News Buzz: Wells Fargo & Company (NYSE:WFC)

Business Finance

Wells Fargo & Company (NYSE:WFC) notched a move of -1.57% to $48.32 for the day. The total traded volume was 53569301. The stock had closed at $49.09 on the previous day. The stock has recorded a 200-day Moving Average of -8.30% and the 50-Day Moving Average is -2.41%. Shares have moved -18.82% from its 1 Year high price and changed 12.32% from its 1 Year low price. The shares registered one year high at $59.53 and the one year low was seen at $43.02.

Wells Fargo & Company (NYSE:WFC)  Chief Executive Officer Tim Sloan gave in to critics and abruptly stepped down Thursday, after the 31-year company veteran struggled to tame a range of scandals, launching the fourth-largest U.S. bank into a hasty search for a successor. (Bloomberg)

Sloan, 58, will be replaced on an interim basis by the firm’s general counsel, C. Allen Parker. The board said it plans to look externally for a permanent replacement. The stock climbed in early trading Friday.

Ever since Sloan took the helm in 2016, he’s faced calls for his ouster from critics including Senator Elizabeth Warren, a Democrat running for president. They said a longtime insider couldn’t be counted on to clean up scandals emerging from the lender’s vast branch network and other divisions. Just last week, the board reiterated its support for Sloan. And hours before Thursday’s news, top shareholder Warren Buffett said he backed him “100 percent.”

Wells Fargo & Company is with Insider ownership of 77.80% and institutional ownership counts to 79.00%. Shares float is 4.53B and outstanding shares are at 4.69B. The float short is currently 0.58% and short ratio is 1.3.

In terms of profitability, Wells Fargo & Company (NYSE:WFC) has an operating margin of 74.60% and a net profit margin of 32.00%. Return on assets come to 1.10% and return on investment coming to 10.60% while Return on equity come to 11.70%.

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