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MarketScreener Homepage  >  Equities  >  Nyse  >  Wells Fargo & Company    WFC

WELLS FARGO & COMPANY

(WFC)
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Wells Fargo mpany : Reports Falling Profit

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10/15/2019 | 08:33am EST

By Rachel Louise Ensign

Wells Fargo & Co. said Tuesday that third-quarter profit fell.

Quarterly profit at the San Francisco-based bank was $4.61 billion, compared with $6.01 billion a year ago. Per share, earnings were 92 cents. Analysts polled by FactSet had expected $1.24 per share.

Third-quarter revenue was $22.0 billion, up from $21.9 billion a year ago. Analysts had expected $21.09 billion.

The company took a $1.6 billion charge for legal costs related to its long-running sales-practices scandal, but also had a $1.1 billion gain related to the sale of a business.

The bank announced last month after a six-month search that it would hire Bank of New York Mellon Corp. CEO Charles Scharf as chief executive. He will be tasked with restoring the bank's battered reputation and improving its standing with regulators. He starts next week.

The bank's 2016 fake-account scandal badly damaged its reputation and led to a morass of regulatory problems. Wells Fargo's key business lines also have struggled in recent years. What was once an aggressive, fast-growing lender whose profit towered above those of rivals has become a firm with sluggish revenues that is leaning heavily on cost cuts.

The bank now must also contend with falling interest rates, which hurt profit. The Federal Reserve cut rates twice in the third quarter.

Net-interest income fell 8% in the third quarter from a year earlier.

Write to Rachel Louise Ensign at rachel.ensign@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF NEW YORK MELLON CORPORATION (THE) 0.12% 49.7 Delayed Quote.5.59%
WELLS FARGO & COMPANY -0.83% 53.92 Delayed Quote.17.99%
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Financials (USD)
Sales 2019 84 338 M
EBIT 2019 29 169 M
Net income 2019 20 002 M
Debt 2019 -
Yield 2019 3,55%
P/E ratio 2019 11,9x
P/E ratio 2020 12,5x
Capi. / Sales2019 2,70x
Capi. / Sales2020 2,85x
Capitalization 228 B
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Technical analysis trends WELLS FARGO & COMPANY
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 31
Average target price 51,48  $
Last Close Price 53,92  $
Spread / Highest target 11,3%
Spread / Average Target -4,52%
Spread / Lowest Target -22,1%
EPS Revisions
Managers
NameTitle
Charles William Scharf President, Chief Executive Officer & Director
Elizabeth A. Duke Independent Chairman
John R. Shrewsberry Chief Financial Officer & Senior Executive VP
Saul van Beurden Head-Technology
Gary Owen Chief Information Security Officer
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