Traders Buy Shares of Wells Fargo (WFC) on Weakness

Traders bought shares of Wells Fargo (NYSE:WFC) on weakness during trading hours on Thursday. $339.31 million flowed into the stock on the tick-up and $257.15 million flowed out of the stock on the tick-down, for a money net flow of $82.16 million into the stock. Of all stocks tracked, Wells Fargo had the 26th highest net in-flow for the day. Wells Fargo traded down ($2.26) for the day and closed at $52.53

A number of analysts have recently issued reports on the company. Morgan Stanley cut Wells Fargo from an “overweight” rating to an “underweight” rating and lowered their price objective for the company from $75.00 to $64.00 in a research report on Tuesday, February 6th. Atlantic Securities upgraded Wells Fargo from an “underweight” rating to a “neutral” rating and set a $64.00 price objective on the stock in a research report on Wednesday, January 10th. Vetr cut Wells Fargo from a “strong-buy” rating to a “sell” rating and set a $55.47 price objective on the stock. in a research report on Monday, January 8th. Buckingham Research upgraded Wells Fargo from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $57.00 to $75.00 in a research report on Thursday, December 21st. They noted that the move was a valuation call. Finally, Nomura lowered their price objective on Wells Fargo from $79.00 to $76.00 and set a “buy” rating on the stock in a research report on Monday, February 5th. Six equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $62.90.

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The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88. The firm has a market capitalization of $256,228.41, a P/E ratio of 12.53, a P/E/G ratio of 1.37 and a beta of 1.08.

Wells Fargo (NYSE:WFC) last posted its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). The business had revenue of $22.05 billion during the quarter, compared to analyst estimates of $22.64 billion. Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. Wells Fargo’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.96 EPS. sell-side analysts expect that Wells Fargo will post 4.72 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend was Thursday, February 1st. Wells Fargo’s dividend payout ratio is currently 38.33%.

Wells Fargo declared that its board has approved a share repurchase program on Tuesday, January 23rd that allows the company to repurchase 350,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

In other Wells Fargo news, Director Ronald Sargent acquired 9,000 shares of Wells Fargo stock in a transaction on Monday, February 12th. The shares were bought at an average price of $55.98 per share, with a total value of $503,820.00. Following the completion of the purchase, the director now owns 81 shares in the company, valued at $4,534.38. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.22% of the stock is currently owned by insiders.

Institutional investors have recently bought and sold shares of the business. Heartland Advisors Inc. lifted its stake in shares of Wells Fargo by 3.9% during the second quarter. Heartland Advisors Inc. now owns 272,548 shares of the financial services provider’s stock valued at $15,102,000 after acquiring an additional 10,318 shares during the period. Carret Asset Management LLC lifted its stake in shares of Wells Fargo by 2.8% during the third quarter. Carret Asset Management LLC now owns 53,814 shares of the financial services provider’s stock valued at $2,968,000 after acquiring an additional 1,446 shares during the period. Western Standard LLC lifted its stake in shares of Wells Fargo by 96.8% during the third quarter. Western Standard LLC now owns 62,315 shares of the financial services provider’s stock valued at $3,437,000 after acquiring an additional 30,653 shares during the period. Personal Capital Advisors Corp lifted its stake in shares of Wells Fargo by 5.0% during the third quarter. Personal Capital Advisors Corp now owns 554,429 shares of the financial services provider’s stock valued at $30,577,000 after acquiring an additional 26,614 shares during the period. Finally, Heritage Way Advisors LLC lifted its stake in shares of Wells Fargo by 69.2% during the fourth quarter. Heritage Way Advisors LLC now owns 62,100 shares of the financial services provider’s stock valued at $3,768,000 after acquiring an additional 25,407 shares during the period. 77.32% of the stock is currently owned by institutional investors.

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About Wells Fargo

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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