Wells Fargo & Co. (WFC) Sees Large Volume Increase
Wells Fargo & Co. (NYSE:WFC) shares saw an uptick in trading volume on Tuesday . 48,747,196 shares traded hands during trading, an increase of 66% from the previous session’s volume of 29,381,710 shares.The stock last traded at $46.68 and had previously closed at $46.01.
Several research firms recently weighed in on WFC. Deutsche Bank AG restated a “buy” rating on shares of Wells Fargo & Co. in a report on Sunday, June 26th. Barclays PLC restated a “buy” rating on shares of Wells Fargo & Co. in a report on Saturday, July 9th. Nomura reaffirmed a “buy” rating on shares of Wells Fargo & Co. in a research note on Saturday, July 9th. Morgan Stanley raised shares of Wells Fargo & Co. from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $56.00 to $53.00 in a research note on Tuesday. Finally, Zacks Investment Research downgraded shares of Wells Fargo & Co. from a “hold” rating to a “sell” rating in a research note on Tuesday. Seven investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty have given a buy rating to the stock. Wells Fargo & Co. has an average rating of “Hold” and a consensus target price of $52.26.
The company has a market cap of $234.92 billion, a PE ratio of 11.50 and a beta of 0.90. The firm’s 50-day moving average is $48.44 and its 200-day moving average is $48.63.
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Wells Fargo & Co. (NYSE:WFC) last posted its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.01 earnings per share for the quarter, meeting the consensus estimate of $1.01. The firm earned $22.20 billion during the quarter. Wells Fargo & Co. had a net margin of 24.33% and a return on equity of 12.95%. The company’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.03 EPS. Equities research analysts expect that Wells Fargo & Co. will post $4.02 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 5th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.26%. The ex-dividend date of this dividend was Wednesday, August 3rd. Wells Fargo & Co.’s payout ratio is presently 37.25%.
In other Wells Fargo & Co. news, COO Timothy J. Sloan sold 20,500 shares of the firm’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $48.92, for a total value of $1,002,860.00. Following the completion of the sale, the chief operating officer now owns 650,815 shares in the company, valued at approximately $31,837,869.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of the stock. Carnick & Kubik Group LLC bought a new stake in Wells Fargo & Co. during the second quarter valued at $1,032,000. Williams Jones & Associates LLC raised its position in shares of Wells Fargo & Co. by 19.5% in the second quarter. Williams Jones & Associates LLC now owns 142,310 shares of the financial services provider’s stock valued at $6,736,000 after buying an additional 23,267 shares during the period. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Wells Fargo & Co. during the second quarter valued at about $8,829,000. Kentucky Retirement Systems acquired a new position in shares of Wells Fargo & Co. during the second quarter valued at about $18,595,000. Finally, Mason Street Advisors LLC acquired a new position in shares of Wells Fargo & Co. during the second quarter valued at about $29,454,000. Hedge funds and other institutional investors own 74.01% of the company’s stock.
Wells Fargo & Co. Company Profile
Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.
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