Wells Fargo Acknowledges CFPB/OCC Probe, Reports 'Preliminary' Q1

Wells Fargo Acknowledges CFPB/OCC Probe, Reports 'Preliminary' Q1

Wells Fargo & Co (NYSE:WFC) stock was down on Friday on news that it may have to revise its earnings report for the first quarter of 2018. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider's stock worth $1,653,464,000 after acquiring an additional 6,291,906 shares during the period.

Follow Wells Fargo's stock price in real time here.

A number of hedge funds and other institutional investors have recently made changes to their positions in WFC.

Wells Fargo & Co's preliminary results for the first quarter of 2018 includes earnings per share of $1.12.

Monetary Management Group Inc decreased its stake in At&T (T) by 30.65% based on its latest 2017Q4 regulatory filing with the SEC. The disclosure comes as Wells reports a 6 percent increase in first-quarter profit. Brandywine Global Investment Management Llc has cut its stake in United Therapeutics Corp Del (NASDAQ:UTHR) and also reduced its holding in Quanta Svcs Inc (NYSE:PWR) by 175,521 shares in the quarter, for a total of 236,597 shares. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider's stock worth $2,511,614,000 after acquiring an additional 7,445,414 shares during the period.

"I'm confident that our outstanding team will continue to transform Wells Fargo into a better, stronger company", Sloan said.

Brewery serving tarantula-topped burgers
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The "punk turtle" has been put on the endangered species list
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Officer Sean Gannon of the Yarmouth Police Department in MA was shot and killed while serving a warrant at a home in Cape Cod. A police spokesperson said Nero "is still fighting to stay alive" and they're asking that people please "pray for him".

Basswood Capital Management Llc, which manages about $2.47 billion and $2.16B US Long portfolio, upped its stake in Bofi Hldg Inc (NASDAQ:BOFI) by 228,912 shares to 1.63M shares, valued at $48.73 million in 2017Q4, according to the filing. Schafer Cullen Capital Management Inc. grew its stake in shares of Wells Fargo by 2.4% in the 2nd quarter. Citigroup says its first-quarter profit rose 13 percent from a year earlier, as the bank benefited from the new tax law and higher interest rates. In other words, EPS reveals how profitable a company is on a share owner basis. Taurus Asset Limited Liability holds 2.16% of its portfolio in Wells Fargo & Company (NYSE:WFC) for 242,063 shares. Zacks Investment Research upgraded Wells Fargo from a "sell" rating to a "hold" rating in a research report on Tuesday, December 19th.

Among 22 analysts covering Wells Fargo (NYSE:WFC), 12 have Buy rating, 3 Sell and 7 Hold. Seven research analysts have rated the stock with a sell recommendation, twelve have assigned a hold recommendation and sixteen have assigned a buy recommendation to the company. The price target set for the stock is $63.2, and this sets up an impressive set of potential movement for the stock. Amid the previous 3-months, the stock performs -16.59 percent, conveying six-month performance to -5.82 percent. The stock has a market capitalization of $253,301.77, a price-to-earnings ratio of 12.82, a price-to-earnings-growth ratio of 1.37 and a beta of 1.13. Wells Fargo & Company's dividend payout ratio (DPR) is now 38.10%. Wells Fargo has a 52 week low of $49.27 and a 52 week high of $66.31.

TRADEMARK VIOLATION NOTICE: "Wells Fargo (WFC) Releases Earnings Results" was originally posted by Macon Daily and is owned by of Macon Daily.

The topline results for the first quarter decreased 1% to $ 21.93 billion from $ 22.26 billion in the same quarter a year ago. Wells Fargo & Company had a net margin of 23.30% and a return on equity of 12.60%. They expect $0.87 earnings per share, up 17.57% or $0.13 from last year's $0.74 per share.

Stock traders can use such figures to analyze that the company shows whether the stock is at this time or not in buying and selling side.

In related news, Director Ronald Sargent acquired 9,000 shares of the stock in a transaction on Monday, February 12th.

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