In a statement at an industry conference on Friday, John Shrewsberry, Wells Fargo & Companys (WFC) Chief Financial Officer, said that the groups total expenditures were expected to be reduced by almost $3 billion by the year 2020.
Wells Fargo shares closed lower for a fourth consecutive trading session in New York on Friday. The stock went down 0.49% ($0.27) to $54.73, after touching an intraday low at $54.70, or a price level not seen since July 13th ($53.63).
Shares of Wells Fargo & Company have retreated 9.79% so far in 2018 compared with an 8.65% gain for the underlying index, S&P 500 (SPX).
In 2017, Wells Fargo’s stock surged 10.09%, thus, it again underperformed the S&P 500, which registered a 19.42% return.
The CFO also noted that Wells Fargo was set to achieve its expenditure objective of $53.5 to $54.5 billion by the end of the current year.
At the same time, Shrewsberry projects the banks total expenses to be within the range between $50.0 billion and $51.0 billion in 2020.
As far as the present quarter is concerned, Wells Fargo projects about $200 million in costs related to its efforts to compensate clients for overcharging them for various services.
According to CNN Money, the 28 analysts, offering 12-month forecasts regarding Wells Fargo’s stock price, have a median target of $63.00 with a high estimate of $70.00 and a low estimate of $50.00. The median estimate represents a 15.11% upside compared to the closing price of $54.73 on September 14th.
The same media also reported that 13 out of 32 surveyed investment analysts had rated Wells Fargo’s stock as “Buy”, while 12 – as “Hold”. On the other hand, 4 analysts had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, Mondays levels of importance for the Wells Fargo stock are presented as follows:
R1 – $54.81
R2 – $54.89
R3 (Range Resistance – Sell) – $54.96
R4 (Long Breakout) – $55.20
R5 (Breakout Target 1) – $55.47
R6 (Breakout Target 2) – $55.58
S1 – $54.65
S2 – $54.57
S3 (Range Support – Buy) – $54.50
S4 (Short Breakout) – $54.26
S5 (Breakout Target 1) – $53.99
S6 (Breakout Target 2) – $53.88
By using the traditional method of calculation, the weekly levels of importance for Wells Fargo & Company (WFC) are presented as follows:
Central Pivot Point – $55.76
R1 – $56.81
R2 – $58.90
R3 – $59.95
R4 – $61.01
S1 – $53.67
S2 – $52.62
S3 – $50.53
S4 – $48.45
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