Wells Fargo & Co (NYSE:WFC) – Investment analysts at Piper Jaffray Companies lowered their Q3 2019 earnings per share (EPS) estimates for shares of Wells Fargo & Co in a research report issued to clients and investors on Monday, September 9th. Piper Jaffray Companies analyst K. Barker now anticipates that the financial services provider will post earnings per share of $1.14 for the quarter, down from their previous estimate of $1.19. Piper Jaffray Companies also issued estimates for Wells Fargo & Co’s Q1 2020 earnings at $1.00 EPS, Q2 2020 earnings at $1.13 EPS, Q3 2020 earnings at $1.32 EPS and FY2020 earnings at $4.65 EPS.
A number of other equities analysts also recently issued reports on WFC. Deutsche Bank set a $44.00 price objective on Wells Fargo & Co and gave the stock a “hold” rating in a research report on Friday, July 26th. Zacks Investment Research downgraded shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 target price for the company. in a research report on Thursday, June 27th. Wolfe Research lowered shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. Atlantic Securities downgraded shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price target on the stock. in a research report on Tuesday, June 11th. Finally, Odeon Capital Group raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Five research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $51.00.
Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.14. The business had revenue of $21.58 billion during the quarter, compared to analyst estimates of $20.95 billion. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. Wells Fargo & Co’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the company earned $0.98 EPS.
Large investors have recently bought and sold shares of the business. Coastal Capital Group Inc. bought a new stake in shares of Wells Fargo & Co during the second quarter valued at approximately $78,000. Cibc Bank USA grew its position in Wells Fargo & Co by 15.4% in the 2nd quarter. Cibc Bank USA now owns 28,181 shares of the financial services provider’s stock valued at $1,334,000 after purchasing an additional 3,756 shares during the period. Harrington Investments INC acquired a new stake in Wells Fargo & Co in the 1st quarter valued at $203,000. Assenagon Asset Management S.A. increased its stake in Wells Fargo & Co by 72.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 34,115 shares of the financial services provider’s stock valued at $1,648,000 after purchasing an additional 14,291 shares in the last quarter. Finally, Ballentine Partners LLC increased its stake in Wells Fargo & Co by 16.3% during the 2nd quarter. Ballentine Partners LLC now owns 22,787 shares of the financial services provider’s stock valued at $1,078,000 after purchasing an additional 3,193 shares in the last quarter. Institutional investors and hedge funds own 75.40% of the company’s stock.
Wells Fargo & Co declared that its board has authorized a share repurchase plan on Thursday, June 27th that allows the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were paid a dividend of $0.51 per share. The ex-dividend date of this dividend was Thursday, August 8th. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a yield of 4.20%. Wells Fargo & Co’s dividend payout ratio is currently 46.58%.
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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