Trade Report: Today: Wells Fargo & Co. (WFC) Issues Earnings Results

Today: Wells Fargo & Co. (WFC) Issues  Earnings Results

Wells Fargo & Co. (NYSE:WFC) released its quarterly earnings results on Friday. The financial services provider reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.02. The business earned $22.30 billion during the quarter, compared to analyst estimates of $22.22 billion. Wells Fargo & Co. had a return on equity of 12.95% and a net margin of 24.33%. Wells Fargo & Co.’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.05 EPS.

Shares of Wells Fargo & Co. (NYSE:WFC) opened at 44.71 on Monday. The company has a market capitalization of $225.59 billion, a price-to-earnings ratio of 11.04 and a beta of 0.91. Wells Fargo & Co. has a 52-week low of $43.55 and a 52-week high of $56.34. The company’s 50 day moving average price is $46.72 and its 200 day moving average price is $48.06.

WFC has been the subject of several research analyst reports. Nomura reaffirmed a “buy” rating on shares of Wells Fargo & Co. in a research report on Saturday, July 9th. Barclays PLC reaffirmed a “buy” rating on shares of Wells Fargo & Co. in a research report on Saturday, July 9th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Wells Fargo & Co. in a research report on Sunday, June 26th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Wells Fargo & Co. in a research report on Monday, July 18th. Finally, Jefferies Group reaffirmed a “buy” rating and set a $53.00 target price on shares of Wells Fargo & Co. in a research report on Thursday, July 7th. Seven analysts have rated the stock with a sell rating, seven have assigned a hold rating and nineteen have given a buy rating to the company’s stock. Wells Fargo & Co. presently has an average rating of “Hold” and a consensus target price of $50.03.

In related news, COO Timothy J. Sloan sold 20,500 shares of the firm’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $48.92, for a total value of $1,002,860.00. Following the completion of the sale, the chief operating officer now owns 650,815 shares in the company, valued at $31,837,869.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.29% of the company’s stock.

A number of large investors have recently made changes to their positions in WFC. Parnassus Investments CA increased its stake in shares of Wells Fargo & Co. by 879.2% in the second quarter. Parnassus Investments CA now owns 12,240,229 shares of the financial services provider’s stock worth $579,330,000 after buying an additional 10,990,229 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Wells Fargo & Co. by 2.2% in the second quarter. Vanguard Group Inc. now owns 288,028,042 shares of the financial services provider’s stock worth $13,632,368,000 after buying an additional 6,247,583 shares during the last quarter. Ruane Cunniff & Goldfarb Inc. increased its stake in shares of Wells Fargo & Co. by 5,580.0% in the second quarter. Ruane Cunniff & Goldfarb Inc. now owns 5,242,602 shares of the financial services provider’s stock worth $248,132,000 after buying an additional 5,150,302 shares during the last quarter. BlackRock Fund Advisors increased its stake in shares of Wells Fargo & Co. by 8.8% in the first quarter. BlackRock Fund Advisors now owns 57,985,130 shares of the financial services provider’s stock worth $2,804,161,000 after buying an additional 4,695,036 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Wells Fargo & Co. by 2.7% in the first quarter. Wellington Management Group LLP now owns 131,270,916 shares of the financial services provider’s stock worth $6,348,262,000 after buying an additional 3,450,553 shares during the last quarter. Hedge funds and other institutional investors own 73.98% of the company’s stock.

About Wells Fargo & Co.

Related posts

Leave a Comment