Wells Fargo & Company (NYSE:WFC) Short Interest Update

Wells Fargo & Company (NYSE:WFC) was the target of a large increase in short interest in July. As of July 15th, there was short interest totaling 34,390,000 shares, anincreaseof46,625.5% from the June 30th total of 73,600 shares. Based on an average daily volume of 17,720,000 shares, the days-to-cover ratio is presently 1.9 days. Currently,1.1% of the company’s stock are short sold. Currently,1.1% of the company’s stock are short sold. Based on an average daily volume of 17,720,000 shares, the days-to-cover ratio is presently 1.9 days.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on WFC shares. The Goldman Sachs Group lowered their target price on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Truist Financial increased their target price on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a “buy” rating in a research note on Wednesday, July 9th. Citigroup reissued a “neutral” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Phillip Securities cut Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Finally, Dbs Bank raised Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research note on Thursday, July 17th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $80.39.

Institutional Investors Weigh In On Wells Fargo & Company

Several hedge funds have recently added to or reduced their stakes in WFC. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in Wells Fargo & Company by 2,735,254.3% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after purchasing an additional 949,735,001 shares during the last quarter. Capital Research Global Investors lifted its holdings in Wells Fargo & Company by 932.0% during the 4th quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider’s stock valued at $1,105,218,000 after purchasing an additional 14,210,193 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Wells Fargo & Company by 277.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock valued at $771,092,000 after purchasing an additional 7,894,919 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Wells Fargo & Company by 7,887.9% during the 1st quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider’s stock valued at $243,589,000 after purchasing an additional 3,350,605 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in Wells Fargo & Company by 10.7% during the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock valued at $2,411,992,000 after purchasing an additional 3,307,855 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 3.5%

NYSE WFC opened at $77.80 on Friday. The company has a market cap of $253.18 billion, a PE ratio of 13.32, a PEG ratio of 1.21 and a beta of 1.20. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $84.83. The stock has a 50 day moving average of $78.56 and a 200-day moving average of $74.94.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.33 EPS. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, April 29th that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, August 8th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s payout ratio is currently 27.40%.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.