Wells Fargo (WFC) Stock Plummets 1.29%: When Will It Hit $50?

Wells Fargo dramatically plunges today amid its good dynamics last week. Wells Fargo reaches the price value of $46.05, accounting for a $0.60 decrease compared to yesterday. Analyzing the monthly statistics, it is shown that the company holds a zero-point movement. On September 14, it held a value of $46.05 and today there is no change. Recently, Wells Fargo proclaimed the financial results for the third quarter.

Wells Fargo announced an increase in earnings after releasing cash set aside to cover bad loans caused by the COVID-19 epidemic. It reported a decline in the allowance for credit losses. The net income increased to the value of $5.12 billion, accounting for $1.17 per share. Some analysts expect a profit of 99 cents per share. The company now suffers from the influence of the Fed’s regulation on the banking system. Fed caps the assets of the firm at $1.95 trillion.

Miriam Bozini

Finance and Business Reporter