Wells Fargo Burned Again by Past Misdeeds

S Signs of JP Morgan Chase Bank Citibank and Wells Fargo & Co. bank are seen in this combination

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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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