Wells Fargo 1Q profit rises 14 percent, tops estimates

Wells Fargo 1Q profit rises 14 percent, tops estimates

SQ's price to sales ratio for trailing twelve months was 9.54 and price to book ratio for most recent quarter was 27.86, whereas price to cash per share for the most recent quarter was 27.99.

The elephant in the report, though, is a permanent replacement for Tim Sloan who abruptly retired as chief executive officer late last month. Revenue increased 4 percent from 2018's first quarter, though trading revenue fell by nearly one-fifth. The company attributed the decline to decreases in deposits in its wholesale and investment banking divisions.

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. Orrstown Financial Services Inc. grew its stake in shares of Wells Fargo & Co by 125.9% in the 1st quarter. Average loans also decreased to Dollars 950.1 Billion, falling by USD 876 Million a year prior.

David Long, managing director of equity research at Raymond James & Associates, also noted that noninterest income came in lower than expected in the quarter and loan growth was pressured by declines in all categories except commercial real estate. KS purchased a new position in shares of Essential Properties Realty Trust during the 4th quarter valued at $107,675,000.

Wells Fargo & Co (NYSE:WFC) last released its earnings results on Tuesday, January 15th.

JPMorgan's results were particularly impressive.

As of 1333 BST, shares of Wells Fargo were changing hands at $48.11 in pre-market trading, which was 0.78% higher than a year ago.

Average loans were $950.1 billion in the first quarter, up $3.8 billion from the fourth quarter.

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Unlike JPMorgan, Wells Fargo is grappling with unprecedented sanctions from the Federal Reserve that prevent the bank from growing.

The bank said its non-interest expenses fell 7.5% to $13.9 billion in the first quarter from a year earlier and said it was on track to meet its 2019 expense target of $52 billion to $53 billion. The bank has so far failed to convince regulators to lift the tough penalties.

Shares of JPMorgan rallied 4%, while Goldman Sachs, Bank of America Merrill Lynch, and Citigroup rose almost 3%.

Wells Fargo continues to reward disappointed shareholders with hefty buybacks. Beta is used in the capital asset pricing model (CAPM), which calculates the predictable return of an asset based on its beta and predictable market returns.

Wells Fargo will probably face questions from analysts later on Friday about its search for a successor for Sloan. Wells Fargo & Company has the potential to record 4.32 EPS for the current fiscal year, according to equities analysts.

Wells Fargo interim CEO Allen Parker said he remains focused on three priorities, including supporting all team members to better serve customers, exceeding expectations set by regulatory bodies, and transforming the bank.

Several institutional investors have recently modified their holdings of the business.

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