According to Zacks, “Wells Fargo’s troubles continue to deepen following its $190-million settlement to resolve regulators’ claims of illegally opening millions of unauthorized accounts. The company currently faces huge criticism as the bank’s employees resorted to unethical sales practices to meet their aggressive internal sales targets. The bank has terminated the concerned employees and is taking necessary steps to address the issue. However, the fallout from the scam does not only include potential lawsuits and further probes but also tarnishes the reputation of one of the largest banks of the nation. While the company’s growth profile remains well positioned, given its strong geographic footprint and solid business mix, the low interest rate environment continues to weigh on margin.”
Several other equities analysts also recently issued reports on the stock. Vetr downgraded shares of Wells Fargo & Co. from a strong-buy rating to a buy rating and set a $51.06 price objective on the stock. in a report on Wednesday, July 6th. Royal Bank Of Canada cut their price objective on shares of Wells Fargo & Co. from $57.00 to $54.00 and set an outperform rating on the stock in a report on Monday, July 18th. Raymond James Financial Inc. restated a market perform rating on shares of Wells Fargo & Co. in a report on Friday, September 23rd. Evercore ISI reiterated a buy rating and issued a $53.00 price target on shares of Wells Fargo & Co. in a report on Monday, July 18th. Finally, Barclays PLC cut their price target on shares of Wells Fargo & Co. from $61.00 to $58.00 and set an overweight rating on the stock in a report on Thursday, September 15th. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating and nineteen have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $50.46.
Shares of Wells Fargo & Co. (NYSE:WFC) traded down 0.3502% during mid-day trading on Thursday, hitting $44.2146. 9,772,838 shares of the stock were exchanged. The stock has a market cap of $223.09 billion, a PE ratio of 10.9172 and a beta of 0.90. Wells Fargo & Co. has a 12 month low of $44.10 and a 12 month high of $56.34. The stock’s 50 day moving average is $47.85 and its 200-day moving average is $48.44.
Wells Fargo & Co. (NYSE:WFC) last posted its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.01. Wells Fargo & Co. had a net margin of 24.33% and a return on equity of 12.95%. The firm had revenue of $22.20 billion for the quarter. During the same quarter last year, the company earned $1.03 EPS. The business’s revenue was up 4.0% compared to the same quarter last year. On average, analysts anticipate that Wells Fargo & Co. will post $4.02 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 5th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.43%. The ex-dividend date was Wednesday, August 3rd. Wells Fargo & Co.’s payout ratio is presently 37.25%.
In other news, COO Timothy J. Sloan sold 20,500 shares of Wells Fargo & Co. stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $48.92, for a total value of $1,002,860.00. Following the completion of the transaction, the chief operating officer now owns 650,815 shares in the company, valued at approximately $31,837,869.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.29% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Svenska Handelsbanken AB publ bought a new position in shares of Wells Fargo & Co. during the second quarter valued at about $15,118,000. Exxonmobil Investment Management Inc. TX boosted its stake in Wells Fargo & Co. by 6.3% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 1,195,917 shares of the financial services provider’s stock valued at $56,603,000 after buying an additional 71,107 shares during the last quarter. Lazard Asset Management LLC boosted its stake in Wells Fargo & Co. by 10.3% in the first quarter. Lazard Asset Management LLC now owns 6,564,216 shares of the financial services provider’s stock valued at $317,445,000 after buying an additional 611,374 shares during the last quarter. Aviva PLC boosted its stake in Wells Fargo & Co. by 0.7% in the first quarter. Aviva PLC now owns 3,065,051 shares of the financial services provider’s stock valued at $148,226,000 after buying an additional 22,620 shares during the last quarter. Finally, Primecap Management Co. CA boosted its stake in Wells Fargo & Co. by 20.5% in the first quarter. Primecap Management Co. CA now owns 18,501,167 shares of the financial services provider’s stock valued at $894,716,000 after buying an additional 3,149,895 shares during the last quarter. Institutional investors and hedge funds own 73.98% of the company’s stock.
Wells Fargo & Co. Company Profile
Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.
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