Investors Buy Shares of Wells Fargo & Co. (WFC) on Weakness
Traders bought shares of Wells Fargo & Co. (NYSE:WFC) on weakness during trading on Friday. $171.50 million flowed into the stock on the tick-up and $63.37 million flowed out of the stock on the tick-down, for a money net flow of $108.13 million into the stock. Of all stocks tracked, Wells Fargo & Co. had the 6th highest net in-flow for the day. Wells Fargo & Co. traded down ($0.16) for the day and closed at $47.97
WFC has been the subject of a number of recent research reports. Evercore ISI lowered their target price on Wells Fargo & Co. from $55.00 to $53.00 and set a “buy” rating for the company in a report on Friday, April 1st. Guggenheim cut Wells Fargo & Co. from a “buy” rating to a “neutral” rating in a report on Wednesday, April 6th. Zacks Investment Research cut Wells Fargo & Co. from a “hold” rating to a “sell” rating in a report on Thursday, April 7th. Sandler O’Neill cut Wells Fargo & Co. from a “buy” rating to a “hold” rating and decreased their price target for the company from $55.00 to $51.00 in a research note on Monday, April 11th. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $59.00 price target on shares of Wells Fargo & Co. in a research note on Wednesday, April 13th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and twenty have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $53.68.
The company has a market capitalization of $242.18 billion and a P/E ratio of 11.84. The firm’s 50-day moving average is $47.47 and its 200 day moving average is $48.61.
Wells Fargo & Co. (NYSE:WFC) last released its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.01. The business earned $22.20 billion during the quarter. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.03 earnings per share. On average, equities analysts anticipate that Wells Fargo & Co. will post $4.03 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Friday, August 5th will be given a $0.38 dividend. The ex-dividend date is Wednesday, August 3rd. 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 stock in a transaction that occurred on Tuesday, May 3rd. The shares were acquired at an average cost of $49.97 per share, with a total value of $99,940.00. Following the transaction, the director now owns 2,150 shares of the company’s stock, valued at approximately $107,435.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
A number of institutional investors have added to or reduced their stakes in WFC. Numeric Investors LLC boosted its position in Wells Fargo & Co. by 105.3% in the fourth quarter. Numeric Investors LLC now owns 499,700 shares of the financial services provider’s stock valued at $27,164,000 after buying an additional 256,300 shares during the period. Bank Pictet & Cie Asia Ltd. boosted its position in Wells Fargo & Co. by 9.0% in the fourth quarter. Bank Pictet & Cie Asia Ltd. now owns 81,742 shares of the financial services provider’s stock valued at $4,443,000 after buying an additional 6,750 shares during the period. Park National boosted its position in Wells Fargo & Co. by 7.7% in the fourth quarter. Park National now owns 171,944 shares of the financial services provider’s stock valued at $9,347,000 after buying an additional 12,337 shares during the period. Kornitzer Capital Management Inc. KS boosted its position in Wells Fargo & Co. by 20.5% in the fourth quarter. Kornitzer Capital Management Inc. KS now owns 172,120 shares of the financial services provider’s stock valued at $9,356,000 after buying an additional 29,300 shares during the period. Finally, Huntington National Bank boosted its position in Wells Fargo & Co. by 0.6% in the fourth quarter. Huntington National Bank now owns 952,885 shares of the financial services provider’s stock valued at $51,798,000 after buying an additional 5,456 shares during the period.
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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