Shares of Wells Fargo & Co (NYSE:WFC) were down 0.4% during mid-day trading on Friday . The company traded as low as $44.85 and last traded at $45.09. Approximately 305,841 shares were traded during mid-day trading, a decline of 98% from the average daily volume of 16,532,211 shares. The stock had previously closed at $45.29.
A number of analysts have recently issued reports on WFC shares. Deutsche Bank reduced their price target on shares of Wells Fargo & Co from $54.00 to $48.00 and set a “hold” rating for the company in a research report on Monday, April 15th. Atlantic Securities lowered shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price target for the company. in a research report on Tuesday. Raymond James raised shares of Wells Fargo & Co from an “underperform” rating to a “market perform” rating and set a $50.08 price target for the company in a research report on Friday, March 29th. Barclays reduced their price target on shares of Wells Fargo & Co from $64.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, April 15th. Finally, Goldman Sachs Group lowered shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $58.00 to $48.00 in a research report on Friday, April 12th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $55.39.
The stock has a market cap of $201.84 billion, a price-to-earnings ratio of 10.31, a P/E/G ratio of 0.85 and a beta of 1.09. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.87 and a current ratio of 0.88.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.12. The firm had revenue of $21.61 billion for the quarter, compared to analyst estimates of $20.89 billion. Wells Fargo & Co had a net margin of 22.59% and a return on equity of 13.37%. During the same quarter last year, the firm earned $0.96 earnings per share. As a group, equities analysts predict that Wells Fargo & Co will post 4.73 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Friday, May 10th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 3.99%. The ex-dividend date was Thursday, May 9th. Wells Fargo & Co’s payout ratio is presently 41.10%.
In related news, insider Petros G. Pelos sold 28,304 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the transaction, the insider now owns 3,066 shares of the company’s stock, valued at $142,599.66. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.08% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Orrstown Financial Services Inc. grew its stake in shares of Wells Fargo & Co by 125.9% in the first quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 287 shares during the last quarter. Horan Capital Advisors LLC. acquired a new stake in shares of Wells Fargo & Co in the first quarter worth $27,000. Brand Asset Management Group Inc. grew its stake in shares of Wells Fargo & Co by 96.8% in the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 242 shares during the last quarter. Nalls Sherbakoff Group LLC acquired a new stake in shares of Wells Fargo & Co in the fourth quarter worth $32,000. Finally, Roble Belko & Company Inc grew its stake in shares of Wells Fargo & Co by 46.1% in the first quarter. Roble Belko & Company Inc now owns 691 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 218 shares during the last quarter. 75.38% of the stock is currently owned by hedge funds and other institutional investors.
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About Wells Fargo & Co (NYSE:WFC)
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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