Investors Sell Wells Fargo & Co (WFC) on Strength on 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 0th 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 the stock. Zacks Investment Research downgraded shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a research report on Saturday, December 31st. Vetr downgraded shares of Wells Fargo & Co from a “sell” rating to a “strong sell” rating and set a $48.64 target price on the stock. in a research report on Monday, December 26th. Royal Bank of Canada reiterated a “buy” rating and set a $52.00 target price on shares of Wells Fargo & Co in a research report on Wednesday, January 11th. Barclays PLC boosted their target price on shares of Wells Fargo & Co from $56.00 to $65.00 and gave the company an “overweight” rating in a research report on Tuesday, January 3rd. Finally, Bank of America Corp reiterated a “buy” rating and set a $50.00 target price on shares of Wells Fargo & Co in a research report on Wednesday, January 11th. Six analysts have rated the stock with a sell rating, twelve have given a hold rating and sixteen have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $54.46.

In related news, Director Stephen W. Sanger purchased 58,342 shares of Wells Fargo & Co stock in a transaction that occurred on Monday, April 17th. The stock was bought at an average price of $51.65 per share, for a total transaction of $3,013,364.30. Following the completion of the transaction, the director now owns 100 shares in the company, valued at $5,165. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Timothy J. Sloan purchased 39,000 shares of Wells Fargo & Co stock in a transaction that occurred on Monday, April 17th. The shares were bought at an average price of $51.65 per share, with a total value of $2,014,350.00. Following the transaction, the chief executive officer now owns 754,581 shares of the company’s stock, valued at approximately $38,974,108.65. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of WFC. Dodge & Cox acquired a new position in shares of Wells Fargo & Co during the fourth quarter worth $3,942,119,000. Norges Bank acquired a new position in shares of Wells Fargo & Co during the fourth quarter worth $2,800,566,000. Asset Management One Co. Ltd. raised its position 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 worth $468,414,000 after buying an additional 7,629,019 shares in the last quarter. FIL Ltd raised its position 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 worth $450,964,000 after buying an additional 5,706,977 shares in the last quarter. Finally, Orbis Allan Gray Ltd acquired a new position in shares of Wells Fargo & Co during the third quarter worth $235,404,000. Institutional investors own 73.25% of the company’s stock.

The firm has a market capitalization of $267.33 billion, a PE ratio of 13.38 and a beta of 0.98. The firm has a 50-day moving average price of $56.09 and a 200 day moving average price of $53.52.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Thursday, April 13th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.03. The company earned $22 billion during the quarter, compared to the consensus estimate of $22.25 billion. Wells Fargo & Co had a return on equity of 12.60% and a net margin of 23.30%. The firm’s revenue was down .9% on a year-over-year basis. During the same period in the previous year, the company posted $0.99 EPS. Equities research analysts expect that Wells Fargo & Co will post $4.19 EPS for the current fiscal 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.

5 Day Chart for NYSE:WFC

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