had sold 38,988 shares worth $2.05M. Ws Lllp owns 2.12M shares.

Hexavest Inc increased its stake in Wells Fargo & Co (NYSE:WFC) by 53.85% based on its latest 2017Q3 regulatory filing with the SEC. Tightening the gaze, stock performance for the last 5 trading days is -0.32%. The institutional investor held 6.36M shares of the major banks company at the end of 2017Q2, valued at $352.46M, up from 3.91 million at the end of the previous reported quarter. Wells Fargo Co New now has $275.40 billion valuation. The stock declined 0.23% or $0.29 reaching $127.9 on the news. About 35 shares traded. It has underperformed by 7.03% the S&P500. Brandywine Global Investment Mngmt Ltd Liability Com holds 4.53 million shares. It also came in below Wall Street's earnings per share estimate of $1.03 for the quarter. The hedge fund had more than 179 clients. Analysts giving shares a rating of 1 or 2 would be indicating a Buy. Therefore 41% are positive. Wells Fargo & Company has $67 highest and $44 lowest target. A stock that maintains a relatively stable price has low volatility.

Wells Fargo said Friday that it earned $4.6 billion in the third quarter, or 84 cents a share, down from $5.64 billion, or $1.03 a share, in the same period a year earlier.

Wells Fargo warned investors in August that it's in talks with the Department in Justice about the bank's pre-crisis lending practices. UBS has "Sell" rating and $45 target. Goldman Sachs Group, Inc. RBC Capital Markets maintained the stock with "Hold" rating in Wednesday, July 26 report. On Thursday, December 3 the stock rating was upgraded by Guggenheim to "Buy". The firm has "Buy" rating given on Thursday, September 22 by Deutsche Bank. Net income in the unit, which generates about 60 percent of Wells Fargo's profit, plunged 31 percent to $2.23 billion. The company has a market cap of $274.06 billion, a PE ratio of 13.60 and a beta of 0.97. The Company is a diversified financial services company.

Wells Fargo is the largest USA residential mortgage lender, making more than US$98 billion worth of loans in the first half of the year, according to trade publication Inside Mortgage Finance.

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