Wells Fargo & Company (NASDAQ:WFC) To Release Earnings

Wells Fargo posted a strong quarter despite its scandals. AP

Wells Fargo posted a strong quarter despite its scandals. AP

We continued to make progress this quarter in our efforts to rebuild trust and build a better Wells Fargo and, while there is still more work ahead of us, we are on the right track and I am confident about our future.

Wells Fargo set aside $555 million as provisions for loan losses in the quarter, down 48.3 percent, citing an improvement in its energy loan portfolio.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. About shares traded. Wells Fargo & Co (NYSE:WFC) has risen 9.67% since July 14, 2016 and is uptrending. RidgeWorth Capital Management LLC now owns 2,143,123 shares of the financial services provider's stock worth $118,107,000 after buying an additional 459,576 shares in the last quarter. Verition Fund Limited Liability Co reported 0.06% of its portfolio in Wells Fargo & Co (NYSE:WFC). Norges Bank purchased a new position in Wells Fargo & Co during the fourth quarter worth $2,800,566,000.

Bremer Trust National Association decreased its stake in Wells Fargo & Co (WFC) by 33.1% based on its latest 2016Q4 regulatory filing with the SEC. Abrams Capital Management L.P. now owns 3,342,343 shares of the financial services provider's stock worth $184,197,000 after buying an additional 572,343 shares in the last quarter. Vaughan Nelson Investment Management Lp sold 125,643 shares as the company's stock declined 5.81% while stock markets rallied.

Wells Fargo & Co (WFC) opened at 55.60 on Friday. Wells Fargo & Co has a 12 month low of $43.55 and a 12 month high of $59.99. The firm has a 50-day moving average of $53.07 and a 200-day moving average of $55.18. Susquehanna Intll Grp Llp holds 0.09% in Wells Fargo & Co (NYSE:WFC) or 3.06M shares.

In terms of earnings per share, 27 analysts have a 1.06 EPS mean target for the quarter ending Sep-17, for the quarter ending Dec-17, 27 analysts have a 1.06 EPS mean target and for the quarter ending Dec-17 there are 28 estimates of 4.14 EPS.

Capital levels remained strong in the second quarter, with a Common Equity Tier 1 ratio (fully phased-in) of 11.6%, compared with 11.2% in the prior quarter.

Revenues rose 0.2% from past year to $22.2 billion, mostly in-line with analysts' view for $22.23 billion. During the same period previous year, the business earned $0.99 earnings per share. Wells Fargo & Company had 74 analyst reports since July 29, 2015 according to SRatingsIntel.

TRADEMARK VIOLATION WARNING: This article was first reported by Community Financial News and is the property of of Community Financial News. If you are accessing this story on another website, it was stolen and republished in violation of United States and global copyright and trademark laws. Moreover, recently approved the Financial Choice Act to eradicate a number of core financial regulations will act as a tailwind for the company in coming quarters.

The biggest institutional shareholders in Wells Fargo & Company include Berkshire Hathaway Inc which owns 480 million shares in the company valued at $26.70 B million. Evercore ISI decreased their price target on shares of Wells Fargo & Co from $60.00 to $58.00 and set an outperform rating on the stock in a research note on Friday, May 12th.

Among 30 analysts covering Wells Fargo & Company (NYSE:WFC), 13 have Buy rating, 5 Sell and 12 Hold. The shares were sold at an average price of $54.21, for a total transaction of $5,421,000.00. Kcm Invest Advsr Ltd Limited Liability Company owns 650,688 shares. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink.

In other news, CEO Timothy J. Sloan purchased 39,000 shares of Wells Fargo & Co stock in a transaction on Monday, April 17th. $11.53's average target is -2.86% below currents $11.87 stock price. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 106,392 shares of company stock worth $5,526,822 and sold 231,278 shares worth $12,361,120. Jpmorgan Chase & Com has invested 1.03% in Wells Fargo & Co (NYSE:WFC). 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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