Shares Gapping Lower Before the Bell: Wells Fargo & Company (NYSE:WFC)

5 Things to Watch in Wells Fargo's Results

The company holds 4.99 billion outstanding shares and 4.96 billion shares are floating in market.

But Wells Fargo tumbled more than 3 percent, set for its biggest drop since mid-April, after reporting lower-than-expected revenue for the fourth straight quarter due to a decline in mortgage banking revenue.

Previously on 5/15/2017, Evercore ISI reported about Wells Fargo & Company (NYSE:WFC) lowered the target price from $60.00 to $58.00. It also likely hampered WFC stock today by coming in below Wall Street's revenue estimate of $22.39 billion for the quarter.

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While considering EPS estimates of the company, it has next quarter growth estimates of 1.04 whereas during current year it has 4.14 estimations over growth, comparing to the estimations of 4.39 during next year. The Mairs & Power Inc holds 2.86M shares with $158.56 million value, down from 2.87M last quarter. TRADEMARK VIOLATION NOTICE: This news story was originally posted by TrueBlueTribune and is owned by of TrueBlueTribune. If you are accessing this article on another site, it was illegally copied and republished in violation of USA & global copyright & trademark legislation.

A number of research firms recently weighed in on WFC. Gardner Russo & Gardner Llc sold 1.01M shares as Wells Fargo (WFC)'s stock declined 8.66%. 38,988 Wells Fargo & Co (NYSE:WFC) shares with value of $2.05M were sold by Mack Mary T.

On Friday, Wells Fargo and Bank of America released Q3 2017 financial results. The stock of Wells Fargo & Co (NYSE:WFC) has "Buy" rating given on Tuesday, September 5 by Robert W. Baird. At the time of writing, the First Call consensus price target for the company is $57.80. Wells Fargo has struggled to attract customers after news broke a year ago that branch bankers opened thousands of accounts without customer approval to meet aggressive sales targets. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider's stock valued at $127,000 after purchasing an additional 891 shares in the last quarter. Extending back, their 50-Day Simple Moving Average is 2.06%, looking even further back, their 200-Day Simple Moving Average stands at -1.15%. Wells Fargo & Company has a 52 week low of $44.32 and a 52 week high of $59.99.

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Wells Fargo & announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that permits the company to buyback $11.50 billion in shares. This buyback authorization permits the financial services provider to buy up to 4.2% of its stock through open market purchases. The consensus target price is $55.14 with 0 firms rating the stock a strong buy, 0 firms rating the stock a buy, 0 firms rating the stock a hold, 0 firms rating the stock a underperform, and finally 0 firms rating the stock a sell.

Several other institutional investors have also made changes to their positions in the company. Delphi Management Inc Ma has invested 2.68% in Wells Fargo & Co (NYSE:WFC).

To fight rising legal costs, Wells Fargo has promised to slash its expenses by $4 billion by the end of 2019.

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Eagle Ridge Investment Management decreased Procter And Gamble Co (PG) stake by 74.19% reported in 2017Q2 SEC filing. Tightening the gaze, stock performance for the last 5 trading days is -0.32%. Shell Asset Management Co who had been investing in Wells Fargo Co New for a number of months, seems to be less bullish one the $276.29B market cap company. $1.34 million worth of Wells Fargo & Co (NYSE:WFC) was sold by Pelos Petros G. The Company is a diversified financial services company. Highland Private Wealth Management boosted its stake in shares of Wells Fargo & by 1.0% in the 2nd quarter.


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