Wells Fargo & Co (WFC) Posts Earnings Results, Misses Estimates By $0.07 EPS

Wells Fargo & Co (NYSE:WFC) posted its quarterly earnings data on Friday. The financial services provider reported $0.97 EPS for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07), Morningstar.com reports. The company had revenue of $22.05 billion during the quarter, compared to analyst estimates of $22.64 billion. Wells Fargo & Co had a return on equity of 12.59% and a net margin of 22.00%. Wells Fargo & Co’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.96 earnings per share.

Shares of Wells Fargo & Co (NYSE WFC) traded down $0.46 during mid-day trading on Friday, reaching $62.55. The company’s stock had a trading volume of 25,882,911 shares, compared to its average volume of 20,380,000. The company has a market capitalization of $308,240.00, a P/E ratio of 15.15, a P/E/G ratio of 1.65 and a beta of 0.96. Wells Fargo & Co has a 1-year low of $49.27 and a 1-year high of $63.67. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.89 and a current ratio of 0.91.

A number of equities analysts recently commented on WFC shares. Vetr lowered Wells Fargo & Co from a “strong-buy” rating to a “sell” rating and set a $55.47 price objective on the stock. in a research note on Monday, January 8th. UBS Group set a $57.00 price objective on Wells Fargo & Co and gave the stock a “neutral” rating in a research note on Friday, October 6th. Sanford C. Bernstein raised Wells Fargo & Co from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $64.00 to $69.00 in a research note on Wednesday, January 3rd. BMO Capital Markets lifted their price objective on Wells Fargo & Co from $49.00 to $50.00 and gave the stock a “market perform” rating in a research note on Monday, October 16th. Finally, Goldman Sachs Group reaffirmed a “buy” rating on shares of Wells Fargo & Co in a research note on Wednesday, October 11th. Four analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $60.89.

In other news, VP Richard Levy sold 97,000 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $56.47, for a total transaction of $5,477,590.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider John R. Shrewsberry sold 70,000 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $56.90, for a total value of $3,983,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 184,482 shares of company stock valued at $10,471,050. Corporate insiders own 0.22% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WFC. Boston Partners increased its holdings in shares of Wells Fargo & Co by 140.1% during the second quarter. Boston Partners now owns 19,088,621 shares of the financial services provider’s stock valued at $1,057,700,000 after acquiring an additional 11,139,780 shares in the last quarter. Capital World Investors increased its holdings in shares of Wells Fargo & Co by 10.8% during the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock valued at $6,192,259,000 after acquiring an additional 10,927,679 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of Wells Fargo & Co by 19.7% during the second quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock valued at $2,511,614,000 after acquiring an additional 7,445,414 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Wells Fargo & Co by 26.7% during the second quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock valued at $1,653,464,000 after acquiring an additional 6,291,906 shares in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of Wells Fargo & Co by 396.3% during the second quarter. Janus Henderson Group PLC now owns 5,894,918 shares of the financial services provider’s stock valued at $326,655,000 after acquiring an additional 4,707,207 shares in the last quarter. Hedge funds and other institutional investors own 75.70% of the company’s stock.

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About Wells Fargo & Co

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.

Earnings History for Wells Fargo & Co (NYSE:WFC)

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