Jefferies Group Research Analysts Cut Earnings Estimates for Wells Fargo (WFC)
Wells Fargo (NYSE:WFC) – Stock analysts at Jefferies Group decreased their Q2 2018 earnings per share (EPS) estimates for shares of Wells Fargo in a note issued to investors on Sunday, April 15th. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will post earnings per share of $1.09 for the quarter, down from their prior forecast of $1.12.
Wells Fargo (NYSE:WFC) last released its quarterly earnings data on Friday, April 13th. The financial services provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.05. Wells Fargo had a return on equity of 12.44% and a net margin of 22.80%. The company had revenue of $21.93 billion for the quarter, compared to analyst estimates of $21.74 billion. During the same period in the prior year, the company posted $1.00 EPS. The company’s revenue was down 1.4% compared to the same quarter last year.
NYSE WFC opened at $50.80 on Tuesday. The company has a market cap of $248,228.89, a P/E ratio of 12.36, a price-to-earnings-growth ratio of 1.34 and a beta of 1.13. Wells Fargo has a one year low of $49.27 and a one year high of $66.31. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.86 and a current ratio of 0.88.
Several hedge funds have recently bought and sold shares of the company. Chemical Bank acquired a new position in shares of Wells Fargo in the 4th quarter valued at $265,000. Ackerman Capital Advisors LLC acquired a new position in shares of Wells Fargo in the 4th quarter valued at $202,000. Fairfield Bush & CO. increased its position in shares of Wells Fargo by 6.8% in the 4th quarter. Fairfield Bush & CO. now owns 139,366 shares of the financial services provider’s stock valued at $8,455,000 after buying an additional 8,838 shares in the last quarter. Wagner Wealth Management LLC bought a new stake in shares of Wells Fargo in the 4th quarter valued at $328,000. Finally, D.B. Root & Company LLC bought a new stake in shares of Wells Fargo in the 4th quarter valued at $838,000. 77.29% of the stock is currently owned by institutional investors.
In related news, Director Ronald Sargent purchased 9,000 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were bought at an average price of $55.98 per share, with a total value of $503,820.00. Following the purchase, the director now directly owns 81 shares in the company, valued at approximately $4,534.38. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.09% of the company’s stock.
Wells Fargo announced that its board has approved a share buyback plan on Tuesday, January 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
Wells Fargo Company Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
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