Published: Вс, Апреля 14, 2019
Business | By Eloise Houston

Wells Fargo 1Q profit rises 14 percent, tops estimates

Wells Fargo 1Q profit rises 14 percent, tops estimates

Verition Fund Management LLC now owns 174,303 shares of the financial services provider's stock worth $9,161,000 after buying an additional 151,756 shares in the last quarter.

Wells Fargo's Tier 1 common equity ratio (fully phased-in) is 11.9%.

When asked during PNC's Q1 earnings call if he'd consider the job at troubled Wells Fargo, he responded, "I like my job here, I like our company, I like our prospects.and I will end my career here", he said.

Wells Fargo has also unloaded several businesses in recent months.

Wells Fargo shares have climbed almost 4 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 15 percent.

PNC Financial (PNC +3.1%) Chairman, President, and CEO William Demchak says he's not interested in the CEO post at Wells Fargo (WFC -2.6%), American Banker reports. Vident Investment Advisory LLC purchased a new position in Wells Fargo & Co during the third quarter worth approximately $207,000.

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Shares of Wells Fargo & Co. took dive in morning trade, swinging to a loss from a gain, after the bank provided a downbeat full-year outlook for net interest, citing the negative impact of the current low interest rate environment and tighter loan spreads from competition. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.

Shrewsberry on Friday reaffirmed that Wells Fargo was on track to hit its 2019 cost target.

Shares were little changed ahead of Friday's opening bell. 70,160,541 shares of the stock were exchanged, compared to its average volume of 27,020,224. Wells Fargo stock popped a little bit after the news was announced, but not by much. The stock has a market capitalization of $232.86 billion, a P/E ratio of 10.61, a P/E/G ratio of 0.87 and a beta of 1.11.

Wells Fargo & Co (NYSE:WFC) last released its earnings results on Friday, April 12th. Eastern, after the bank reported first-quarter earnings and revenue that fell less than expected. Wells Fargo & Co had a net margin of 22.95% and a return on equity of 13.34%. The business had revenue of $20.98 billion during the quarter, compared to analysts' expectations of $21.80 billion. During the same period past year, the company earned $0.96 earnings per share.

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In a positive sign, however, Wells Fargo's retail banking deposits grew.

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