Wells Fargo & Company (WFC) Announces Earnings Results
Wells Fargo & Company (NYSE:WFC) released its quarterly earnings results on Friday. The financial services provider reported $0.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.20), MarketWatch Earnings reports. The company had revenue of $21.93 billion during the quarter, compared to analysts’ expectations of $22.30 billion. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The firm’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.03 EPS.
Wells Fargo & (NYSE:WFC) opened at 53.69 on Friday. The stock’s 50 day moving average price is $53.03 and its 200-day moving average price is $53.57. Wells Fargo & has a one year low of $44.32 and a one year high of $59.99. The firm has a market capitalization of $266.51 billion, a price-to-earnings ratio of 13.22 and a beta of 0.97.
Wells Fargo & declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that allows the company to buyback $11.50 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
A number of equities analysts have weighed in on WFC shares. Keefe, Bruyette & Woods set a $61.00 price target on Wells Fargo & and gave the stock a “buy” rating in a report on Friday, August 25th. UBS AG set a $57.00 price target on Wells Fargo & and gave the stock a “neutral” rating in a report on Friday, October 6th. Zacks Investment Research upgraded Wells Fargo & from a “sell” rating to a “hold” rating in a report on Monday, July 10th. Deutsche Bank AG restated a “buy” rating on shares of Wells Fargo & in a report on Monday, July 3rd. Finally, Robert W. Baird restated a “buy” rating and issued a $58.00 price target on shares of Wells Fargo & in a report on Tuesday, September 5th. Seven investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $57.19.
Institutional investors have recently bought and sold shares of the business. Amussen Hunsaker & Associates LLC bought a new stake in shares of Wells Fargo & during the second quarter worth $625,000. Schafer Cullen Capital Management Inc. raised its position in shares of Wells Fargo & by 2.4% during the second quarter. Schafer Cullen Capital Management Inc. now owns 2,480,541 shares of the financial services provider’s stock worth $137,447,000 after acquiring an additional 57,401 shares during the last quarter. Keel Point LLC raised its position in shares of Wells Fargo & by 4.8% during the second quarter. Keel Point LLC now owns 9,439 shares of the financial services provider’s stock worth $523,000 after acquiring an additional 435 shares during the last quarter. Schneider Capital Management Corp bought a new stake in shares of Wells Fargo & during the second quarter worth $17,007,000. Finally, Sterling Capital Management LLC raised its position in shares of Wells Fargo & by 1.5% during the second quarter. Sterling Capital Management LLC now owns 1,758,084 shares of the financial services provider’s stock worth $97,415,000 after acquiring an additional 26,484 shares during the last quarter. 75.12% of the stock is currently owned by institutional investors.
Wells Fargo & 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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