Wells Fargo & Co (NYSE:WFC) shares shows bearish trends

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Dallas, Texas 07/29/2013 (Financialstrend) – Wells Fargo & Co (NYSE:WFC) had recently announced the exit of 8 mortgage firms operated by the company, which proves to be the end for the last of the operations of the joint venture firms by the company in the mortgage business. This decision to exit the mortgage firms would further mean that around 300 employees of Wells Fargo who were working in these joint venture firms would either lose their jobs or would be posted in the other relevant positions of the company’s other business segments. It had been estimated that the closing down of operations at these 8 mortgage firms would take around 18 months before all the processes are completely settled down.

Shares of the Wells Fargo company had been presenting bearish trends in the recent trends owing to this news on the closing down of operations in the last of its kind of mortgage businesses. The company is expected to continue with this declining trend in share prices in the near future.

The share of Wells Fargo & Co (NYSE:WFC) was bearish by 0.32% on Friday to close down for the day with $43.51 per share. The company had recorded the trading day low price of $43.20 and high price of $43.70 on Friday. For the last twelve months of trading, the low price of the stock is at $31.25 and high price of the stock is at $44.78 per share. Currently there are 5.31 billion shares of the company outstanding in the market and 77% institutional ownership. The trading volume of the company on Friday was 18.50 million shares and the trading volume over the past 30 days of the company was 21.36 million shares per day. The total market value of the company is 231.20 billion.

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