Wells Fargo & Co (NYSE:WFC) released its quarterly earnings data on Tuesday. The financial services provider reported $1.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.14, RTT News reports. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The company had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $20.95 billion. During the same quarter last year, the business posted $0.98 EPS. Wells Fargo & Co’s revenue for the quarter was up .1% on a year-over-year basis.
WFC stock opened at $45.82 on Friday. The firm has a market cap of $203.59 billion, a P/E ratio of 10.46, a P/E/G ratio of 0.87 and a beta of 1.08. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87. Wells Fargo & Co has a 52-week low of $43.02 and a 52-week high of $59.53. The company’s 50-day moving average is $46.33.
In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of Wells Fargo & Co stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the completion of the transaction, the insider now owns 3,066 shares in the company, valued at approximately $142,599.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.08% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the business. Brand Asset Management Group Inc. boosted its stake in shares of Wells Fargo & Co by 96.8% in the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after buying an additional 242 shares during the last quarter. Orrstown Financial Services Inc. raised its holdings in shares of Wells Fargo & Co by 125.9% in the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 287 shares during the period. Evolution Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Co in the 2nd quarter worth approximately $25,000. Horan Capital Advisors LLC. bought a new stake in shares of Wells Fargo & Co in the 1st quarter worth approximately $27,000. Finally, Nalls Sherbakoff Group LLC bought a new stake in shares of Wells Fargo & Co in the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 75.32% of the company’s stock.
Wells Fargo & Co declared that its board has initiated a share repurchase plan on Thursday, June 27th that authorizes the company to buyback $23.10 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.
Several research firms recently weighed in on WFC. Bank of America reissued a “hold” rating and set a $212.00 price objective on shares of Goldman Sachs Group in a report on Monday, April 15th. Deutsche Bank reaffirmed a “buy” rating and set a $24.00 target price on shares of ABB in a research report on Tuesday, May 21st. Barclays raised their target price on Zimmer Biomet from $113.00 to $117.00 and gave the stock an “underweight” rating in a research report on Monday, April 15th. Goldman Sachs Group lowered Encana to a “buy” rating in a research report on Friday, April 12th. Finally, Zacks Investment Research lowered Green Plains from a “hold” rating to a “strong sell” rating in a research report on Thursday, June 27th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned 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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