GSA Capital Partners LLP bought a new position in shares of Wells Fargo & Co in the third quarter worth $1,199,000.
The Federal Reserve has signaled it is unlikely to raise interest rates in 2019 given risks to the US economy from a global slowdown, which investors have feared could pressure net interest income, or the difference between what a bank earns on loans and pays on deposits.
Several analysts also probed the company's regulatory travails, which have included unusual public criticism from the Federal Reserve and other bodies. The company had reported EPS of $1.21 on revenue of $20.98B in the previous quarter.
Shares of Wells Fargo & Co. took reversed course in morning trade Friday, swinging to a sharp loss from a healthy gain, after the bank lowered its outlook for net interest income, citing an unfavorable rate environment and an increasingly competitive marketplace. The fallout resulted in CEO John Stumpf's ouster, with Sloan taking his place.
Consumer banking giant Wells Fargo said its profits rose by 14% from a year earlier, helped by higher interest rates which offset the restrictions put on the bank's businesses after years of scandal.
JPMorgan's news release included positive commentary on the USA economy, although the bank did boost its provisions for credit losses following downgrades on some commercial and industrial clients.
"We have more work ahead of us, and our strong leadership team is dedicated to making our company the most customer-focused, efficient, and innovative Wells Fargo ever", Parker, the former general counsel, said in a statement.
Revenue fell 1.4% to $21.6 billion in the first quarter but was still more than the $21 billion average estimate of 21 analysts in a Bloomberg survey. Finally, Zacks Investment Research upgraded Wells Fargo & Co from a "sell" rating to a "hold" rating in a research report on Sunday, January 6th. While the bank is working on cutting costs, on Friday it must also show growth in customer accounts as well as in increased lending activity. Sloan had been targeting 55% to 59% in the long term, excluding litigation costs. Net interest margin, however, missed estimates, coming in at 2.91%, below the 2.93% that was expected. Non-interest expense fell 7.3% to $13.9 billion.
Wells Fargo & Co (NYSE:WFC) posted its earnings results on Friday. National Pension Service now owns 3,989,928 shares of the financial services provider's stock worth $209,711,000 after buying an additional 12,963 shares in the last quarter.