Investors Sell Wells Fargo & Company (NYSE:WFC) on Strength (NYSE:WFC)
Traders sold shares of Wells Fargo & Company (NYSE:WFC) on strength during trading on Wednesday. $95.28 million flowed into the stock on the tick-up and $136.17 million flowed out of the stock on the tick-down, for a money net flow of $40.89 million out of the stock. Of all equities tracked, Wells Fargo & had the 9th highest net out-flow for the day. Wells Fargo & traded up $0.08 for the day and closed at $52.79
A number of research analysts recently issued reports on WFC shares. Evercore ISI decreased their price objective on shares of Wells Fargo & from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday, May 12th. Credit Suisse Group reissued an “outperform” rating and issued a $40.00 price objective (up from $36.00) on shares of Wells Fargo & in a research note on Friday, April 14th. Zacks Investment Research raised shares of Wells Fargo & from a “sell” rating to a “hold” rating in a research note on Monday, July 10th. BidaskClub raised shares of Wells Fargo & from a “sell” rating to a “hold” rating in a research note on Thursday, June 29th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of Wells Fargo & in a research note on Monday, July 3rd. Six investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. Wells Fargo & has a consensus rating of “Hold” and a consensus target price of $55.87.
The firm’s 50-day moving average price is $54.40 and its 200-day moving average price is $55.07. The company has a market cap of $262.20 billion, a PE ratio of 13.00 and a beta of 0.95.
Wells Fargo & (NYSE:WFC) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.05. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The firm had revenue of $22.20 billion during the quarter, compared to analyst estimates of $22.23 billion. During the same period in the previous year, the business posted $1.01 earnings per share. The business’s revenue for the quarter was up .2% on a year-over-year basis. On average, equities analysts anticipate that Wells Fargo & Company will post $4.17 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 4th will be paid a $0.39 dividend. The ex-dividend date is Wednesday, August 2nd. This is a positive change from Wells Fargo &’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.96%. Wells Fargo &’s payout ratio is currently 38.42%.
Wells Fargo & announced that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $11.50 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
In other news, insider David M. Carroll sold 27,582 shares of Wells Fargo & stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $53.28, for a total value of $1,469,568.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Petros G. Pelos sold 24,708 shares of Wells Fargo & stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $54.07, for a total transaction of $1,335,961.56. The disclosure for this sale can be found here. Insiders sold 131,278 shares of company stock valued at $6,940,120 over the last quarter. Company insiders own 0.22% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Delphi Private Advisors LLC raised its stake in shares of Wells Fargo & by 262.8% in the second quarter. Delphi Private Advisors LLC now owns 2,017 shares of the financial services provider’s stock worth $100,000 after buying an additional 1,461 shares in the last quarter. Rocky Mountain Advisers LLC increased its position in Wells Fargo & by 117.6% in the fourth quarter. Rocky Mountain Advisers LLC now owns 1,850 shares of the financial services provider’s stock worth $102,000 after buying an additional 1,000 shares during the last quarter. Alexandria Capital LLC increased its position in Wells Fargo & by 0.3% in the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock worth $102,000 after buying an additional 6 shares during the last quarter. Brick & Kyle Associates increased its position in Wells Fargo & by 9.5% in the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock worth $103,000 after buying an additional 162 shares during the last quarter. Finally, Stelac Advisory Services LLC acquired a new position in Wells Fargo & during the second quarter worth about $104,000. Hedge funds and other institutional investors own 75.85% of the company’s stock.
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About Wells Fargo &
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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