Wells Fargo & Co (NYSE:WFC) – Piper Jaffray Companies raised their FY2019 EPS estimates for Wells Fargo & Co in a report issued on Tuesday, July 16th. Piper Jaffray Companies analyst K. Barker now expects that the financial services provider will post earnings per share of $4.79 for the year, up from their prior estimate of $4.67. Piper Jaffray Companies also issued estimates for Wells Fargo & Co’s Q4 2019 earnings at $1.10 EPS, Q1 2020 earnings at $1.03 EPS, Q4 2020 earnings at $1.26 EPS and FY2020 earnings at $4.83 EPS.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.14. The business had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The company’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.98 EPS.

A number of other research firms have also issued reports on WFC. Deutsche Bank reaffirmed a “buy” rating and issued a $24.00 target price on shares of ABB in a research note on Tuesday, May 21st. Keefe, Bruyette & Woods lowered Wells Fargo & Co from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $58.00 to $50.00 in a research note on Sunday, March 31st. Buckingham Research reduced their target price on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday. Macquarie set a €13.00 ($15.12) target price on Deutsche Telekom and gave the company a “sell” rating in a research note on Wednesday. Finally, UBS Group reduced their target price on Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company’s stock. Wells Fargo & Co currently has an average rating of “Hold” and a consensus price target of $51.23.

WFC stock opened at $45.82 on Wednesday. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $59.53. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. The company has a 50 day moving average of $46.33. The stock has a market cap of $203.59 billion, a price-to-earnings ratio of 10.46, a P/E/G ratio of 0.87 and a beta of 1.08.

Several institutional investors have recently modified their holdings of the business. Daily Journal Corp increased its holdings in shares of Wells Fargo & Co by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock worth $75,324,000 after buying an additional 157,588,200 shares during the last quarter. Norges Bank acquired a new stake in shares of Wells Fargo & Co during the 4th quarter worth $2,004,580,000. Standard Life Aberdeen plc increased its holdings in shares of Wells Fargo & Co by 75.7% during the 4th quarter. Standard Life Aberdeen plc now owns 6,606,543 shares of the financial services provider’s stock worth $300,795,000 after buying an additional 2,847,214 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Wells Fargo & Co by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock worth $2,375,189,000 after buying an additional 2,114,810 shares during the last quarter. Finally, Thoroughbred Financial Services LLC increased its holdings in shares of Wells Fargo & Co by 4,699.3% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,844,403 shares of the financial services provider’s stock worth $184,440,000 after buying an additional 1,805,972 shares during the last quarter. 75.32% of the stock is currently owned by institutional investors.

In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the transaction, the insider now owns 3,066 shares of the company’s stock, valued at approximately $142,599.66. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.08% of the company’s stock.

Wells Fargo & Co announced that its board has approved a share repurchase program on Thursday, June 27th that permits the company to buyback $23.10 billion in shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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Earnings History and Estimates for Wells Fargo & Co (NYSE:WFC)

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