Wells Fargo & Co. Short Interest Up 8.3% in April (WFC)
Shares of Wells Fargo & Co. (NYSE:WFC) were the recipient of a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 35,938,847 shares, an increase of 8.3% from the March 31st total of 33,183,206 shares, AnalystRatings.Net reports. Approximately 0.7% of the company’s shares are short sold. Based on an average trading volume of 19,983,292 shares, the short-interest ratio is presently 1.8 days.
In other Wells Fargo & Co. news, CFO Timothy Sloan unloaded 80,000 shares of the company’s stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $48.65, for a total transaction of $3,892,000.00. Following the transaction, the chief financial officer now directly owns 402,114 shares in the company, valued at approximately $19,562,846. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
WFC has been the subject of a number of recent research reports. Analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Wells Fargo & Co. in a research note on Tuesday, April 29th. They now have a $53.00 price target on the stock. Separately, analysts at Deutsche Bank reiterated a “hold” rating on shares of Wells Fargo & Co. in a research note on Thursday, April 24th. They now have a $51.00 price target on the stock. Finally, analysts at BMO Capital Markets upgraded shares of Wells Fargo & Co. from a “market perform” rating to an “outperform” rating in a research note on Friday, April 25th. They now have a $55.00 price target on the stock, up previously from $53.00. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $49.00.
Wells Fargo & Co. (NYSE:WFC) opened at 49.39 on Thursday. Wells Fargo & Co. has a one year low of $37.78 and a one year high of $50.49. The stock has a 50-day moving average of $49.0 and a 200-day moving average of $46.00. The company has a market cap of $260.1 billion and a P/E ratio of 12.12.
Wells Fargo & Co. (NYSE:WFC) last announced its earnings results on Friday, April 11th. The company reported $1.05 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.96 by $0.09. The company had revenue of $20.60 billion for the quarter, compared to the consensus estimate of $20.60 billion. During the same quarter in the prior year, the company posted $0.92 earnings per share. The company’s quarterly revenue was down 3.0% on a year-over-year basis. Analysts expect that Wells Fargo & Co. will post $4.10 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Sunday, June 1st. Stockholders of record on Friday, May 9th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend is Wednesday, May 7th. This is a boost from Wells Fargo & Co.’s previous quarterly dividend of $0.30.
Wells Fargo & Company is a bank holding company. It has three operating segments: Community Banking, Wholesale Banking and Wealth, and Brokerage and Retirement.
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