Wells Fargo & Co (WFC) Posts Quarterly Earnings Results

Wells Fargo & Co (NYSE:WFC) announced its quarterly earnings results on Friday. The financial services provider reported $0.97 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $22.05 billion during the quarter, compared to analyst estimates of $22.64 billion. During the same quarter in the previous year, the business posted $0.96 EPS. Wells Fargo & Co’s revenue for the quarter was up 2.2% compared to the same quarter last year.

Shares of Wells Fargo & Co (WFC) traded down $0.46 during trading hours on Friday, reaching $62.55. 25,882,911 shares of the company were exchanged, compared to its average volume of 20,380,000. The company has a market capitalization of $308,240.00, a PE ratio of 15.15, a price-to-earnings-growth ratio of 1.65 and a beta of 0.96. Wells Fargo & Co has a 1 year low of $49.27 and a 1 year high of $63.67. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 1.32.

WFC has been the topic of several analyst reports. Instinet restated a “buy” rating and issued a $65.00 price target (up previously from $64.00) on shares of Wells Fargo & Co in a research note on Saturday, September 30th. Nomura raised their price target on shares of Wells Fargo & Co from $64.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, September 28th. Citigroup restated a “buy” rating and issued a $65.00 price target (up previously from $60.00) on shares of Wells Fargo & Co in a research note on Monday, October 9th. Robert W. Baird restated a “buy” rating and issued a $58.00 price target on shares of Wells Fargo & Co in a research note on Friday, October 6th. Finally, Goldman Sachs Group restated a “buy” rating on shares of Wells Fargo & Co in a research note on Wednesday, October 11th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the company. Wells Fargo & Co currently has an average rating of “Hold” and an average target price of $60.89.

In related news, VP Richard Levy sold 97,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $56.47, for a total transaction of $5,477,590.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael J. Loughlin sold 17,482 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $57.80, for a total transaction of $1,010,459.60. The disclosure for this sale can be found here. Insiders have sold 184,482 shares of company stock valued at $10,471,050 over the last 90 days. 0.22% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of WFC. Stelac Advisory Services LLC acquired a new position in Wells Fargo & Co in the 2nd quarter worth approximately $104,000. Patriot Financial Group Insurance Agency LLC boosted its stake in Wells Fargo & Co 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 purchasing an additional 6 shares during the period. Clear Investment Research LLC acquired a new position in Wells Fargo & Co in the 2nd quarter worth approximately $121,000. Westside Investment Management Inc. boosted its stake in Wells Fargo & Co by 63.9% in the 2nd quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock worth $127,000 after purchasing an additional 891 shares during the period. Finally, BKS Advisors LLC acquired a new position in Wells Fargo & Co in the 3rd quarter worth approximately $143,000. Hedge funds and other institutional investors 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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