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Wells Fargo ups sales practices settlement to $142 million

21 April 2017

"In addition, if Wells Fargo is unable to resolve issues directly, customers who believe they received a product or service they did not want or authorize are offered a free mediation service with an independent third-party mediator". Zacks Investment Research downgraded shares of Wells Fargo & Company from a "buy" rating to a "hold" rating in a report on Saturday, December 31st.

Earnings per share (EPS) breaks down the profitability of the company on a single share basis, and for Wells Fargo & Company the EPS stands at 1 for the previous quarter, while the analysts predicted the EPS of the stock to be 0.97, suggesting the stock exceeded the analysts' expectations. Deutsche Bank AG lifted their price target on shares of Wells Fargo & Company from $49.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, November 30th. Finally, Guggenheim downgraded Wells Fargo & Co from a "buy" rating to a "neutral" rating in a report on Wednesday, December 28th.

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Wells Fargo & Co (NYSE:WFC) opened at 53.50 on Wednesday. The company has a market cap of $267.33 billion, a PE ratio of 13.38 and a beta of 0.98. The company's 50-day moving average is $56.09 and its 200-day moving average is $53.52. Wells Fargo & Co has a 12 month low of $43.55 and a 12 month high of $59.99. Looking at this figure it suggests that the shares of Wells Fargo & Company (WFC) may be overvalued, however, this can also depend upon the situation of the market; if the market is strong then it could suggest that Wells Fargo & Company (WFC) is a good investment, however if the market is weaker then it could suggest that the shares are undervalued. Traders purchased 41,049 call options on the stock. This is an increase of 201% compared to the typical daily volume of 13,627 call options. NC acquired a new position in shares of Wells Fargo & Co during the fourth quarter valued at approximately $102,000. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $0.97 by $0.03.

Among other accomplishments, past year the company invested $17.6 billion in financing for clean technology and other environmentally sustainable businesses; $38 million in grants and lending capital to help diverse small business grow; $49 billion in new mortgages for minority and low- and moderate-income households; $50 million in the Neighborhood LIFT® program; and $281.3 million in grants to 14,500 nonprofits. The firm's revenue was down.9% compared to the same quarter past year. During the same quarter previous year, the business posted $0.99 EPS. Equities analysts predict that Wells Fargo & Co will post $4.19 earnings per share for the current year.

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This article was originally published at 6:20 a.m. Also, CEO Timothy J. Sloan bought 39,000 shares of Wells Fargo & Co stock in a transaction that occurred on Monday, April 17th. Following the completion of the acquisition, the chief executive officer now directly owns 754,581 shares in the company, valued at $38,974,108.65. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. The disclosure for this purchase can be found here. Institutional investors own 73.25% of the company's stock.

The number of shares now held by investors is 5 Billion. Amarillo National Bank now owns 11,950 shares of the financial services provider's stock valued at $666,000 after buying an additional 80 shares during the period. Coconut Grove Bank increased its position in Wells Fargo & Co by 54.9% in the third quarter. Thomaspartners Inc. now owns 4,069,225 shares of the financial services provider's stock valued at $192,596,000 after buying an additional 1,663,121 shares during the period. Corporate insiders own 0.29% of the company's stock.

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Now the P/E of Wells Fargo & Company stands at 13.39. It ranked No. 3 among all American companies and first among financial services on cash donations in 2015, according to a survey by the Chronicle of Philanthropy.

Wells Fargo ups sales practices settlement to $142 million