Traders Buy Shares of Wells Fargo & Co. (WFC) on Weakness
Traders purchased shares of Wells Fargo & Co. (NYSE:WFC) on weakness during trading on Thursday. $111.39 million flowed into the stock on the tick-up and $60.01 million flowed out of the stock on the tick-down, for a money net flow of $51.38 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 ($0.08) for the day and closed at $48.53
A number of research firms have recently commented on WFC. Vetr downgraded Wells Fargo & Co. from a “buy” rating to a “hold” rating and set a $49.02 price objective on the stock. in a report on Monday, August 1st. RBC Capital Markets restated a “buy” rating and set a $54.00 price target (down previously from $57.00) on shares of Wells Fargo & Co. in a research note on Tuesday, July 19th. Credit Suisse Group AG restated a “buy” rating on shares of Wells Fargo & Co. in a research note on Monday, July 18th. JPMorgan Chase & Co. restated a “buy” rating on shares of Wells Fargo & Co. in a research note on Monday, July 18th. Finally, Drexel Hamilton restated a “buy” rating on shares of Wells Fargo & Co. in a research note on Monday, July 18th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eighteen have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $53.34.
The stock has a market capitalization of $245.47 billion and a PE ratio of 12.01. The stock’s 50 day moving average price is $48.06 and its 200-day moving average price is $48.53.
Wells Fargo & Co. (NYSE:WFC) last announced its quarterly earnings results on Friday, July 15th. The financial services provider reported $1.01 EPS for the quarter, hitting analysts’ consensus estimates of $1.01. The business had revenue of $22.20 billion for the quarter. During the same period last year, the company posted $1.03 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, analysts forecast that Wells Fargo & Co. will post $4.04 EPS for the current year.
The firm also recently declared 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 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date is Wednesday, August 3rd.
In other Wells Fargo & Co. news, COO Timothy J. Sloan sold 20,500 shares of the firm’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $48.92, for a total transaction of $1,002,860.00. Following the completion of the transaction, the chief operating officer now owns 650,815 shares in the company, valued at $31,837,869.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.
A number of hedge funds and institutional investors have made changes to their positions in WFC. Motco boosted its position in shares of Wells Fargo & Co. by 358.3% in the fourth quarter. Motco now owns 58,862 shares of the financial services provider’s stock worth $3,200,000 after buying an additional 46,019 shares in the last quarter. WESPAC Advisors LLC boosted its position in Wells Fargo & Co. by 2.5% in the fourth quarter. WESPAC Advisors LLC now owns 31,265 shares of the financial services provider’s stock worth $1,700,000 after buying an additional 754 shares during the period. Liberty Mutual Group Asset Management Inc. boosted its position in Wells Fargo & Co. by 89.2% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 277,018 shares of the financial services provider’s stock worth $15,058,000 after buying an additional 130,589 shares during the period. Mawer Investment Management Ltd. boosted its position in Wells Fargo & Co. by 9.1% in the fourth quarter. Mawer Investment Management Ltd. now owns 3,819,253 shares of the financial services provider’s stock worth $207,604,000 after buying an additional 317,985 shares during the period. Finally, Commerzbank Aktiengesellschaft FI boosted its position in Wells Fargo & Co. by 46.2% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 553,744 shares of the financial services provider’s stock worth $30,102,000 after buying an additional 174,984 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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