Wells Fargo & Company (NYSE:WFC) Short Interest Down 17.9% in April

Wells Fargo & Company (NYSE:WFC) was the recipient of a significant drop in short interest during the month of April. As of April 15th, there was short interest totalling 32,500,000 shares, a drop of 17.9% from the March 31st total of 39,580,000 shares. Currently, 0.9% of the company’s shares are sold short. Based on an average trading volume of 19,080,000 shares, the days-to-cover ratio is presently 1.7 days.

Wells Fargo & Company Stock Down 0.2 %

Wells Fargo & Company stock traded down $0.10 during midday trading on Monday, hitting $59.81. 15,342,074 shares of the stock were exchanged, compared to its average volume of 19,069,336. Wells Fargo & Company has a 1 year low of $36.40 and a 1 year high of $61.76. The firm has a market cap of $211.75 billion, a P/E ratio of 12.49, a P/E/G ratio of 1.16 and a beta of 1.19. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86. The company has a 50 day moving average price of $57.09 and a two-hundred day moving average price of $49.84.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.10. The company had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The company’s revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.23 EPS. On average, sell-side analysts predict that Wells Fargo & Company will post 5.06 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Citigroup reiterated a “neutral” rating and issued a $63.00 price target (up previously from $57.00) on shares of Wells Fargo & Company in a report on Wednesday, March 20th. Compass Point reiterated a “neutral” rating and issued a $64.00 price target on shares of Wells Fargo & Company in a report on Tuesday, April 9th. Jefferies Financial Group lifted their price target on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the company a “hold” rating in a report on Monday, April 8th. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Finally, Piper Sandler reduced their target price on shares of Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating on the stock in a report on Tuesday, January 16th. Thirteen analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $58.85.

Institutional Investors Weigh In On Wells Fargo & Company

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $2,623,044,000. Northern Trust Corp grew its position in shares of Wells Fargo & Company by 0.3% during the 3rd quarter. Northern Trust Corp now owns 38,197,624 shares of the financial services provider’s stock valued at $1,560,755,000 after buying an additional 129,300 shares during the last quarter. Capital World Investors grew its position in shares of Wells Fargo & Company by 1.0% during the 4th quarter. Capital World Investors now owns 26,319,775 shares of the financial services provider’s stock valued at $1,295,459,000 after buying an additional 263,176 shares during the last quarter. Sanders Capital LLC grew its position in shares of Wells Fargo & Company by 3.2% during the 4th quarter. Sanders Capital LLC now owns 25,218,016 shares of the financial services provider’s stock valued at $1,241,231,000 after buying an additional 781,772 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Wells Fargo & Company by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,237,905 shares of the financial services provider’s stock valued at $1,143,770,000 after buying an additional 526,178 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.