Wells Fargo & Co (WFC) Posts Earnings Results

Wells Fargo & Co (NYSE:WFC) released its quarterly earnings results on Friday. The financial services provider reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07), Morningstar.com reports. Wells Fargo & Co had a net margin of 22.00% and a return on equity of 12.59%. The company had revenue of $22.05 billion during the quarter, compared to the consensus estimate of $22.64 billion. During the same quarter last year, the firm posted $0.96 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis.

Shares of Wells Fargo & Co (NYSE WFC) traded down $0.46 during trading on Friday, hitting $62.55. The company had a trading volume of 25,882,911 shares, compared to its average volume of 20,510,000. Wells Fargo & Co has a 52 week low of $49.27 and a 52 week high of $63.67. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 1.32. The company has a market cap of $308,240.00, a price-to-earnings ratio of 16.16, a price-to-earnings-growth ratio of 1.66 and a beta of 0.96.

A number of equities research analysts have commented on WFC shares. UBS Group reiterated a “neutral” rating and issued a $56.00 price target (down previously from $59.00) on shares of Wells Fargo & Co in a research report on Friday, September 15th. Vetr upgraded Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $53.07 price target on the stock in a research report on Monday, September 18th. Zacks Investment Research lowered Wells Fargo & Co from a “hold” rating to a “sell” rating in a research report on Monday, September 18th. Nomura upped their price target on Wells Fargo & Co from $64.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, September 28th. Finally, Instinet reiterated a “buy” rating and issued a $65.00 price target (up previously from $64.00) on shares of Wells Fargo & Co in a research report on Saturday, September 30th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and sixteen have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $61.02.

In other Wells Fargo & Co news, VP Richard Levy sold 97,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $56.47, for a total value of $5,477,590.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John R. Shrewsberry sold 70,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $56.90, for a total value of $3,983,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 184,482 shares of company stock worth $10,471,050. 0.22% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the business. Rockland Trust Co. boosted its holdings in Wells Fargo & Co by 0.6% in the second quarter. Rockland Trust Co. now owns 316,530 shares of the financial services provider’s stock worth $17,539,000 after acquiring an additional 1,856 shares in the last quarter. Heartland Advisors Inc. raised its stake in shares of Wells Fargo & Co by 3.9% in the second quarter. Heartland Advisors Inc. now owns 272,548 shares of the financial services provider’s stock worth $15,102,000 after purchasing an additional 10,318 shares during the last quarter. Eagle Global Advisors LLC raised its stake in shares of Wells Fargo & Co by 1.8% in the second quarter. Eagle Global Advisors LLC now owns 119,625 shares of the financial services provider’s stock worth $6,628,000 after purchasing an additional 2,172 shares during the last quarter. New Jersey Better Educational Savings Trust raised its stake in shares of Wells Fargo & Co by 10.0% in the second quarter. New Jersey Better Educational Savings Trust now owns 33,000 shares of the financial services provider’s stock worth $1,829,000 after purchasing an additional 3,000 shares during the last quarter. Finally, Sage Capital Advisors llc purchased a new stake in shares of Wells Fargo & Co in the second quarter worth approximately $2,423,000. Institutional investors and hedge funds own 75.70% of the company’s stock.

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About Wells Fargo & Co

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.

Earnings History for Wells Fargo & Co (NYSE:WFC)

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