Earnings Recap: Wells Fargo & Co (NYSE: WFC)

On Tuesday, Wells Fargo & Co (NYSE: WFC) started its trading session with the price $49.28 and closed at price of $50.11 by scoring 1.7%. Day range of the stock was $48.78 – $51.25. WFC stock traded with total volume of 39,507,016 shares while the average trading capacity remained 22277573 shares.  Earnings per share was $4.31. WFC has total market capitalization of $220790024459.

Wells Fargo & Company (WFC) stated net income of $4.6B, or $0.92 per diluted ordinary share, for third quarter 2019, contrast with $6.0B, or $1.13 per share, for third quarter 2018, and $6.2B, or $1.30 per share, for second quarter 2019.

Interim Chief Executive Officer Allen Parker stated, “We continued to make progress on our top priorities during the third quarter, and we’re all looking forward to Charlie Scharf’s joining Wells Fargo on October 21 as the company’s Chief Executive Officer and President. It’s been an honor for me to serve as the interim Chief Executive Officer over the past six months, and I want to thank both our management team and all our team members for their hard work during this period of transition. Our continued efforts to transform Wells Fargo and our unwavering commitment to serve our consumers resulted during the third quarter in higher branch consumer experience survey scores, growth in primary consumer checking consumers, and increased loan and deposit balances. We have more work ahead, but I’m confident that our focused efforts and the fundamental strengths of Wells Fargo will continue to enable us to achieve success.”

Net Interest Income

Net interest income in the third quarter was $11.6B, down $470M from second quarter 2019, primarily Because of balance sheet repricing driven by the impact of the lower interest rate environment, as well as higher mortgage-backed securities (MBS) premium amortization, partially offset by the benefit of one additional day in the quarter and favorable balance sheet growth and mix.

The net interest margin was 2.66%, down 16 basis points from the previous quarter primarily Because of balance sheet repricing driven by the impact of the lower interest rate environment, as well as higher MBS premium amortization.

The P/E ratio was recorded at 10.26. Analyst recommendation for this stock stands at 2.90. The volatility in the previous week has experienced by 2.04% and observed of 1.76% in the previous month.77.90% ownership is held by institutional investors while insiders hold ownership of 77.80%.

Leave a Reply

Your email address will not be published. Required fields are marked *