Wells Fargo & Co (WFC) Posts Earnings Results, Misses Estimates By $0.07 EPS
Wells Fargo & Co (NYSE:WFC) posted its earnings results on Friday. The financial services provider reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07), Morningstar.com reports. The company had revenue of $22.05 billion during the quarter, compared to the consensus estimate of $22.64 billion. Wells Fargo & Co had a return on equity of 12.59% and a net margin of 22.00%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company posted $0.96 EPS.
Wells Fargo & Co (NYSE WFC) traded down $0.46 during trading hours on Friday, reaching $62.55. 25,882,911 shares of the company’s stock were exchanged, compared to its average volume of 20,380,000. The firm has a market cap of $308,240.00, a P/E ratio of 15.15, a PEG ratio of 1.65 and a beta of 0.96. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.91 and a quick ratio of 0.89. Wells Fargo & Co has a twelve month low of $49.27 and a twelve month high of $63.67.
WFC has been the subject of several recent research reports. Vetr raised Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $54.49 price objective for the company in a research note on Tuesday, October 24th. Vertical Group raised Wells Fargo & Co from a “sell” rating to a “buy” rating in a research note on Thursday, December 7th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $59.00 price objective on shares of Wells Fargo & Co in a research note on Monday, October 16th. Buckingham Research raised Wells Fargo & Co from a “neutral” rating to a “buy” rating and upped their price objective for the company from $57.00 to $75.00 in a research note on Thursday, December 21st. They noted that the move was a valuation call. Finally, Citigroup reaffirmed a “buy” rating and issued a $65.00 price objective (up previously from $60.00) on shares of Wells Fargo & Co in a research note on Monday, October 9th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $60.89.
In other Wells Fargo & Co news, VP Richard Levy sold 97,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $56.47, for a total transaction of $5,477,590.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael J. Loughlin sold 17,482 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $57.80, for a total transaction of $1,010,459.60. The disclosure for this sale can be found here. Insiders have sold a total of 184,482 shares of company stock valued at $10,471,050 in the last three months. Insiders own 0.22% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Wells Fargo & Co by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock worth $17,440,601,000 after buying an additional 3,621,402 shares during the period. Capital World Investors lifted its holdings in shares of Wells Fargo & Co by 10.8% in the 2nd quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock worth $6,192,259,000 after purchasing an additional 10,927,679 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of Wells Fargo & Co by 19.7% in the 2nd quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock worth $2,511,614,000 after purchasing an additional 7,445,414 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Wells Fargo & Co by 17.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 35,143,414 shares of the financial services provider’s stock worth $1,937,888,000 after purchasing an additional 5,305,125 shares in the last quarter. Finally, Davis Selected Advisers lifted its holdings in shares of Wells Fargo & Co by 1.4% in the 3rd quarter. Davis Selected Advisers now owns 26,335,478 shares of the financial services provider’s stock worth $1,451,064,000 after purchasing an additional 368,667 shares in the last quarter. 75.70% of the stock is owned by institutional investors.
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About Wells Fargo & Co
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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