Wells Fargo & Co (NYSE:WFC) issued its earnings results on Tuesday. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.14, RTT News reports. The business had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $20.95 billion. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the business posted $0.98 EPS.
NYSE WFC opened at $45.21 on Thursday. Wells Fargo & Co has a 1-year low of $43.02 and a 1-year high of $59.53. The stock has a market cap of $203.59 billion, a P/E ratio of 10.32, a P/E/G ratio of 0.87 and a beta of 1.08. The company has a 50 day moving average price of $46.32. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36.
Wells Fargo & Co declared that its board has authorized a stock repurchase plan on Thursday, June 27th that permits the company to repurchase $23.10 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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 stock was sold at an average price of $46.51, for a total value of $1,316,419.04. Following the completion of the transaction, the insider now directly owns 3,066 shares of the company’s stock, valued at approximately $142,599.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.08% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WFC. Daily Journal Corp increased its stake in Wells Fargo & Co by 9,900.0% in the 2nd quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock valued at $75,324,000 after purchasing an additional 157,588,200 shares in the last quarter. Norges Bank acquired a new stake in Wells Fargo & Co during the 4th quarter valued at $2,004,580,000. Standard Life Aberdeen plc grew its holdings in Wells Fargo & Co by 75.7% during the 4th quarter. Standard Life Aberdeen plc now owns 6,606,543 shares of the financial services provider’s stock valued at $300,795,000 after buying an additional 2,847,214 shares during the last quarter. Geode Capital Management LLC grew its holdings in Wells Fargo & Co by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock valued at $2,375,189,000 after buying an additional 2,114,810 shares during the last quarter. Finally, Thoroughbred Financial Services LLC grew its holdings in Wells Fargo & Co by 4,699.3% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,844,403 shares of the financial services provider’s stock valued at $184,440,000 after buying an additional 1,805,972 shares during the last quarter. 75.32% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on WFC. BMO Capital Markets cut their target price on Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a research note on Wednesday. Wolfe Research downgraded Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. Goldman Sachs Group downgraded Encana to a “buy” rating in a research note on Friday, April 12th. Macquarie set a €13.00 ($15.12) target price on Deutsche Telekom and gave the stock a “sell” rating in a research note on Wednesday. Finally, Keefe, Bruyette & Woods downgraded Wells Fargo & Co from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $58.00 to $50.00 in a research note on Sunday, March 31st. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $51.23.
Wells Fargo & Co Company Profile
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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