Traders Sell Wells Fargo & Co (WFC) on Strength Following Analyst Downgrade
Investors sold shares of Wells Fargo & Co (NYSE:WFC) on strength during trading on Thursday after Instinet lowered their price target on the stock from $65.00 to $64.00. $181.51 million flowed into the stock on the tick-up and $412.71 million flowed out of the stock on the tick-down, for a money net flow of $231.20 million out of the stock. Of all equities tracked, Wells Fargo & Co had the highest net out-flow for the day. Wells Fargo & Co traded up $1.35 for the day and closed at $53.50
A number of other research analysts also recently issued reports on WFC. Deutsche Bank AG reaffirmed a “buy” rating on shares of Wells Fargo & Co in a research report on Friday, December 23rd. Vetr downgraded shares of Wells Fargo & Co from a “sell” rating to a “strong sell” rating and set a $48.64 price objective on the stock. in a research report on Monday, December 26th. Guggenheim downgraded shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating in a research report on Wednesday, December 28th. Zacks Investment Research raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a research report on Thursday, December 29th. Finally, Barclays PLC lifted their price objective on shares of Wells Fargo & Co from $56.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 3rd. Six equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and sixteen have issued a buy rating to the company. Wells Fargo & Co presently has an average rating of “Hold” and an average target price of $54.46.
In related news, insider David M. Carroll sold 117,704 shares of the business’s stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $59.02, for a total value of $6,946,890.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen W. Sanger purchased 58,342 shares of the business’s stock in a transaction that occurred on Monday, April 17th. The stock was bought at an average cost of $51.65 per share, with a total value of $3,013,364.30. Following the acquisition, the director now owns 100 shares in the company, valued at approximately $5,165. The disclosure for this purchase can be found here. Insiders own 0.29% of the company’s stock.
Large investors have recently modified their holdings of the company. Dodge & Cox bought a new stake in shares of Wells Fargo & Co during the fourth quarter valued at approximately $3,942,119,000. Norges Bank bought a new stake in shares of Wells Fargo & Co during the fourth quarter valued at approximately $2,800,566,000. Asset Management One Co. Ltd. raised its stake in shares of Wells Fargo & Co by 873.0% in the fourth quarter. Asset Management One Co. Ltd. now owns 8,502,947 shares of the financial services provider’s stock valued at $468,414,000 after buying an additional 7,629,019 shares during the last quarter. FIL Ltd raised its stake in shares of Wells Fargo & Co by 230.5% in the fourth quarter. FIL Ltd now owns 8,182,986 shares of the financial services provider’s stock valued at $450,964,000 after buying an additional 5,706,977 shares during the last quarter. Finally, Orbis Allan Gray Ltd bought a new stake in shares of Wells Fargo & Co during the third quarter valued at approximately $235,404,000. 73.25% of the stock is owned by institutional investors.
The company has a market capitalization of $267.33 billion, a P/E ratio of 13.38 and a beta of 0.98. The company has a 50 day moving average of $56.27 and a 200 day moving average of $53.52.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Thursday, April 13th. The financial services provider reported $1.00 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.03. Wells Fargo & Co had a return on equity of 12.60% and a net margin of 23.30%. The business earned $22 billion during the quarter, compared to the consensus estimate of $22.25 billion. During the same period in the previous year, the business earned $0.99 EPS. The business’s quarterly revenue was down .9% on a year-over-year basis. On average, equities research analysts expect that Wells Fargo & Co will post $4.21 earnings per share for the current year.
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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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