Wells Fargo (WFC) Releases Earnings Results

Wells Fargo (WFC) Releases Earnings Results

For the first quarter of this year, the bank reported a 5.3-percent increase in net income to $5.9 billion. The average estimate of 11 analysts surveyed by Bloomberg was $12.5 billion. Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The firm had revenue of $22.05 billion during the quarter, compared to analyst estimates of $22.64 billion. Dai Ichi Life Insurance Company Ltd now owns 477,780 shares of the financial services provider's stock valued at $26,474,000 after buying an additional 42,037 shares during the last quarter.

WFC stock opened at $52.79 on Friday. Wells Fargo & Company's dividend payout ratio (DPR) is now 38.10%. The 52-week high is presently 65.93, and the 52-week low is sitting at 49.58.

Other analysts have also recently issued reports about the company. Finally, Rafferty Capital Markets upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Tuesday, December 6th.

Wells Fargo is acknowledging that Federal regulators have offered to resolve a host of investigations into the consumer banking giant for $1 billion.

Viewing some popular support and resistance marks on shares of Wells Fargo & Company (NYSE:WFC), we can see that the 52-week high is presently $65.93, and the 52-week low is now $49.58. The stock of Wells Fargo & Company (NYSE:WFC) earned "Buy" rating by Vertical Group on Thursday, December 7.

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When it comes to the Analysis of a Stock, Price Target plays a vital role. Seven research analysts have rated the stock with a sell recommendation, twelve have assigned a hold recommendation and sixteen have assigned a buy recommendation to the company. Wells Fargo Co New has $257.80 billion market cap. When the stock is trading near the 52-week high or 52-week low, investors may be on the lookout for a potential break through the level. The stock was bought at an average price of $55.98 per share, for a total transaction of $503,820.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

A number of hedge funds have recently added to or reduced their stakes in WFC. Monetary Management Group Inc. increased its stake in shares of Wells Fargo by 0.9% in the second quarter. Schafer Cullen Capital Management Inc. now owns 2,480,541 shares of the financial services provider's stock valued at $137,447,000 after buying an additional 57,401 shares during the period. Finally, Meridian Investment Counsel Inc. increased its stake in shares of Wells Fargo by 1.1% in the second quarter. Holowesko Partners Ltd. now owns 2,052,981 shares of the financial services provider's stock valued at $113,756,000 after buying an additional 13,000 shares during the last quarter. Schneider Capital Management Corp purchased a new stake in shares of Wells Fargo in the 2nd quarter valued at approximately $17,007,000.

Analysts on average expected US$1.06 per share, according to Thomson Reuters I/B/E/S. Institutional investors own 77.33% of the company's stock.

Wells Fargo apologized a year ago for charging as many as 570,000 clients for auto insurance they didn't need. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. A P/B ratio of less than 1.0 can indicate that a stock is undervalued, while a ratio of greater than 1.0 may indicate that a stock is overvalued. "Takes $251,000 Position in Wells Fargo (NYSE:WFC)" was first posted by Week Herald and is the sole property of of Week Herald.

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