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WFC

Wells Fargo

$55.21

-0.45 (-0.81%)

08:37
10/13/17
10/13
08:37
10/13/17
08:37

Wells Fargo: Loyalty, satisfaction scores declined in September

Wells Fargo, in slides being presented on its Q3 earnings conference call, said it is targeting a total of $4B in expense reductions. Expects n additional $2B in annual expense reductions by the end of 2019, says these savings are projected to go to the "bottom line" and be fully recognized in 2020. Expected target savings exclude: Run-off of core deposit intangible amortization expense; Expected completion of FDIC special assessment by year end 2018; Expense saves due to sales of businesses. Says branch and ATM interactions of 374.2 million in Q3 were down 1% LQ and 6% YOY, reflecting continued customer migration to virtual channels, lower customer growth, and the impact from lower activity in hurricane-affected areas. Notes that with nearly 400,000 branch customer experience surveys completed during Q3, 'Loyalty' and 'Overall Satisfaction with Most Recent Visit' scores declined in September after its announcement of the expanded third party account review, which followed post-sales practice settlement highs for 'Loyalty' in July of 58.8% and 'Overall Satisfaction with Most Recent Visit' in August of 78.2%. Wells Fargo is down about 2.4% in premarket trading.

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WFC Wells Fargo
$55.21

-0.45 (-0.81%)

09/15/17
UBSW
09/15/17
NO CHANGE
Target $56
UBSW
Neutral
Wells Fargo revenue headwinds can persist, says UBS
UBS analyst Saul Martinez said proprietary analysis suggests Wells Fargo's difficult backdrop for client acquisition remains and the recent disclosures have kept the company in the spotlight for the wrong reasons. He believes earnings growth depends on efficiency improvement and more aggressive stock buybacks. Martinez maintained his Neutral rating and lowered his price target to $56 from $59 on Wells Fargo shares.
09/26/17
DBAB
09/26/17
DOWNGRADE
Target $136
DBAB
Hold
PNC Financial downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Matt O'Connor downgraded PNC Financial (PNC) to Hold as he seeks to lessen exposure to traditional banks. The analyst sees net interest income growth slowing and credit costs inching up as the Fed raises short rates and the yield curve flattens. He believes a number of positives are priced into PNC shares. O'Connor upped his price target for the stock to $136 from $130. The analyst continues to prefer banks with a "turnaround angle," like Goldman Sachs (GS) and Wells Fargo (WFC), and remains positive on capital markets businesses like Morgan Stanley (MS). O'Connor this morning also downgraded JPMorgan (JPM) to Hold.
09/28/17
NOMU
09/28/17
DOWNGRADE
NOMU
Neutral
U.S. Bancorp downgraded to Neutral from Buy at Nomura Instinet
Nomura Instinet analyst Bill Carcache downgraded U.S. Bancorp (USB) to Neutral saying he sees downside risk to net interest income and provision expectations. Consensus expects U.S. Bancorp's loan growth to accelerate to 6% by 2018, which is too optimistic given the bank's recent comments, the analyst contends. He lowered his price target for the shares to $55 from $57. Carcache remains bullish on Wells Fargo (WFC) and raised his price target for the shares to $65 from $64.
10/06/17
VERF
10/06/17
INITIATION
VERF
Sell
Wells Fargo initiated with a Sell at Vertical Group
Vertical Group analyst Richard Bove initiated earlier shares of Wells Fargo with a Sell rating and $49.67 price target.

TODAY'S FREE FLY STORIES

GE

General Electric

$14.49

-0.01 (-0.07%)

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Bright Scholar

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JNJ

Johnson & Johnson

$132.02

2.11 (1.62%)

, CMD

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2.45 (2.17%)

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JNJ

Johnson & Johnson

$132.02

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CMD

Cantel Medical

$115.34

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MDT

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$80.39

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KKR

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$21.96

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CG

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AET

Aetna

$175.55

0.49 (0.28%)

, CVS

CVS Health

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0.16 (0.24%)

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CVS Health

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MYND

MYnd Analytics

$2.60

0.0301 (1.17%)

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MYND

MYnd Analytics

$2.60

0.0301 (1.17%)

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CTRV

ContraVir Pharmaceuticals

$0.27

0.0027 (1.02%)

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VLKAY

Volkswagen

$40.98

0.09 (0.22%)

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VW settles U.S. diesel suit just before trial, Reuters reports »

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IAC

IAC

$153.99

3.2 (2.12%)

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Breaking Hot Stocks news story on IAC »

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SPG

Simon Property

$156.66

2.63 (1.71%)

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FN

Fabrinet

$28.64

0.99 (3.58%)

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Fabrinet director Frank Levinson buys 10,000 shares of company stock »

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CASI

Casi Pharmaceuticals

$3.85

0.1 (2.67%)

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DXCM

Dexcom

$56.36

-0.04 (-0.07%)

, TNDM

TNDM

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DXCM

Dexcom

$56.36

-0.04 (-0.07%)

TNDM

TNDM

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IDXX

Idexx Laboratories

$187.61

3.75 (2.04%)

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Idexx Laboratories director sells 4,000 common shares »

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CYDY

CytoDyn

$0.72

0.02 (2.86%)

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MRUS

Merus

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MSG

Madison Square Garden

$231.97

2.41 (1.05%)

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MKL

Markel

$1,121.90

14.9 (1.35%)

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BEDU

Bright Scholar

$20.15

0.34 (1.72%)

17:08
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AGN

Allergan

$162.09

2.69 (1.69%)

, MYL

Mylan

$41.45

0.17 (0.41%)

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PTAB denies Allergan's bid to dismiss restasis patent challenge, Bloomberg says »

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AGN

Allergan

$162.09

2.69 (1.69%)

MYL

Mylan

$41.45

0.17 (0.41%)

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SCHW

Charles Schwab

$52.74

0.71 (1.36%)

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KHC

Kraft Heinz

$69.02

1.38 (2.04%)

, BRK.A

Berkshire Hathaway

$304,020.01

2616.01 (0.87%)

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KHC

Kraft Heinz

$69.02

1.38 (2.04%)

BRK.A

Berkshire Hathaway

$304,020.01

2616.01 (0.87%)

BRK.B

Berkshire Hathaway

$202.76

2.03 (1.01%)

BUD

AB InBev

$107.25

1.91 (1.81%)

QSR

Restaurant Brands

$59.46

1.02 (1.75%)

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SWX

Southwest Gas

$69.17

1.65 (2.44%)

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MS

Morgan Stanley

$56.07

1.21 (2.21%)

, AAOI

Applied Optoelectronics

$28.02

0.51 (1.85%)

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Breaking Hot Stocks news story on Morgan Stanley, Applied Optoelectronics »

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MS

Morgan Stanley

$56.07

1.21 (2.21%)

AAOI

Applied Optoelectronics

$28.02

0.51 (1.85%)

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HSBC

HSBC

$51.23

0.19 (0.37%)

16:49
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Breaking Syndicate news story on HSBC »

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