Wells Fargo Burned Again by Past Misdeeds

New Wells Fargo CEO brings Wall Street swagger to storied bank

Charles Scharf Chairman and CEO BNY Mellon speaks at the 2019 Milken Institute Global Conference in Beverly HillsMore

The inflation figures about to be released tomorrow might be restrained a bit by the appreciation of the pound over the month; however, the large run-up in oil prices in December might act as an offset, said Wells Fargo in a research report. Nuveen Asset Management LLC increased its position in Wells Fargo & Co by 10,041.9% during the second quarter. DNB Asset Management AS now owns 634,105 shares of the financial services provider's stock worth $34,115,000 after buying an additional 115,667 shares during the last quarter. Robert W. Baird downgraded shares of Wells Fargo & Co from a "neutral" rating to an "underperform" rating and set a $50.00 price target for the company.in a report on Thursday, January 2nd. Finally, Foster Victor Wealth Advisors LLC boosted its holdings in shares of Wells Fargo & Co by 15.5% in the 4th quarter.

The bank attributed its operating losses of $1.9 billion to $1.5 billion of litigation accruals for a variety of matters, including previously disclosed retail sales practices matters, noting that most of the litigation accruals were not tax deductible.

WFC stock opened at $52.50 on Monday. The business's 50-day moving average is $53.54 and its 200 day moving average is $49.98.

The Fed is expected to hold rates steady this year. The firm has a market cap of $222.04 billion, a P/E ratio of 11.88, a PEG ratio of 1.15 and a beta of 1.11. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.33. Better-than-expected quarterly results were largely fueled by a positive swing in fixed income trading in the fourth quarter of 2019, compared to the same time the year before when bond trading was hammered by U.S. Wells Fargo & Co had a net margin of 21.67% and a return on equity of 13.01%. In late 2018, plunging stock markets and fears of a possible recession weighed on bank profits in the final quarter.

The San Francisco-based bank, which has its East Coast headquarters in Charlotte, earned 60 cents a share, or 93 cents after adjusting for the legal costs.

Those gains translate into market-value bumps of about $192 billion for JPMorgan, $156 billion for Bank of America and $40 billion for Citigroup.

Several brokerages have commented on WFC. Wells Fargo & Co now has a consensus rating of "Hold" and an average target price of $50.61. Finally, Morgan Stanley cut their price target on shares of Wells Fargo & Co from $57.00 to $56.00 and set an "equal weight" rating for the company in a report on Monday, December 23rd. The company presently has a consensus rating of "Hold" and a consensus target price of $50.61. The institutional investor owned 19,113 shares of the financial services provider's stock after selling 440 shares during the period.

Wholesale Banking revenues decreased by 3.7% to $6.67 billion.

Mortgage banking income rose to $783 million from $467 million.

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