Wells Fargo profits tumble in fourth quarter

Optimism for financiers' rosier future was abundantly reflected in quarterly earnings released by some of the nation's largest banks Friday as Bank of America and JPMorgan Chase beat analysts' earnings estimates.

When it comes to the Analysis of a Stock, Price Target plays a vital role.

Wells Fargo & Company (NYSE:WFC) stock is presently standing at about $54.50 and lots of equity research firms seem to have a target price set on the stock.

Notably, Wells Fargo has dropped its cross-selling goals.

Stocks to Watch Today: Wells Fargo & Co. Mercer Advisers holds 0.07% or 1,947 shares in its portfolio. The stock presently has an average rating of Hold and an average target price of $50.62.

Bristol-Myers Squibb Company (NYSE:BMY) shares moved to $56.55 after starting the day at $56.50 on Thursday.

New reports suggest Wells Fargo (wfcnp) knew it was under investigation for six months before the bank's account fraud scandal became public, raising questions over whether investors and the public should have been alerted sooner. The Market Capitalization of the company stands at 275.92 Billion. Finally, Citigroup Inc. downgraded shares of Wells Fargo & Company to an "underperform" rating in a research note on Friday, November 18th. -Earnings Decline (Y-o-Y): -6.3% -EPS (Q4): $0.96 vs. $1.00 previous year.

While looking at the Earnings Estimates of the company, The Average Earnings Estimate for the Current Fiscal quarter is measured as $0.96 by 27 analysts.

To be clear, Wells Fargo's profit margins will benefit from rising interest rates as well.

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JPMorgan is expected to gain the most in Q4 from the surge in securities trading activity over the last two months of the year following the US election - something that should help the bank report handsome trading gains for the quarter.

The bank reported Friday a fourth-quarter net income of $4.87 billion, down 6 percent from a year ago.

Have you been eager to see how Wells Fargo & Company (WFC - Free Report) performed in Q4 in comparison with the market expectations?

WARNING: This piece of content was originally reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this article on another domain, it was copied illegally and reposted in violation of US & worldwide copyright & trademark legislation. Eight equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and sixteen have given a buy rating to the company. The Hedge Fund company now holds 3,960 shares of WFC which is valued at $217,958. Alpha Windward LLC raised its position in shares of Wells Fargo & Company by 0.6% in the third quarter.

Wells Fargo & Company is a bank holding company.

As a result, Wells Fargo has traded for a significant premium to most peers, especially Bank of America. This points to a figure in the range of $3.2-3.3 billion for the quarter.

Customers with multiple products are significantly more profitable to Wells Fargo, according to Tayan. Livforsakringsbolaget Skandia Omsesidigt now owns 560,221 shares of the financial services provider's stock valued at $26,515,000 after buying an additional 31,500 shares during the last quarter.

The bank dismissed about 5,300 employees due to their involvement in the account scandal.