Investors purchased shares of Wells Fargo (NYSE:WFC) on weakness during trading hours on Thursday. $339.31 million flowed into the stock on the tick-up and $257.15 million flowed out of the stock on the tick-down, for a money net flow of $82.16 million into the stock. Of all equities tracked, Wells Fargo had the 26th highest net in-flow for the day. Wells Fargo traded down ($2.26) for the day and closed at $52.53
WFC has been the subject of several recent research reports. Morgan Stanley lifted their price objective on Wells Fargo from $72.00 to $75.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Keefe, Bruyette & Woods lowered Wells Fargo from an “outperform” rating to a “market perform” rating and set a $63.00 price objective for the company. in a report on Sunday, February 4th. Nomura decreased their price objective on Wells Fargo from $79.00 to $76.00 and set a “buy” rating for the company in a report on Monday, February 5th. BMO Capital Markets reissued a “hold” rating and issued a $60.00 price objective on shares of Wells Fargo in a report on Monday, February 5th. Finally, Citigroup lowered Wells Fargo from a “buy” rating to a “neutral” rating and set a $65.00 price objective for the company. in a report on Monday, February 5th. Six analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $62.90.
The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90. The company has a market capitalization of $267,788.69, a price-to-earnings ratio of 12.91, a price-to-earnings-growth ratio of 1.44 and a beta of 1.08.
Wells Fargo (NYSE:WFC) last issued its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.07). Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The business had revenue of $22.05 billion for the quarter, compared to analysts’ expectations of $22.64 billion. During the same period in the previous year, the firm posted $0.96 EPS. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. sell-side analysts predict that Wells Fargo will post 4.72 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.97%. The ex-dividend date was Thursday, February 1st. Wells Fargo’s payout ratio is 38.33%.
Wells Fargo declared that its Board of Directors has approved a stock buyback program on Tuesday, January 23rd that allows the company to buyback 350,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
In other Wells Fargo news, Director Ronald Sargent acquired 9,000 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was bought at an average price of $55.98 per share, with a total value of $503,820.00. Following the completion of the acquisition, the director now owns 81 shares of the company’s stock, valued at $4,534.38. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.22% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of WFC. Beach Investment Management LLC. bought a new stake in Wells Fargo in the 2nd quarter worth approximately $1,010,000. Mirador Capital Partners LP lifted its position in Wells Fargo by 7.9% in the 2nd quarter. Mirador Capital Partners LP now owns 51,322 shares of the financial services provider’s stock worth $2,712,000 after buying an additional 3,766 shares during the last quarter. Flippin Bruce & Porter Inc. lifted its position in Wells Fargo by 3.4% in the 2nd quarter. Flippin Bruce & Porter Inc. now owns 158,241 shares of the financial services provider’s stock worth $8,768,000 after buying an additional 5,215 shares during the last quarter. Patriot Financial Group Insurance Agency LLC lifted its position 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 buying an additional 6 shares during the last quarter. Finally, Sullivan Bruyette Speros & Blaney LLC lifted its position in Wells Fargo by 3.5% in the 2nd quarter. Sullivan Bruyette Speros & Blaney LLC now owns 9,115 shares of the financial services provider’s stock worth $505,000 after buying an additional 306 shares during the last quarter. 77.32% of the stock is owned by institutional investors.
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About Wells Fargo
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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