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WFC

Wells Fargo

$44.75

-0.57 (-1.26%)

08:02
10/14/16
10/14
08:02
10/14/16
08:02

Wells Fargo reports Q3 Common Equity Tier 1 ratio 10.7%

Capital levels remained strong in the third quarter, with a Common Equity Tier 1 ratio of 10.7 percent, compared with 10.6 percent in the prior quarter. In third quarter 2016, the Company repurchased 38.3 million shares of its common stock, contributing to a net reduction in period-end common shares outstanding of 24.6 million shares. The Company paid a quarterly common stock dividend of $0.38 per share, up from $0.375 per share a year ago. "Credit results improved in the third quarter as our quarterly loss rate decreased to 0.33 percent," said Chief Risk Officer Mike Loughlin. "The loan portfolio continued to perform well, led by strong performance in consumer real estate. Oil and gas portfolio performance during the quarter improved with lower credit losses and improved portfolio quality. The allowance for credit losses in the third quarter remained unchanged from the second quarter. Future allowance levels will be based on a variety of factors, including loan growth, portfolio performance and general economic conditions." Credit losses were $805 million in third quarter 2016, down $119 million, or 13 percent, from second quarter 2016. The decline was primarily due to a $94 million decrease in oil and gas losses. Consumer losses increased $23 million, driven by a $47 million increase in automobile losses from seasonally low losses in the second quarter, partially offset by a decrease in credit card losses of $25 million.

  • 14

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    Oct

WFC Wells Fargo
$44.75

-0.57 (-1.26%)

10/04/16
RAJA
10/04/16
DOWNGRADE
RAJA
Underperform
Wells Fargo downgraded to Underperform from Market Perform at Raymond James
Raymond James analyst David Long downgraded Wells Fargo to Underperform and reduced estimate saying the fallout from the unauthorized account openings will result in continued under performance. The analyst said several additional investigations, lawsuits, and fines have been announced, resulting in a still cloudy outlook.
10/04/16
10/04/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Wells Fargo (WFC) downgraded to Underperform from Market Perform at Raymond James with analyst David Long saying the fallout from the unauthorized account openings will result in continued under performance. The analyst said several additional investigations, lawsuits, and fines have been announced, resulting in a still cloudy outlook. 2. Kinder Morgan (KMI) downgraded to Hold from Buy at Stifel analyst Selman Akyol citing valuation. 3. GrubHub (GRUB) downgraded to Hold from Buy at Stifel with analyst John Egbert citing valuation. 4. Dr Pepper Snapple (DPS) downgraded to Hold from Buy at Evercore ISI with analyst Robert Ottenstein saying reports that Bai Brands is looking for a new owner are credible and could change investor's psychology on the stock and its Allied Brands business. 5. Dollar Tree (DLTR) downgraded to Neutral from Buy at Cleveland Research with the firm saying sales trends appear to have slowed further at Family Dollar as the company struggles with increased price competition, difficult comps, and strategy headwinds. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/10/16
UBSW
10/10/16
UPGRADE
Target $44
UBSW
Neutral
Wells Fargo upgraded to Neutral from Sell at UBS
UBS analyst Brennan Hawken upgraded Wells Fargo to Neutral saying the risk/reward appears more balanced after the significant underperformance of the shares. The analyst believes Wells' earnings outlook remains uncertain, however. He keeps a $44 price target for the shares.
10/13/16
BOFA
10/13/16
NO CHANGE
Target $48
BOFA
Buy
'Healing process' may now start for Wells shares, BofA/Merrill says
BofA/Merrill analyst Erika Najarian believes the departure of CEO, Chairman and President John Stumpf could begin a "healing process" for the shares of Wells Fargo. Consensus feedback from investors post the Congressional hearings is that Stumpf retiring may be a necessary step for the bank to begin putting the cross-sell controversy behind it, Najarian tells investors in a research note. The analyst expects the shares to react positively today on the news. She has a Buy rating on Wells Fargo with a $48 price target. The shares are down 9c to $45.23 in pre-market trading.

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