Investors Buy Wells Fargo & Co. (WFC) on Weakness
Investors bought shares of Wells Fargo & Co. (NYSE:WFC) on weakness during trading hours on Tuesday. $129.12 million flowed into the stock on the tick-up and $105.15 million flowed out of the stock on the tick-down, for a money net flow of $23.97 million into the stock. Of all equities tracked, Wells Fargo & Co. had the 16th highest net in-flow for the day. Wells Fargo & Co. traded down ($0.15) for the day and closed at $47.97
Several brokerages recently issued reports on WFC. FBR & Co reiterated a “buy” rating and set a $63.00 price target on shares of Wells Fargo & Co. in a research report on Wednesday, June 1st. Nomura Holdings Inc. restated a “buy” rating and issued a $58.00 price objective (down previously from $60.00) on shares of Wells Fargo & Co. in a report on Monday, April 25th. Drexel Hamilton restated a “buy” rating on shares of Wells Fargo & Co. in a report on Thursday, May 26th. Royal Bank Of Canada restated a “buy” rating on shares of Wells Fargo & Co. in a report on Thursday, May 26th. Finally, Evercore ISI restated a “buy” rating and issued a $53.00 price objective on shares of Wells Fargo & Co. in a report on Thursday, May 26th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and nineteen have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $53.66.
The company’s 50-day moving average is $47.62 and its 200-day moving average is $48.64. The firm has a market capitalization of $242.18 billion and a price-to-earnings ratio of 11.84.
Wells Fargo & Co. (NYSE:WFC) last announced its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.01 EPS for the quarter, meeting the consensus estimate of $1.01. The business had revenue of $22.20 billion for the quarter. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period last year, the firm posted $1.03 EPS. Equities research analysts forecast that Wells Fargo & Co. will post $4.03 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Friday, August 5th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.17%.
In other Wells Fargo & Co. news, Director James H. Quigley acquired 2,000 shares of the firm’s stock in a transaction on Tuesday, May 3rd. The stock was acquired at an average cost of $49.97 per share, for a total transaction of $99,940.00. Following the purchase, the director now owns 2,150 shares in the company, valued at approximately $107,435.50. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Several institutional investors have recently bought and sold shares of WFC. Meridian Investment Counsel Inc. boosted its position in Wells Fargo & Co. by 18.7% in the fourth quarter. Meridian Investment Counsel Inc. now owns 18,423 shares of the financial services provider’s stock valued at $1,001,000 after buying an additional 2,900 shares in the last quarter. Shikiar Asset Management Inc. raised its stake in shares of Wells Fargo & Co. by 20.3% in the fourth quarter. Shikiar Asset Management Inc. now owns 18,925 shares of the financial services provider’s stock valued at $1,029,000 after buying an additional 3,200 shares during the last quarter. Bronfman E.L. Rothschild L.P. bought a new stake in shares of Wells Fargo & Co. during the fourth quarter valued at approximately $1,063,000. Investors Asset Management of Georgia Inc. GA ADV raised its stake in shares of Wells Fargo & Co. by 0.9% in the fourth quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 19,646 shares of the financial services provider’s stock valued at $1,068,000 after buying an additional 176 shares during the last quarter. Finally, Baldwin Investment Management LLC raised its stake in shares of Wells Fargo & Co. by 2.5% in the fourth quarter. Baldwin Investment Management LLC now owns 19,846 shares of the financial services provider’s stock valued at $1,079,000 after buying an additional 486 shares during the last quarter.
Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.
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