Investors Buy Shares of Wells Fargo & Co (WFC) on Weakness

Traders bought shares of Wells Fargo & Co (NYSE:WFC) on weakness during trading on Thursday. $135.20 million flowed into the stock on the tick-up and $89.25 million flowed out of the stock on the tick-down, for a money net flow of $45.95 million into the stock. Of all equities tracked, Wells Fargo & Co had the 16th highest net in-flow for the day. Wells Fargo & Co traded down ($0.11) for the day and closed at $52.43

WFC has been the subject of several research analyst reports. Edward Jones raised Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Monday, September 17th. Macquarie lowered their price objective on Wells Fargo & Co from $63.00 to $62.00 and set a “neutral” rating for the company in a research report on Monday, September 17th. UBS Group set a $63.00 price objective on Wells Fargo & Co and gave the stock a “buy” rating in a research report on Friday, September 28th. Zacks Investment Research lowered Wells Fargo & Co from a “hold” rating to a “sell” rating in a research report on Tuesday, September 18th. Finally, Wolfe Research initiated coverage on Wells Fargo & Co in a research report on Tuesday, September 25th. They issued an “outperform” rating for the company. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $63.79.

The stock has a market cap of $256.28 billion, a P/E ratio of 12.76, a PEG ratio of 1.05 and a beta of 1.01. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.87 and a quick ratio of 0.86.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Friday, October 12th. The financial services provider reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. The firm had revenue of $21.94 billion during the quarter, compared to the consensus estimate of $21.90 billion. Equities analysts predict that Wells Fargo & Co will post 4.5 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Friday, November 9th will be issued a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Thursday, November 8th. Wells Fargo & Co’s dividend payout ratio is currently 41.85%.

Wells Fargo & Co announced that its Board of Directors has approved a share repurchase program on Tuesday, October 23rd that authorizes the company to buyback 350,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Institutional investors and hedge funds have recently modified their holdings of the business. Rothschild Asset Management Inc. increased its holdings in Wells Fargo & Co by 1.0% during the 2nd quarter. Rothschild Asset Management Inc. now owns 589,885 shares of the financial services provider’s stock worth $32,703,000 after purchasing an additional 5,584 shares in the last quarter. Commonwealth Bank of Australia increased its holdings in Wells Fargo & Co by 15.3% during the 2nd quarter. Commonwealth Bank of Australia now owns 748,401 shares of the financial services provider’s stock worth $41,434,000 after purchasing an additional 99,137 shares in the last quarter. Berkshire Asset Management LLC PA increased its holdings in Wells Fargo & Co by 3.3% during the 3rd quarter. Berkshire Asset Management LLC PA now owns 507,054 shares of the financial services provider’s stock worth $26,651,000 after purchasing an additional 16,315 shares in the last quarter. R. G. Niederhoffer Capital Management Inc. bought a new stake in Wells Fargo & Co during the 2nd quarter worth approximately $1,308,000. Finally, Colony Group LLC increased its holdings in Wells Fargo & Co by 76.3% during the 2nd quarter. Colony Group LLC now owns 54,576 shares of the financial services provider’s stock worth $3,026,000 after purchasing an additional 23,621 shares in the last quarter. 75.50% of the stock is owned by hedge funds and other institutional investors.

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Wells Fargo & Co Company Profile (NYSE:WFC)

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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