Wells Fargo profit plummets 55%

Daniel Fowler
January 16, 2020

Besides better relations between the United States and China, Mason cited diminished uncertainty on Brexit and progress on a new US-Mexico-Canada Agreement on trade. NuWave Investment Management LLC now owns 798 shares of the financial services provider's stock worth $39,000 after purchasing an additional 439 shares during the last quarter. EdgePoint Investment Group Inc. now owns 16,801,143 shares of the financial services provider's stock worth $795,030,000 after purchasing an additional 612,837 shares during the last quarter. 18,138,863 shares of the company traded hands, compared to its average volume of 15,903,803. The stock has a market capitalization of $223.01 billion, a price-to-earnings ratio of 11.99, a price-to-earnings-growth ratio of 1.15 and a beta of 1.11.

The company has a debt-to-equity ratio of 1.33, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Co has a one year low of $43.34 and a one year high of $54.75. The stock has a 50-day moving average of $53.76 and a 200-day moving average of $49.88. 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. The financial services provider reported $0.93 EPS for the quarter, missing analysts' consensus estimates of $1.10 by ($0.17). Combined with the bank's 3.9% dividend yield, it's fair to say that Wells Fargo is returning lots of capital to shareholders. We also saw increases from the third quarter and a year ago in primary consumer checking customers, debit and credit card usage, Wealth and Investment Management total client assets, and Investment Banking market share. During the same period past year, the company posted $1.21 EPS.

Revenues dropped 5.2% to $19.9 billion. During the same quarter in the prior year, the company earned $1.13 earnings per share.

Several other large investors also recently modified their holdings of the stock. Wells Fargo & Co now has a consensus rating of "Hold" and an average target price of $50.61.

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Wells Fargo shares fell about 4% to $50.01. Barclays downgraded shares of Wells Fargo & Co from an "overweight" rating to an "equal weight" rating and set a $59.00 target price on the stock.in a research report on Monday, January 6th. The company presently has a consensus rating of "Hold" and a consensus target price of $50.61.

An 1860's era stagecoach is displayed at the Wells Fargo & Co. bank in downtown Denver, Colorado, U.S. April 13, 2016.

China has pledged to buy almost an additional $US80 billion ($A116 billion) of manufactured goods from the USA over the next two years, and over $US50 billion ($A72 billion) more in energy supplies, Reuters reported, citing a source briefed on the trade deal that is expected to be signed on Wednesday.

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