LONDON, April 30, 2015 /PRNewswire/ --
Editor Note: For more information about this release, please scroll to bottom.
Investor-Edge.com has issued free earnings review on Wells Fargo & Co. (NYSE: WFC). On April 14, 2015, the company reported its financial results for Q1 FY15 (period ended March 31, 2015). Click on http://get.Investor-Edge.com/pdf/?c=Wells%20Fargo&d=30-Apr-2015&s=WFC to read our free earnings review on Wells Fargo & Co. (Wells Fargo). During Q1 FY15, the company's total revenue improved 3% Y-o-Y. Further, Wells Fargo's net income for Q1 FY15 came in at $5.80 billion, or $1.04 per diluted share. Chairman and CEO of Wells Fargo, John Stumpf, said that the company's solid Q1 FY15 results again reflected the benefit of its diversified business model and the continued focus of its 266,000 team members on serving the needs of consumer and business customers. Our free coverage report can be accessed at:
http://get.Investor-Edge.com/pdf/?c=Wells%20Fargo&d=30-Apr-2015&s=WFC
Earnings Overview
During Q1 FY15, Wells Fargo's total revenues increased to $21.28 billion from $20.63 billion in Q1 FY14. The company's total revenues for Q1 FY15 outperformed Bloomberg analysts' forecast of $21.23 billion. Net interest income in Q1 FY15 improved to $10.99 billion from $10.62 billion in Q1 FY14. Further, the company's total non-interest income for Q1 FY15 increased to $10.29 billion from $10.01 billion in Q1 FY14. Free research on WFC can be downloaded in PDF format at:
http://get.Investor-Edge.com/pdf/?c=Wells%20Fargo&d=30-Apr-2015&s=WFC
For Q1 FY15, Wells Fargo's total average loans were $863.26 billion, up $39.47 billion, or 5%, from $823.79 billion in Q1 FY14. In the reported quarter, total average deposits stood at $1.20 trillion, up 9% YoY in Q1 FY14. Wells Fargo's total nonperforming assets for Q1 FY15 stood at $14.84 billion, or 1.72% of total loans, compared to total nonperforming assets of $18.07 billion, or 2.19% of total loans, in Q1 FY14.
In Q1 FY15, Wells Fargo's net interest margin stood at 2.95% compared to 3.20% in Q1 FY14. Net income and diluted earnings per common share fell 2% Y-o-Y and 1% Y-o-Y in Q1 FY15 from $5.89 billion, and $1.05 common share respectively, in Q1 FY14. Analysts from Bloomberg had expected the company to report net income of $5.13 billion, or $0.98 per diluted share, in Q1 FY15. The company reported return on assets (ROA) of 1.38% and return on equity (ROE) of 13.17% in Q1 FY15 compared to ROA of 1.57% and ROE of 14.35% in Q1 FY14. Sign up and read the free analyst's notes on WFC at:
http://get.Investor-Edge.com/pdf/?c=Wells%20Fargo&d=30-Apr-2015&s=WFC
As of December 31, 2014, Wells Fargo's common equity tier 1 ratio under Basel III (Advanced Approach, fully phased-in) was 10.53%. In Q1 FY15, the company purchased 48.4 million shares of its common stock, and it also entered into a $750 million forward repurchase transaction for an additional 14.0 million shares which settled in early April 2015. Wells Fargo paid a quarterly dividend in Q1 FY15 of $0.35 per share, up from $0.30 per share in Q1 FY14.
On March 11, 2015, Wells Fargo received no objection from the Federal Reserve to its 2015 Capital Plan, which included a proposed dividend rate of $0.375 per common share for Q2 FY15, subject to Board approval. Visit Investor-Edge and access the latest research on WFC at:
http://get.Investor-Edge.com/pdf/?c=Wells%20Fargo&d=30-Apr-2015&s=WFC
Stock Performance
On the day of the earnings release, April 14, 2015, Wells Fargo's stock edged 0.73% lower to end the session at $54.19. Since then, the stock has moved both ways with gains outperforming losses. On the last close, Wednesday, April 29, 2015, the company's shares finished at $55.46, which was 0.09% above the previous day's closing price of $55.41. The stock vacillated between $55.08 and $55.76 during the trading session. A total of 18.14 million shares were traded which was above their three months average volume of 15.23 million shares. Over the previous three sessions and over the last one month, the company's shares have advanced 1.39% and 2.48%, respectively. Shares in Wells Fargo closed above their 50-day and 200-day moving averages of $54.81 and $52.96, respectively. Furthermore, the stock traded at a PE ratio of 13.56 and has a Relative Strength Index (RSI) of 58.81.
Sneak Peek to Corporate Insider Trading
In the last one month, there were 19 insider transactions made by 12 individuals. Between April 01, 2015 and April 27, 2015, a total of 993,804 shares were bought at an average price of $33.46 per share and for a total value of $33.25 million. During the same period, a total of 1.13 million shares, worth $62.06 million, were also disposed at an average price of $54.74 per share. The following are some of the abovementioned transactions: Senior Executive Vice President, Community Banking at Wells Fargo, Carrie L. Tolstedt, purchased 872,030 shares at an average price of $33.28 per share and disposed 708,218 shares at an average price $54.81 per share; Senior Executive Vice President and Chief Risk Officer at Wells Fargo, Michael J. Loughlin, bought 112,110 shares at an average price of $34.39 per share and sold an equal number of share at an average price of $54.49 per share; Executive Vice President, Controller at Wells Fargo, Richard D. Levy, sold 95,000 shares at an average price of $54.48 per share. Complimentary in-depth research on WFC is available at:
http://get.Investor-Edge.com/pdf/?c=Wells%20Fargo&d=30-Apr-2015&s=WFC
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