Finextra news: Wells Fargo creates innovation group

The 52-week high of Wells Fargo & Company (NYSE:WFC) is $58.35 and the 52-week low is $46.44.

SAN FRANCISCO-(Business Wire)-Wells Fargo (NYSE:WFC) today announced that Perry Pelos, executive vice president and group head of the company’s Commercial Banking business, will take on an expanded leadership role overseeing the Commercial Banking, Corporate Banking, and Treasury Management lines of business.

California Resources (NYSE:CRC) stated that it will host its second quarter financial results conference call on Thursday, August 6th, at 5:00 p.m. Eastern Daylight Time.

Wells Fargo’s peers have also experienced good fortunes in the market lately.

6/16/2015 – Wells Fargo & Co. had its price target raised by analysts at Sanford C. Bernstein from $56.00 to $58.00. The higher price target estimate for the stock has been calculated at $65 while the lower price target estimate is at $47. ICBC and Wells Fargo have continually battled for the global top spot, and Wells Fargo first passed it in value in 2013. “They were composed primarily of brick-and-mortar retail branches throughout the West. And because their balance sheet remained intact, they were able to use the crisis to make one of the best bank acquisitions in history with their purchase of Wachovia at a bargain price”. The stock’s 50-day moving average is $57.03 and its 200-day moving average is $55.14. The company has a market cap of $298,164 million and there are 5,145,200,000 shares in outstanding. The company had revenue of $21.32 billion for the quarter, compared to the consensus estimate of $21.69 billion. The standard deviation before the number was posted was $0.04.

In other Wells Fargo & Co. news, EVP Timothy J. Sell-side firms are looking for the company to post EPS of $1.05 for the quarter ending on 2015-09-30. The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing. Also, EVP Kevin A. Rhein sold 17,500 shares of the company’s stock in a transaction dated Friday, May 8th. The Insider selling transaction had a total value worth of $1,119,600. The disclosure for this sale can be found here. Wells Fargo & Company is up 7.92% in the last 3-month period. It has three operating segments: Community Banking, Wholesale Banking and Wealth, and Brokerage and Retirement. The two portals offer banking services to customers across commercial, corporate and institutional arenas in 190 countries. But if you invested that same amount in Wells Fargo stock, then boom – you made yourself more than $640, or close to 13 percent on your money.