Market Update (NYSE:WFC): Wells Fargo profit falls as bad loan provisions surge

[Reuters] – Wells Fargo & Co’s quarterly profit fell 7 percent as the No.3 U.S. bank by assets set aside more than $1 billion to cover bad loans, saying its energy portfolio remained under “significant stress.” … Read more on this. Wells Fargo & Company (WFC) , with a current value of $248.70B, opened at $48.30. Today’s price range has been between $48.17 and $49.30 per share with its 52-week range being $44.50 to $58.77. Priced at 11.73x this year’s forecasted earnings, WFC shares are relatively inexpensive compared to the industry’s 14.91x forward p/e ratio. The company pays shareholders $1.50 per share annually in dividends, yielding 3.19%. Consensus earnings for the current quarter by the 31 sell-side analysts covering the stock is an estimate of $0.97 per share, which would be $0.07 worse than the year-ago quarter and a $0.05 sequential decrease. Investors should also note that the full-year EPS estimate of $4.18 is a $0.03 better when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $21.60 Billion. If realized, that would be a 1.50% increase over the year-ago quarter. Recently, Sandler O’Neill downgraded WFC from Buy to Hold (Apr 11, 2016). Previously, Guggenheim downgraded WFC from Buy to Neutral. When considering if perhaps the stock is under or overvalued, the average price target is $55.57, which is 15.05% above where the stock opened this morning. See more in (NYSE:WFC) Similar Articles: Market Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo Closed-End Funds Declare Monthly Dividends Market Update: Wells Fargo & Co (NYSE:WFC) – Samsung Pay Now Available for Wells Fargo Customers Market Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo Commercial Real Estate Hires Industry Veteran Jeff Miller