Wells Fargo faces $1 billion fine to settle loan abuses

  • Wells Fargo faces $1 billion fine to settle loan abuses

Wells Fargo faces $1 billion fine to settle loan abuses

Shares of Wells Fargo fell 1.6 percent to $51.86 at 9:32 a.m.in NY, the second-worst performance in the 24-company KBW Bank Index.

Q1 income of $5.9B or $1.12 per share vs. $5.6B and $1.03 a year ago.

Reuters reported this week that the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency were preparing a fine of up to $1 billion for Wells Fargo's auto insurance and mortgage lending abuses. It was not immediately clear if the reported figures were comparable. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider's stock valued at $127,000 after buying an additional 891 shares in the last quarter.

The announcement comes after Wells Fargo previous year disclosed problematic practices involving auto insurance and mortgage products. Following the acquisition, the director now directly owns 81 shares of the company's stock, valued at approximately $4,534.38.

Wells Fargo announced that its board has approved a share buyback plan on Tuesday, January 23rd that allows the company to repurchase 350,000,000 shares. The company maintains price to book ratio of 1.40. During the same period in the prior year, the firm posted $0.96 EPS. equities research analysts anticipate that Wells Fargo will post 4.69 EPS for the current fiscal year. Institutional investors and hedge funds own 77.33% of the company's stock. Wells Fargo & Company's dividend payout ratio (DPR) is now 38.10%. Schafer Cullen Capital Management Inc. grew its stake in shares of Wells Fargo by 2.4% in the 2nd quarter. Stocks around the world climbed a day after President Donald Trump asked trade officials to consider the possibility of returning to talks on a free-trade agreement for countries around the Pacific. Regal Investment Advisors LLC now owns 44,181 shares of the financial services provider's stock valued at $2,448,000 after buying an additional 37,557 shares during the last quarter. The ABR rank is displayed in the range of 1 to 5 where 1 indicates a Strong Buy and a rating of 5 represents a Strong Sell. Wells Fargo has a 12 month low of $49.27 and a 12 month high of $66.31.

When monitoring analyst ratings, investors can use the average brokerage recommendation score to determine the consensus view on the stock. The financial services provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.07 by $0.05. Keel Point LLC grew its stake in shares of Wells Fargo by 4.8% in the 2nd quarter. In the same period of past year, EPS was said to be $1.00 and revenue at $22.0 billion. Buckingham Research upgraded Wells Fargo from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $57.00 to $75.00 in a research report on Thursday, December 21st. Basswood Capital Management Llc who had been investing in Wells Fargo Co New for a number of months, seems to be less bullish one the $249.44B market cap company. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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