Traders Buy Shares of Wells Fargo & Co (WFC) on Weakness

Investors purchased shares of Wells Fargo & Co (NYSE:WFC) on weakness during trading on Monday. $302.39 million flowed into the stock on the tick-up and $152.73 million flowed out of the stock on the tick-down, for a money net flow of $149.66 million into the stock. Of all equities tracked, Wells Fargo & Co had the 5th highest net in-flow for the day. Wells Fargo & Co traded down ($0.73) for the day and closed at $54.26

Several equities research analysts recently weighed in on WFC shares. Zacks Investment Research raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a research report on Saturday, July 7th. Edward Jones raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Monday, September 17th. Morgan Stanley cut their price objective on shares of Wells Fargo & Co from $62.00 to $61.00 and set an “equal weight” rating for the company in a research report on Monday, July 16th. Susquehanna Bancshares set a $63.00 price objective on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research report on Friday, July 13th. Finally, Macquarie cut their price objective on shares of Wells Fargo & Co from $63.00 to $62.00 and set a “neutral” rating for the company in a research report on Monday, September 17th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. Wells Fargo & Co presently has a consensus rating of “Hold” and an average target price of $63.28.

The firm has a market capitalization of $268.23 billion, a P/E ratio of 13.19, a PEG ratio of 1.49 and a beta of 1.12. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.86 and a current ratio of 0.88.

Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Friday, July 13th. The financial services provider reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.04). The company had revenue of $21.55 billion during the quarter, compared to the consensus estimate of $21.52 billion. Wells Fargo & Co had a return on equity of 12.38% and a net margin of 22.03%. equities analysts anticipate that Wells Fargo & Co will post 4.55 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Saturday, September 1st. Stockholders of record on Friday, August 10th were issued a $0.43 dividend. The ex-dividend date was Thursday, August 9th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.17%. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.39. Wells Fargo & Co’s dividend payout ratio is 41.85%.

In other news, EVP Avid Modjtabai sold 100,000 shares of the stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $58.71, for a total value of $5,871,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Hope A. Hardison sold 25,000 shares of the stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the completion of the transaction, the executive vice president now directly owns 109 shares of the company’s stock, valued at approximately $6,323.09. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the company. Rehmann Capital Advisory Group raised its holdings in Wells Fargo & Co by 10.8% in the 2nd quarter. Rehmann Capital Advisory Group now owns 35,104 shares of the financial services provider’s stock valued at $1,946,000 after buying an additional 3,425 shares during the last quarter. Royal London Asset Management Ltd. bought a new position in Wells Fargo & Co in the 2nd quarter valued at approximately $118,780,000. SP Asset Management bought a new position in Wells Fargo & Co in the 2nd quarter valued at approximately $11,504,000. HRT Financial LLC bought a new position in Wells Fargo & Co in the 2nd quarter valued at approximately $625,000. Finally, Farmers National Bank raised its holdings in Wells Fargo & Co by 22.9% in the 2nd quarter. Farmers National Bank now owns 19,689 shares of the financial services provider’s stock valued at $1,092,000 after buying an additional 3,675 shares during the last quarter. 77.52% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Co Company Profile (NYSE:WFC)

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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