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WFC

Wells Fargo

$53.50

1.35 (2.59%)

08:01
04/21/17
04/21
08:01
04/21/17
08:01

Wells Fargo expands class-action settlement for retail sales practices to $142M

Wells Fargo & Company announced the expansion of its class-action settlement for retail sales practices to include any customers who were impacted by sales practice issues as early as May 2002. The updated settlement will add $32M to the previous agreement for a total settlement amount of $142M. "The expansion of this agreement is another important step to make things right for our customers," said Tim Sloan, Wells Fargo's President and CEO. "On our journey to rebuild trust, we want to ensure our customers feel confident that we have heard their concerns about retail sales practices, which includes offering them numerous opportunities for remediation. We encourage any customer with concerns or questions about their accounts to contact us." The settlement builds on ongoing remediation efforts Wells Fargo is pursuing for customers who may have been impacted by sales practice issues. The company is working directly with customers to resolve issues through its complaints process. 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. Wells Fargo has submitted the class-action settlement agreement and summary of claims process in the Northern District of California to settle the lawsuit concerning retail sales practices. The updated settlement agreement takes into account findings from the Sales Practices Investigation conducted by the independent board directors of Wells Fargo. The settlement class now will consist of all customers who claim that Wells Fargo opened an account in their name without consent, enrolled them in a product or service without consent, or submitted an application for a product or service in their name without consent during the period from May 1, 2002, through April 20, 2017. Wells Fargo expects this settlement to resolve claims in 11 other pending class actions that unauthorized accounts were opened in customers' names or that customers were enrolled in products or services without their consent.

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WFC Wells Fargo
$53.50

1.35 (2.59%)

04/12/17
04/12/17
DOWNGRADE

Sell
Wells Fargo downgraded to Sell at Rafferty Capital
As previously reported, Rafferty Capital analyst Richard Bove downgraded Wells Fargo to Sell from Hold. Bove does not expect bank stocks in general to do well for months and he thinks on Wells specifically that its Directors report indicates that the company is in the midst of a multi-year re-structuring process. Bove lowered his 12-month price target range for Wells Fargo shares to $46-$60 from $52-$68.
04/12/17
04/12/17
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 Sell from Hold at Rafferty Capital with analyst Richard Bove saying he does not expect bank stocks in general to do well for months and he thinks on Wells specifically that its Directors report indicates that the company is in the midst of a multi-year re-structuring process. Bove lowered his 12-month price target range for Wells Fargo shares to $46-$60 from $52-$68. 2. Tractor Supply (TSCO) was downgraded to Equal Weight from Overweight at Stephens and to Neutral from Overweight at JPMorgan. 3. Avinger (AVGR) downgraded to Perform from Outperform at Oppenheimer with analyst Steven Lichtman downgraded Avinger (AVGR) to Perform from Outperform after its Q1 sales came in below estimates on lower than expected Pantheris utilization and following the company's announcement that it plans to reduce its workforce by 33%, while pursuing strategic alternatives, including a capital raise from strategic investors, OUS partnerships, or a merger/sale. 4. Louisiana-Pacific (LPX) downgraded to Neutral from Buy at Buckingham with the firm citing recent share strength that has made risk/reward more balanced. 5. LVMH (LVMUY) downgraded to Hold from Buy at Societe Generale with analyst Thierry Cota citing a lack of upside following the stock's recent rally. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/13/17
PIPR
04/13/17
NO CHANGE
PIPR
Neutral
Piper sees Wells Fargo underperforming peers today on 'lower quality' earnings
Piper Jaffray analyst Kevin Barker estimates operating earnings of 98c per share at Wells Fargo (WFC) in Q1 after adjusting for tax and hedging, also noting that its net interest margin was flat despite the increase in rates and that its efficiency ratio jumped "well above" the bank's long-term target. Citing what he views as "lower quality" earnings, Barker expects Wells Fargo shares to underperform peers today. JPMorgan (JPM), Citi (C) and PNC Financial (PNC) all also reported results this morning. Barker keeps a Neutral rating on Wells Fargo shares.
04/13/17
NOMU
04/13/17
NO CHANGE
NOMU
'Many think Wells Fargo EPS came in below expectations, says Nomura Instinet
Nomura Instinet analyst Bill Carcache says that "many investors" believe that Wells Fargo's Q1 EPS came in below expectations, given the 3c per share in reserve releases and the 7c per share profit it realized on "market-sensitive revenues" it reported. The analyst says that the "Results were characterized by softer- than-expected top-line growth, higher expenses, and lower provision." He notes that Wells Fargo, like JPMorgan (JPM) and Citi (C), reported slower loan growth. However, he keeps a Buy rating on Wells Fargo.

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