August 3, 2017

2 New York regulators sent subpoenas, to auto lending unit of Wells Fargo & Company (NYSE:WFC)

Wells Fargo & Company (NYSE:WFC) struggling with multiple consumer scandals, as reportedly Two New York regulators sent subpoenas, related to practices in the auto lending unit of Wells Fargo & Co. (WFC).

In last week, the San Francisco-based bank said, that it may have pushed thousands of car buyers into loan defaults, and repossessions by charging them for unwanted insurance. WFC said that after making an internal review of its auto lending, that it found more than 500,000 clients may have unwittingly paid for protection against vehicle loss, or damage while making monthly loan payments, and many drivers already had their own policies. The firm said it may pay as much as $80 million to clients with policies placed between 2012 and 2017 with extra money for as many as 20,000 who lost cars, “as an expression of our regret.”

The New York Department of Financial Services sent subpoenas to a pair of Wells Fargo units, according to an email Wednesday from the agency. Attorney General Eric Schneiderman also has issued subpoenas to bank consultant Oliver Wyman relating to the unnecessary sales of collateral protection insurance, according to a person briefed on the matter, who asked not to be identified because the information wasn’t public

For damages, Customers have already started suing the bank. One suit filed in San Francisco federal court accuses the bank of bilking millions of dollars from “unsuspecting customers who were forced to pay for auto insurance they did not need or want.’’

Wells Fargo & Company (NYSE:WFC)’s stock on Wednesday traded at beginning with a price of $53.54 and when day-trade ended the stock finally plunged -0.85% to reach at $53.62. Analyst’s mean target price for WFC is $57.59 while analysts mean recommendation is 2.70. Stock value has moved between $43.59 – 60.25 in last one year.

Analyst’s ratings play a very important role in outlining a stock’s performance. Let us check out how analysts have ranked WFC based on current scenarios. Stock has got OUTPERFORM rating from 7 analyst(s) whereas last month 7 analyst(s) have given outperform rating. SELL rating has been given by 2 analyst(s) and 5 analyst(s) given BUY rating to the stock. Company fiscal year is ending in December and analysts’ consensus recommendation is Hold for WFC and estimated EPS for next quarter is $ 1.04 .

Wells Fargo & Company (NYSE:WFC) yearly performance is 12.41% and net profit margin is 36.40%. Annual EPS Growth of past 5 years is 7.20%. The current share price indicates that stock is -10.62% away from its one year high and is moving 23.12% ahead of its 52-week low.

On 02 August 2017, ClearSign Combustion Corporation (NASDAQ:CLIR) stock price started the day at $3.40 and moved between $3.17 – 3.40 to finally close at $3.20. CLIR’s distance from 20 day simple moving average is -11.17% and distance from 50-Day simple moving average is -13.07%. In last 4 months performance of CLIR was -7.25% while its price to sale ratio is 49.89 and price to book ratio is 5.16.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH)’s stock on Wednesday traded at beginning with a price of $69.44 and when day-trade ended the stock finally slumped -1.42% to reach at $68.52. Analyst’s mean target price for CTSH is $69.29 while analysts mean recommendation is 2.30. Stock value has moved between $45.38 – 70.64 in last one year.

Stock has got OUTPERFORM rating from 11 analyst(s) whereas last month 11 analyst(s) have given outperform rating. SELL rating has been given by 0 analyst(s) and 8 analyst(s) given BUY rating to the stock. Company fiscal year is ending in December and analysts’ consensus recommendation is Outperform for CTSH and estimated EPS for next quarter is $ 0.95 .

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) yearly performance is 18.44% and net profit margin is 12.10%. Annual EPS Growth of past 5 years is 12.30%. The current share price indicates that stock is -2.79% away from its one year high and is moving 50.79% ahead of its 52-week low.

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