Wells Fargo & Co (WFC) Trading Down 0% After Analyst Downgrade

Wells Fargo & Co (NYSE:WFC) traded down 0% during mid-day trading on Monday after Zacks Investment Research downgraded the stock from a buy rating to a hold rating. The company traded as low as $57.50 and last traded at $58.16. 103,129,827 shares were traded during trading, an increase of 395% from the average session volume of 20,847,348 shares. The stock had previously closed at $58.16.

A number of other equities research analysts have also issued reports on WFC. Morgan Stanley lowered Wells Fargo & Co from an “overweight” rating to an “underweight” rating and cut their target price for the stock from $75.00 to $64.00 in a research report on Tuesday, February 6th. Vetr raised Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $52.91 target price on the stock in a research report on Monday, October 16th. UBS Group set a $63.00 target price on Wells Fargo & Co and gave the stock a “hold” rating in a research report on Monday, February 5th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $59.00 target price on shares of Wells Fargo & Co in a research report on Monday, October 16th. Finally, Royal Bank of Canada lowered Wells Fargo & Co from an “outperform” rating to an “underperform” rating in a research report on Monday, February 5th. Six analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $62.90.

In other Wells Fargo & Co news, VP Richard Levy sold 97,000 shares of the business’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $56.47, for a total value of $5,477,590.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John R. Shrewsberry sold 70,000 shares of the business’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $56.90, for a total value of $3,983,000.00. The disclosure for this sale can be found here. Insiders have sold 184,482 shares of company stock worth $10,471,050 in the last quarter. 0.22% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BB&T Investment Services Inc. grew its stake in Wells Fargo & Co by 39.4% in the fourth quarter. BB&T Investment Services Inc. now owns 18,752 shares of the financial services provider’s stock valued at $1,116,000 after purchasing an additional 5,299 shares in the last quarter. Lake Street Advisors Group LLC bought a new stake in shares of Wells Fargo & Co during the 4th quarter worth about $1,381,000. DF Dent & Co. Inc. boosted its stake in shares of Wells Fargo & Co by 19.7% during the 4th quarter. DF Dent & Co. Inc. now owns 9,167 shares of the financial services provider’s stock worth $556,000 after acquiring an additional 1,508 shares in the last quarter. MetLife Investment Advisors LLC bought a new stake in shares of Wells Fargo & Co during the 4th quarter worth about $83,193,000. Finally, Fort Point Capital Partners LLC boosted its stake in shares of Wells Fargo & Co by 10.9% during the 4th quarter. Fort Point Capital Partners LLC now owns 35,617 shares of the financial services provider’s stock worth $2,161,000 after acquiring an additional 3,492 shares in the last quarter. Hedge funds and other institutional investors own 76.00% of the company’s stock.

The stock has a market cap of $294,180.00, a P/E ratio of 14.46, a PEG ratio of 1.52 and a beta of 1.01. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.07). The company had revenue of $22.05 billion for the quarter, compared to the consensus estimate of $22.64 billion. Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. The business’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.96 EPS. sell-side analysts predict that Wells Fargo & Co will post 4.72 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, February 1st. This represents a $1.56 annualized dividend and a dividend yield of 2.61%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 37.77%.

Wells Fargo & Co announced that its board has initiated a stock repurchase program on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

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Wells Fargo & Co Company Profile

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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