Investors Sell Wells Fargo & Co. (WFC) on Strength (WFC)
Investors sold shares of Wells Fargo & Co. (NYSE:WFC) on strength during trading hours on Wednesday. $106.94 million flowed into the stock on the tick-up and $165.58 million flowed out of the stock on the tick-down, for a money net flow of $58.64 million out of the stock. Of all equities tracked, Wells Fargo & Co. had the 0th highest net out-flow for the day. Wells Fargo & Co. traded up $0.03 for the day and closed at $48.00
A number of brokerages recently weighed in on WFC. Vetr upgraded shares of Wells Fargo & Co. from a “hold” rating to a “buy” rating and set a $50.19 target price for the company in a report on Wednesday. RBC Capital Markets restated a “buy” rating and set a $54.00 target price (down from $57.00) on shares of Wells Fargo & Co. in a report on Tuesday, July 19th. Credit Suisse Group AG restated a “buy” rating on shares of Wells Fargo & Co. in a report on Monday, July 18th. JPMorgan Chase & Co. restated a “buy” rating on shares of Wells Fargo & Co. in a report on Monday, July 18th. Finally, Drexel Hamilton restated a “buy” rating on shares of Wells Fargo & Co. in a report on Monday, July 18th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and twenty have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $53.68.
The company’s 50-day moving average price is $47.56 and its 200-day moving average price is $48.63. The stock has a market cap of $242.33 billion and a PE ratio of 11.85.
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, meeting analysts’ consensus estimates of $1.01. The firm earned $22.20 billion during the quarter. During the same period in the prior year, the company posted $1.03 EPS. Wells Fargo & Co.’s revenue was up 4.0% on a year-over-year basis. Equities research analysts predict that Wells Fargo & Co. will post $4.03 EPS for the current year.
The company 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 $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date is Wednesday, August 3rd.
In other news, Director James H. Quigley purchased 2,000 shares of the business’s stock in a transaction on Tuesday, May 3rd. The stock was purchased at an average price of $49.97 per share, for a total transaction of $99,940.00. Following the completion of the purchase, the director now directly owns 2,150 shares in the company, valued at approximately $107,435.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Other hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Wells Fargo & Co. by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 274,621,069 shares of the financial services provider’s stock worth $14,928,402,000 after buying an additional 4,893,739 shares in the last quarter. Diamond Hill Capital Management Inc. raised its position in shares of Wells Fargo & Co. by 40,021.7% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,881,306 shares of the financial services provider’s stock valued at $102,268,000 after buying an additional 1,876,617 shares during the last quarter. State Treasurer State of Michigan raised its position in shares of Wells Fargo & Co. by 26.6% in the fourth quarter. State Treasurer State of Michigan now owns 7,875,034 shares of the financial services provider’s stock valued at $428,087,000 after buying an additional 1,654,400 shares during the last quarter. BHF Kleinwort Benson Group S.A. bought a new position in shares of Wells Fargo & Co. during the fourth quarter valued at $63,517,000. Finally, Dimensional Fund Advisors LP raised its position in shares of Wells Fargo & Co. by 4.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 15,991,108 shares of the financial services provider’s stock valued at $869,373,000 after buying an additional 631,447 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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