Traders Buy Shares of Wells Fargo & Company (WFC) on Weakness
Traders purchased shares of Wells Fargo & Company (NYSE:WFC) on weakness during trading hours on Tuesday. $341.36 million flowed into the stock on the tick-up and $189.88 million flowed out of the stock on the tick-down, for a money net flow of $151.48 million into the stock. Of all companies tracked, Wells Fargo & had the highest net in-flow for the day. Wells Fargo & traded down ($0.87) for the day and closed at $50.10
A number of equities research analysts have recently weighed in on the stock. Evercore ISI dropped their price target on shares of Wells Fargo & from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Friday, May 12th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $62.00 price target on shares of Wells Fargo & in a research report on Friday, June 23rd. BidaskClub upgraded shares of Wells Fargo & from a “sell” rating to a “hold” rating in a research report on Thursday, June 29th. Vetr upgraded shares of Wells Fargo & from a “hold” rating to a “buy” rating and set a $55.95 price target for the company in a research report on Monday, June 26th. Finally, Instinet reiterated a “buy” rating and issued a $64.00 price target on shares of Wells Fargo & in a research report on Wednesday, July 12th. Six equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Wells Fargo & has an average rating of “Hold” and an average price target of $55.83.
The firm has a market cap of $246.24 billion, a P/E ratio of 12.218 and a beta of 0.96. The firm has a 50 day moving average of $52.70 and a 200 day moving average of $54.35.
Wells Fargo & (NYSE:WFC) last issued its 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. The company had revenue of $22.20 billion for the quarter, compared to analysts’ expectations of $22.23 billion. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The firm’s revenue was up .2% compared to the same quarter last year. During the same quarter last year, the company earned $1.01 EPS. Equities analysts forecast that Wells Fargo & Company will post $4.17 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 4th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date was Wednesday, August 2nd. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s dividend payout ratio (DPR) is presently 38.42%.
Wells Fargo & announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that permits the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
In other Wells Fargo & news, insider David M. Carroll sold 27,582 shares of the firm’s stock in a transaction 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 SEC, which is available at the SEC website. Also, insider Petros G. Pelos sold 24,708 shares of the firm’s stock in a transaction 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. 0.22% of the stock is owned by company insiders.
A number of institutional investors have recently made changes to their positions in WFC. Delphi Private Advisors LLC grew its holdings in Wells Fargo & by 262.8% in the 2nd quarter. Delphi Private Advisors LLC now owns 2,017 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 1,461 shares during the last quarter. Alexandria Capital LLC grew its holdings in Wells Fargo & by 0.3% in the 1st quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock worth $102,000 after acquiring an additional 6 shares during the last quarter. Brick & Kyle Associates grew its holdings in Wells Fargo & by 9.5% in the 1st quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 162 shares during the last quarter. Stelac Advisory Services LLC bought a new stake in Wells Fargo & in the 2nd quarter worth $104,000. Finally, Patriot Financial Group Insurance Agency LLC grew its holdings in Wells Fargo & by 0.3% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock worth $106,000 after acquiring an additional 6 shares during the last quarter. 75.19% of the stock is currently owned by institutional investors and hedge funds.
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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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