Wells Fargo's profit rises 4.5 percent

A pedestrian carries an umbrella while walking along Wall Street past the New York Stock Exchange in New York

A pedestrian carries an umbrella while walking along Wall Street past the New York Stock Exchange in New York

Allowance for loan losses fell to $12 billion from $12.3 billion in last year's second quarter. Terril Brothers Inc. raised its position in Wells Fargo & Company by 18.2% in the fourth quarter. Gateway Investment Advisers LLC now owns 2,698,277 shares of the financial services provider's stock worth $150,186,000 after buying an additional 41,531 shares in the last quarter. FIL Ltd boosted its stake in Wells Fargo & Co by 230.5% in the fourth quarter. Shares dropped though a year ago after the bank agreed to a $185 million settlement with two regulators and a city official over opening as many as 2.1 million accounts with fictitious or unauthorized information. Barclays Capital maintained Wells Fargo & Co (NYSE:WFC) rating on Tuesday, January 3. Ltd. now owns 8,502,947 shares of the financial services provider's stock valued at $468,414,000 after buying an additional 7,629,019 shares during the period. The correct version of this story can be viewed at https://www.chaffeybreeze.com/2017/07/14/wells-fargo-co-wfc-shares-sold-by-vigilant-capital-management-llc.html. Frontier Wealth Management LLC now owns 98,512 shares of the financial services provider's stock worth $5,429,000 after buying an additional 24,744 shares in the last quarter.

Access Financial Services Inc. decreased its position in Wells Fargo & Company (NYSE:WFC) by 2.3% during the first quarter, Holdings Channel reports. The firm owned 65,766 shares of the financial services provider's stock at the end of the first quarter. The company's stock was down over 1% in premarket trading.

Wells Fargo & Co (NYSE WFC) opened at 55.60 on Friday. Wells Fargo & Co has a one year low of $43.55 and a one year high of $59.99. The company has market cap of $278.51 billion. $56.15's average target is 0.99% above currents $55.6 stock price. Wells Fargo & Co (NYSE:WFC) has risen 9.67% since July 14, 2016 and is uptrending. 30, beating the average analyst estimate of US$1.01, according to Thomson Reuters I/B/E/S. Wells Fargo & Co had a return on equity of 11.55% and a net margin of 25.22%.

The bank's efficiency ratio, which measures expenses as a percentage of revenue, was 61.1 per cent, compared with an estimate of 60.2 per cent from Credit Suisse analyst Susan Katzke. That compares with $5.56 billion, or $1.01 a share, in the same period of 2016. The Company's Hospital Products business makes sterile intravenous solutions and administration sets, premixed drugs and drug-reconstitution systems, pre-filled vials and syringes for injectable drugs, IV nutrition products, parenteral nutrition therapies, infusion pumps, inhalation anesthetics and biosurgery products. After having $1.00 EPS previously, Wells Fargo & Co's analysts see 4.00% EPS growth.

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A number of research firms have recently weighed in on WFC.

Supplemental Annuity Collective Trust of NJ held its position in Wells Fargo & Company (NYSE:WFC) during the first quarter, according to its most recent filing with the SEC. The stock of Wells Fargo & Co (NYSE:WFC) earned "Overweight" rating by Morgan Stanley on Tuesday, September 20. Finally, Keefe, Bruyette & Woods raised shares of Wells Fargo & Company from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $53.00 to $63.00 in a research report on Wednesday, April 5th. Out of 2 Wall Street analysts rating Baxter, 1 give it "Buy", 0 "Sell" rating, while 1 recommend "Hold". $499,108 worth of stock was bought by SARGENT RONALD on Friday, May 5. The stock was acquired at an average price of $51.65 per share, for a total transaction of $3,013,364.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

In other news, insider Avid Modjtabai sold 100,000 shares of Wells Fargo & Co stock in a transaction on Friday, April 28th. The stock was sold at an average price of $54.07, for a total transaction of $1,335,961.56. The disclosure for this purchase can be found here. In the last three months, insiders have bought 106,392 shares of company stock valued at $5,526,822 and have sold 231,278 shares valued at $12,361,120. The Company's LTL services include ground and air expedited transportation for time-sensitive shipments, consumer household pickup and delivery and freight delivery services throughout North America.

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