Investors sold shares of Wells Fargo & Company (NYSE:WFC) on strength during trading on Monday. $98.70 million flowed into the stock on the tick-up and $215.91 million flowed out of the stock on the tick-down, for a money net flow of $117.21 million out of the stock. Of all companies tracked, Wells Fargo & had the 0th highest net out-flow for the day. Wells Fargo & traded up $0.10 for the day and closed at $54.27
A number of research analysts have recently commented on the stock. Evercore ISI reduced their target price on shares of Wells Fargo & from $60.00 to $58.00 and set an “outperform” rating on the stock in a research report on Friday, May 12th. Zacks Investment Research raised shares of Wells Fargo & from a “sell” rating to a “hold” rating in a research report on Monday, July 10th. BidaskClub raised shares of Wells Fargo & from a “sell” rating to a “hold” rating in a research report on Thursday, June 29th. Deutsche Bank AG reissued a “buy” rating on shares of Wells Fargo & in a research report on Monday, July 3rd. Finally, Keefe, Bruyette & Woods restated a “buy” rating on shares of Wells Fargo & in a research note on Wednesday. Six investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Wells Fargo & currently has a consensus rating of “Hold” and an average price target of $55.87.
The firm has a market cap of $256.54 billion, a P/E ratio of 12.73 and a beta of 0.95. The firm’s 50-day moving average price is $54.06 and its 200 day moving average price is $54.86. Wells Fargo & also was the target of unusually large options trading on Thursday. Investors purchased 27,464 put options on the stock. This represents an increase of approximately 155% compared to the typical daily volume of 10,758 put options.
Wells Fargo & (NYSE:WFC) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.05. The business had revenue of $22.20 billion for the quarter, compared to analyst estimates of $22.23 billion. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The company’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 earnings per share. Analysts forecast that Wells Fargo & Company will post $4.17 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 4th will be issued a $0.39 dividend. The ex-dividend date is Wednesday, August 2nd. This represents a $1.56 annualized dividend and a yield of 3.02%. This is a positive change from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s dividend payout ratio is presently 38.42%.
Wells Fargo & declared that its Board of Directors has initiated a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
In other news, insider Michael J. Loughlin sold 20,000 shares of the stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $52.16, for a total value of $1,043,200.00. Following the completion of the sale, the insider now directly owns 7 shares of the company’s stock, valued at $365.12. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mary T. Mack sold 38,988 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $52.58, for a total value of $2,049,989.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 131,278 shares of company stock worth $6,940,120. Corporate insiders own 0.22% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Boston Partners increased its stake in shares of Wells Fargo & by 140.1% in the second quarter. Boston Partners now owns 19,088,621 shares of the financial services provider’s stock worth $1,057,700,000 after buying an additional 11,139,780 shares during the last quarter. Capital World Investors increased its stake in shares of Wells Fargo & by 10.8% in the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock worth $6,192,259,000 after buying an additional 10,927,679 shares during the last quarter. Capital Research Global Investors increased its stake in shares of Wells Fargo & by 19.7% in the second quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock worth $2,511,614,000 after buying an additional 7,445,414 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Wells Fargo & by 26.7% in the second quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock worth $1,653,464,000 after buying an additional 6,291,906 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of Wells Fargo & by 396.3% in the second quarter. Janus Henderson Group PLC now owns 5,894,918 shares of the financial services provider’s stock worth $326,655,000 after buying an additional 4,707,207 shares during the last quarter. 76.05% of the stock is owned by institutional investors.
About Wells Fargo &
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.
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