Wells Fargo & Co (NYSE:WFC) insider Petros G. Pelos sold 28,304 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the transaction, the insider now directly owns 3,066 shares of the company’s stock, valued at approximately $142,599.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Shares of NYSE:WFC opened at $45.84 on Thursday. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 1.35. Wells Fargo & Co has a 12 month low of $43.02 and a 12 month high of $59.53. The stock has a market capitalization of $225.99 billion, a P/E ratio of 10.47, a price-to-earnings-growth ratio of 0.88 and a beta of 1.09.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.12. Wells Fargo & Co had a net margin of 22.59% and a return on equity of 13.37%. The firm had revenue of $21.61 billion during the quarter, compared to the consensus estimate of $20.89 billion. During the same quarter last year, the firm earned $0.96 EPS. On average, sell-side analysts forecast that Wells Fargo & Co will post 4.75 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 10th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date of this dividend is Thursday, May 9th. Wells Fargo & Co’s payout ratio is 41.10%.
Large investors have recently made changes to their positions in the stock. Orrstown Financial Services Inc. raised its position in Wells Fargo & Co by 125.9% in the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 287 shares during the period. Horan Capital Advisors LLC. purchased a new stake in Wells Fargo & Co in the 1st quarter worth about $27,000. Brand Asset Management Group Inc. raised its position in Wells Fargo & Co by 96.8% in the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 242 shares during the period. Nalls Sherbakoff Group LLC purchased a new stake in Wells Fargo & Co in the 4th quarter worth about $32,000. Finally, Roble Belko & Company Inc raised its position in Wells Fargo & Co by 46.1% in the 1st quarter. Roble Belko & Company Inc now owns 691 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 218 shares during the period. 72.01% of the stock is owned by hedge funds and other institutional investors.
WFC has been the subject of several research reports. Keefe, Bruyette & Woods downgraded shares of Wells Fargo & Co from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $58.00 to $50.00 in a report on Sunday, March 31st. Bank of America downgraded shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating in a report on Monday, April 15th. Deutsche Bank downgraded shares of Wells Fargo & Co from a “buy” rating to a “hold” rating and dropped their price objective for the company from $56.00 to $54.00 in a report on Friday, March 29th. BMO Capital Markets dropped their price objective on shares of Wells Fargo & Co from $65.00 to $63.00 and set a “market perform” rating for the company in a report on Monday, April 15th. Finally, Raymond James reissued a “hold” rating on shares of Wells Fargo & Co in a report on Friday, April 12th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $56.35.
About Wells Fargo & Co
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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