Wells Fargo shares gain the most in six weeks on Thursday, David Carroll to step down after 38 years with the holding

According to a statement by Wells Fargo & Company (WFC), David Carroll, the head of the groups wealth and investment management division, is to retire after 38 years of experience with the bank. Despite that his retirement is effective on July 1st, Carroll is to remain with the group until July 31st, so that a smooth transition is ensured.

Wells Fargo shares closed higher for the first time in the past six trading sessions on Thursday. The stock went up 1.84% ($0.94) to $52.08, with the intraday high and the intraday low being at $52.21 and $51.06 respectively. The daily rate of increase has been the sharpest one since April 20th. In the week ended on May 28th the shares of the bank holding company lost 1.23% of their market value compared to a week ago, which marked the second drop in the past six weeks. The stock has gained 1.84% so far during the current month, following a 5.01% slump in May. The latter has been a third consecutive monthly decline and also the steepest one since September 2016. For the entire past year, the shares of the NYSE-listed holding company gained 1.38%.

At the same time, Jonathan Weiss, who currently heads Wells Fargo Securities, is expected to assume Carrolls role and to report to Chief Executive Officer Timothy Sloan.

According to Wells Fargos statement, Weiss, who is to remain in New York, will also become a member of the holdings operating committee.

Earnings at Wells Fargos wealth and investment management division grew 22% during the latest quarter compared to the same period a year ago to reach $623 million.

According to CNN Money, the 26 analysts, offering 12-month forecasts regarding Wells Fargo’s stock price, have a median target of $59.00, with a high estimate of $66.00 and a low estimate of $50.00. The median estimate is a 13.29% surge compared to the closing price of $52.08 on June 1st.

The same media also reported that 13 out of 31 surveyed investment analysts had rated Wells Fargo’s stock as “Hold”, while 12 – as “Buy”. On the other hand, 3 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Wells Fargo stock are presented as follows:

R1 – $52.19
R2 – $52.29
R3 (Range Resistance – Sell) – $52.40
R4 (Long Breakout) – $52.71
R5 (Breakout Target 1) – $53.08
R6 (Breakout Target 2) – $53.25

S1 – $51.97
S2 – $51.87
S3 (Range Support – Buy) – $51.76
S4 (Short Breakout) – $51.45
S5 (Breakout Target 1) – $51.08
S6 (Breakout Target 2) – $50.91

By using the traditional method of calculation, the weekly levels of importance for Wells Fargo & Company (WFC) are presented as follows:

Central Pivot Point – $52.80
R1 – $53.22
R2 – $54.04
R3 – $54.46
R4 – $54.89

S1 – $51.98
S2 – $51.56
S3 – $50.74
S4 – $49.93

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