Wells Fargo & Co (NYSE:WFC) posted its earnings results on Friday. The financial services provider reported $0.97 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07), Morningstar.com reports. Wells Fargo & Co had a return on equity of 12.59% and a net margin of 22.00%. The business had revenue of $22.05 billion for the quarter, compared to the consensus estimate of $22.64 billion. During the same period in the previous year, the firm earned $0.96 earnings per share. The company’s revenue was up 2.2% compared to the same quarter last year.
Shares of Wells Fargo & Co (NYSE:WFC) opened at $62.55 on Friday. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.91 and a quick ratio of 0.89. Wells Fargo & Co has a 12 month low of $49.27 and a 12 month high of $63.67. The company has a market cap of $308,240.00, a price-to-earnings ratio of 15.15, a PEG ratio of 1.65 and a beta of 0.96.
In related news, insider Michael J. Loughlin sold 17,482 shares of the business’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $57.80, for a total transaction of $1,010,459.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Richard Levy sold 97,000 shares of the business’s stock in a transaction 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 disclosure for this sale can be found here. Insiders have sold a total of 184,482 shares of company stock worth $10,471,050 in the last quarter. 0.22% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Stelac Advisory Services LLC acquired a new position in Wells Fargo & Co during the second quarter worth $104,000. Patriot Financial Group Insurance Agency LLC raised its holdings in Wells Fargo & Co by 0.3% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock worth $106,000 after buying an additional 6 shares during the last quarter. Clear Investment Research LLC acquired a new position in Wells Fargo & Co during the second quarter worth $121,000. Westside Investment Management Inc. raised its holdings in Wells Fargo & Co by 63.9% during the second quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock worth $127,000 after buying an additional 891 shares during the last quarter. Finally, BKS Advisors LLC acquired a new position in Wells Fargo & Co during the third quarter worth $143,000. Institutional investors own 75.70% of the company’s stock.
A number of research firms have weighed in on WFC. BMO Capital Markets reissued a “hold” rating and set a $59.00 target price on shares of Wells Fargo & Co in a report on Thursday, January 4th. Atlantic Securities raised shares of Wells Fargo & Co from an “underweight” rating to a “neutral” rating and set a $64.00 target price on the stock in a report on Wednesday. Vining Sparks reissued a “buy” rating and set a $75.00 target price on shares of Wells Fargo & Co in a report on Monday, January 8th. Vetr lowered shares of Wells Fargo & Co from a “strong-buy” rating to a “sell” rating and set a $55.47 target price on the stock. in a report on Monday, January 8th. Finally, Sandler O’Neill raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and boosted their target price for the stock from $62.04 to $73.00 in a report on Tuesday, January 9th. 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 stock. The company has a consensus rating of “Hold” and an average target price of $60.89.
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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.
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