Wells Fargo (NYSE:WFC) – Equities research analysts at Piper Jaffray lowered their Q2 2018 earnings per share (EPS) estimates for shares of Wells Fargo in a research note issued to investors on Sunday, April 15th. Piper Jaffray analyst K. Barker now anticipates that the financial services provider will post earnings of $1.12 per share for the quarter, down from their previous forecast of $1.13. Piper Jaffray has a “Hold” rating and a $58.00 price objective on the stock. Piper Jaffray also issued estimates for Wells Fargo’s Q3 2018 earnings at $1.17 EPS, Q4 2018 earnings at $1.13 EPS, FY2018 earnings at $4.49 EPS, Q1 2019 earnings at $1.06 EPS, Q2 2019 earnings at $1.17 EPS, Q3 2019 earnings at $1.26 EPS and FY2019 earnings at $4.73 EPS.
Several other research firms have also recently issued reports on WFC. Zacks Investment Research cut shares of Wells Fargo from a “hold” rating to a “sell” rating in a research note on Monday, April 9th. Sandler O’Neill upgraded shares of Wells Fargo from a “hold” rating to a “buy” rating and increased their target price for the stock from $62.04 to $73.00 in a research note on Tuesday, January 9th. Royal Bank of Canada cut shares of Wells Fargo from an “outperform” rating to an “underperform” rating in a research report on Monday, February 5th. BMO Capital Markets restated a “hold” rating and set a $60.00 price objective on shares of Wells Fargo in a research report on Monday, February 5th. Finally, Buckingham Research upgraded shares of Wells Fargo from a “neutral” rating to a “buy” rating and raised their price objective for the company from $57.00 to $75.00 in a research report on Thursday, December 21st. They noted that the move was a valuation call. Six investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Wells Fargo presently has a consensus rating of “Hold” and a consensus target price of $61.31.
NYSE WFC opened at $50.57 on Tuesday. Wells Fargo has a 1 year low of $49.27 and a 1 year high of $66.31. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.86 and a current ratio of 0.88. The company has a market capitalization of $248,228.89, a price-to-earnings ratio of 12.30, a PEG ratio of 1.34 and a beta of 1.13.
Wells Fargo (NYSE:WFC) last posted its earnings results on Friday, April 13th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.05. Wells Fargo had a net margin of 22.80% and a return on equity of 12.44%. The business had revenue of $21.93 billion for the quarter, compared to analysts’ expectations of $21.74 billion. During the same period in the prior year, the company posted $1.00 EPS. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year.
Wells Fargo announced that its Board of Directors has authorized a share repurchase plan on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
In other news, Director Ronald Sargent purchased 9,000 shares of the business’s stock in a transaction on Monday, February 12th. The shares were acquired at an average price of $55.98 per share, with a total value of $503,820.00. Following the acquisition, the director now directly owns 81 shares in the company, valued at $4,534.38. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.09% of the stock is owned by company insiders.
A number of institutional investors have recently made changes to their positions in WFC. Capital World Investors grew its holdings in Wells Fargo by 10.8% in the 2nd quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock worth $6,192,259,000 after acquiring an additional 10,927,679 shares during the last quarter. Capital Research Global Investors boosted its stake in shares of Wells Fargo by 19.7% during the 2nd quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock valued at $2,511,614,000 after purchasing an additional 7,445,414 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Wells Fargo by 26.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock valued at $1,653,464,000 after purchasing an additional 6,291,906 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Wells Fargo by 396.3% during the 2nd quarter. Janus Henderson Group PLC now owns 5,894,918 shares of the financial services provider’s stock valued at $326,655,000 after purchasing an additional 4,707,207 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Wells Fargo by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock valued at $17,440,601,000 after purchasing an additional 3,621,402 shares in the last quarter. 77.29% of the stock is currently owned by institutional investors and hedge funds.
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Wells Fargo Company Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
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