Wells Fargo & Co (NYSE:WFC) Shares Gap Down to $25.34

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Shares of Wells Fargo & Co (NYSE:WFC) gapped down before the market opened on Monday . The stock had previously closed at $24.58, but opened at $25.34. Wells Fargo & Co shares last traded at $25.55, with a volume of 19,444,810 shares changing hands.

Several brokerages have recently issued reports on WFC. UBS Group cut Wells Fargo & Co from a “neutral” rating to a “sell” rating and set a $19.00 price target on the stock. in a research report on Monday, May 4th. Cfra raised Wells Fargo & Co from a “sell” rating to a “hold” rating and reduced their price objective for the stock from $48.00 to $42.00 in a research note on Wednesday, March 4th. Royal Bank of Canada reduced their price objective on Wells Fargo & Co from $35.00 to $29.00 in a research note on Tuesday. ValuEngine raised Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Wednesday, April 15th. Finally, BMO Capital Markets reduced their price objective on Wells Fargo & Co from $37.00 to $35.00 and set a “market perform” rating for the company in a research note on Wednesday, April 15th. Six analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $37.33.

The company has a debt-to-equity ratio of 1.47, a current ratio of 0.87 and a quick ratio of 0.85. The company has a fifty day moving average of $26.81 and a 200-day moving average of $37.22. The firm has a market capitalization of $103.89 billion, a PE ratio of 9.05, a price-to-earnings-growth ratio of 3.44 and a beta of 1.15.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.86 by ($0.85). Wells Fargo & Co had a return on equity of 9.28% and a net margin of 14.52%. The firm had revenue of $17.72 billion for the quarter, compared to analysts’ expectations of $19.40 billion. During the same quarter in the prior year, the business posted $1.20 earnings per share. Wells Fargo & Co’s revenue was down 18.0% on a year-over-year basis. Equities analysts anticipate that Wells Fargo & Co will post 0.72 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a dividend of $0.51 per share. The ex-dividend date of this dividend was Thursday, May 7th. This represents a $2.04 annualized dividend and a dividend yield of 7.97%. Wells Fargo & Co’s dividend payout ratio is 46.58%.

Several large investors have recently made changes to their positions in WFC. Norges Bank purchased a new stake in shares of Wells Fargo & Co during the fourth quarter worth $2,157,509,000. Capital Research Global Investors raised its holdings in Wells Fargo & Co by 227.0% during the fourth quarter. Capital Research Global Investors now owns 19,840,076 shares of the financial services provider’s stock valued at $1,067,396,000 after buying an additional 13,773,468 shares in the last quarter. Amundi Pioneer Asset Management Inc. raised its holdings in Wells Fargo & Co by 264.5% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 10,660,597 shares of the financial services provider’s stock valued at $573,541,000 after buying an additional 7,736,141 shares in the last quarter. APG Asset Management N.V. raised its holdings in Wells Fargo & Co by 56.9% during the first quarter. APG Asset Management N.V. now owns 9,949,691 shares of the financial services provider’s stock valued at $428,169,000 after buying an additional 3,606,983 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in Wells Fargo & Co by 105.3% during the first quarter. Canada Pension Plan Investment Board now owns 6,061,989 shares of the financial services provider’s stock valued at $173,979,000 after buying an additional 3,108,879 shares in the last quarter. Institutional investors and hedge funds own 73.18% of the company’s stock.

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. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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