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Wells Fargo & Co (NYSE:WFC) stock trading up

Boston, MA 07/16/2013 (wallstreetpr) – Wells Fargo & Co (NYSE:WFC) closed at $43.35 on Monday, recording an increase of 1.69% for the stock. During the day, the stock was fluctuating between a low intraday price of $42.97 and a high intraday price of $43.36 per share. The stock currently has a 52-week low of $31.25 and a 52-week high of $43.36 per share. WFC currently has a market cap of $229.85 billion with around 5.30 billion outstanding shares in the market and institutional ownership of 77 percent of its total equity capital. The stock witnessed active trading in around 35.81 million shares on Friday, while the average level of trading activity for the stock is 21.81 million shares per day.

WFC is a bank holding company which deals with diversified financial services operating in community banking, wholesale banking and wealth management. The company has reported second quarter revenue of $21.20 billion for the financial year 2013 compared to the revenue of $21.29 billion for the previous year. In spite of the significant rise of the mortgage interest rates, Wells Fargo managed to maintain a large pipeline except for the decline in the refinances as announced by the Chief Financial Officer. Return on assets increased by 14 basis points to 1.55%, while return on equity increased by 116 basis points to 14%.

WFC’s total loans portfolio has been enhanced from $32 billion to a whopping $800 billion with an equity ratio of 10.73% under Basel I with an increase in the total deposits of $936 billion from $55 billion. The company which is one of the country’s largest suppliers of volunteers for the Humanity habitat announced its 5000th volunteer home build on the eve of its 20th anniversary.

Published by Viraj Shah

Viraj Shah has done M.Com (Finance) and currently pursuing CFP. He is a technical analyst who tracks US markets along with other global markets like India very closely. He is very passionate about stocks and believes that money can always be made in market.

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