On an adjusted basis, profit was $1.04 per share, scraping past estimates of $1.03, according to Thomson Reuters I/B/E/S. The business had revenue of $22.20 billion during the quarter, compared to analyst estimates of $22.23 billion. This is down from its earnings per share of $1.03 from the same time a year ago. Wells Fargo has struggled to attract customers after news broke past year that branch bankers opened thousands of accounts without customer approval to meet aggressive sales targets. TRADEMARK VIOLATION NOTICE: This news story was originally posted by TrueBlueTribune and is owned by of TrueBlueTribune. If you are accessing this piece of content on another domain, it was stolen and reposted in violation of United States and global copyright laws. The Smith Chas P & Associates Pa Cpas holds 415,552 shares with $23.03 million value, up from 393,682 last quarter.
A number of other hedge funds also recently made changes to their positions in WFC. The stock of Wells Fargo & Co (NYSE:WFC) earned "Neutral" rating by Susquehanna on Thursday, December 1. The stock decreased 3.96% or $0.08 during the last trading session, reaching $1.94. The firm has "Sell" rating by Raymond James given on Tuesday, August 8. Royal Bank Of Canada reissued a "buy" rating and set a $60.00 price target on shares of Wells Fargo & in a research note on Friday, July 28th. It is positive, as 85 investors sold WFC shares while 685 reduced holdings.
Among 10 analysts covering Empire Company Limited (TSE:EMP.A), 5 have Buy rating, 0 Sell and 5 Hold. At the time of writing, the First Call consensus price target for the company is $57.80. Gradient Investments Ltd Liability has invested 0.01% in Wells Fargo & Co (NYSE:WFC).
Keeping an eyeball on Moving Averages, the 50-day is 52.89; the 200-day is at 53.57, for Wells Fargo & Company (WFC). The analysts estimated sales for the higher end at 23040 million and lower end at 21976 million while the year ago reported sale was 23093.5 million.
Beta is also an important valuation ratio for analyzing the stock of the company, WFC has its industry and Sector's beta remains at 0.9 and 0.77 respectively.
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. This buyback authorization allows the financial services provider to purchase up to 4.2% of its stock through open market purchases. The investor checklist may include studying the scope of a company's competitive industry advantage, examining company management, and trying to get a general feel if the stock is valued properly. It also increased its holding in Jpmorgan Chase & Co (NYSE:JPM) by 114,382 shares in the quarter, for a total of 444,972 shares, and has risen its stake in Maxim Integrated Prods Inc (NASDAQ:MXIM). $2.05 million worth of Wells Fargo & Co (NYSE:WFC) shares were sold by Mack Mary T.
A gap is a space between prices that occurs when the price of a stock makes a move down or up when there is no trading happening in between. Bogart Wealth LLC grew its holdings in shares of Wells Fargo & by 22.3% during the 2nd quarter. Hotchkis & Wiley Capital Management LLC now owns 9,713,557 shares of the financial services provider's stock valued at $540,657,000 after acquiring an additional 3,214,592 shares in the last quarter. Addenda Capital Inc. claims 162,301 shares worth $8,806,000.
Institutional owners hold 77.30% stake while Insiders ownership held at 79.58% in the company. 229,306 are owned by Jones Financial Companies Lllp.
Overall net income results are down as well, with the bank's net income for Q3 2017 at $4.6 billion, or $0.84 per diluted common share, compared with $5.6 billion, or $1.03 per share, for Q3 2016, and $5.8 billion, or $1.07 per share, for Q2 2017.