Traders Sell Shares of Wells Fargo & Co (WFC) on Strength After Analyst Downgrade

Traders sold shares of Wells Fargo & Co (NYSE:WFC) on strength during trading hours on Thursday after Evercore ISI lowered their price target on the stock from $60.00 to $58.00. $181.51 million flowed into the stock on the tick-up and $412.71 million flowed out of the stock on the tick-down, for a money net flow of $231.20 million out of the stock. Of all companies tracked, Wells Fargo & Co had the 0th highest net out-flow for the day. Wells Fargo & Co traded up $1.35 for the day and closed at $53.50

Other analysts also recently issued research reports about the company. Credit Suisse Group AG downgraded Wells Fargo & Co from an “outperform” rating to a “neutral” rating and set a $56.00 target price on the stock. in a research note on Friday, February 10th. Jefferies Group LLC reissued a “hold” rating and set a $62.00 target price on shares of Wells Fargo & Co in a research note on Wednesday, April 5th. Keefe, Bruyette & Woods raised Wells Fargo & Co from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $53.00 to $63.00 in a research note on Wednesday, April 5th. Piper Jaffray Companies cut their price target on Wells Fargo & Co from $55.00 to $52.00 and set a “neutral” rating for the company in a report on Tuesday, April 18th. Finally, Instinet cut their price target on Wells Fargo & Co from $65.00 to $64.00 and set a “buy” rating for the company in a report on Wednesday, April 19th. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Wells Fargo & Co presently has an average rating of “Hold” and an average target price of $55.45.

In other Wells Fargo & Co news, insider Avid Modjtabai sold 100,000 shares of Wells Fargo & Co stock in a transaction on Friday, April 28th. The stock was sold at an average price of $54.21, for a total transaction of $5,421,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David M. Carroll sold 117,704 shares of Wells Fargo & Co stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $59.02, for a total value of $6,946,890.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 106,392 shares of company stock valued at $5,526,822. 0.29% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WFC. North Star Asset Management Inc. raised its position in Wells Fargo & Co by 23.6% in the first quarter. North Star Asset Management Inc. now owns 27,309 shares of the financial services provider’s stock valued at $1,520,000 after buying an additional 5,216 shares during the last quarter. Chemung Canal Trust Co. raised its position in Wells Fargo & Co by 6.4% in the first quarter. Chemung Canal Trust Co. now owns 18,386 shares of the financial services provider’s stock valued at $1,023,000 after buying an additional 1,098 shares during the last quarter. Lowe Brockenbrough & Co. Inc. raised its position in Wells Fargo & Co by 1.2% in the first quarter. Lowe Brockenbrough & Co. Inc. now owns 100,034 shares of the financial services provider’s stock valued at $5,568,000 after buying an additional 1,172 shares during the last quarter. Northern Oak Wealth Management Inc. raised its position in Wells Fargo & Co by 303.9% in the first quarter. Northern Oak Wealth Management Inc. now owns 95,808 shares of the financial services provider’s stock valued at $5,333,000 after buying an additional 72,090 shares during the last quarter. Finally, Meridian Wealth Management LLC raised its position in Wells Fargo & Co by 59.3% in the first quarter. Meridian Wealth Management LLC now owns 24,298 shares of the financial services provider’s stock valued at $1,352,000 after buying an additional 9,049 shares during the last quarter. 73.25% of the stock is owned by hedge funds and other institutional investors.

The company has a market capitalization of $265.16 billion, a PE ratio of 13.27 and a beta of 0.98. The company has a 50-day moving average of $53.98 and a 200-day moving average of $54.85.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Thursday, April 13th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.03. The business had revenue of $22 billion for the quarter, compared to analyst estimates of $22.25 billion. Wells Fargo & Co had a net margin of 23.30% and a return on equity of 12.60%. The company’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.99 EPS. On average, equities research analysts anticipate that Wells Fargo & Co will post $4.15 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Friday, May 5th will be paid a $0.38 dividend. The ex-dividend date is Wednesday, May 3rd. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.86%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 38.10%.

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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.

12 Month Chart for NYSE:WFC

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