Wells Fargo & Co (NYSE:WFC) – Stock analysts at Jefferies Financial Group reduced their FY2018 earnings per share estimates for shares of Wells Fargo & Co in a research report issued on Tuesday, January 8th. Jefferies Financial Group analyst K. Usdin now forecasts that the financial services provider will earn $4.52 per share for the year, down from their prior estimate of $4.55. Jefferies Financial Group also issued estimates for Wells Fargo & Co’s Q4 2018 earnings at $1.19 EPS, Q1 2019 earnings at $1.05 EPS, Q3 2019 earnings at $1.26 EPS, Q4 2019 earnings at $1.35 EPS, FY2019 earnings at $4.85 EPS and FY2020 earnings at $5.55 EPS.
A number of other equities research analysts have also weighed in on WFC. ValuEngine upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a report on Friday, January 4th. Zacks Investment Research lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Monday, December 17th. Credit Suisse Group lowered their price objective on shares of Wells Fargo & Co from $62.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, December 7th. Wolfe Research lowered shares of Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a report on Tuesday. Finally, Robert W. Baird restated a “buy” rating and issued a $59.00 price objective on shares of Wells Fargo & Co in a report on Wednesday, January 2nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $61.93.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.17 by ($0.04). The business had revenue of $21.94 billion during the quarter, compared to the consensus estimate of $21.90 billion. Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%.
Wells Fargo & Co declared that its Board of Directors has initiated a share buyback plan on Tuesday, October 23rd that authorizes the company to buyback 350,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
Several hedge funds and other institutional investors have recently modified their holdings of WFC. Capital International Investors increased its stake in shares of Wells Fargo & Co by 270.1% in the third quarter. Capital International Investors now owns 89,775,252 shares of the financial services provider’s stock worth $4,718,587,000 after buying an additional 65,517,025 shares during the period. Primecap Management Co. CA increased its position in Wells Fargo & Co by 47.1% during the 3rd quarter. Primecap Management Co. CA now owns 38,512,187 shares of the financial services provider’s stock valued at $2,024,201,000 after purchasing an additional 12,337,098 shares during the period. Charles Schwab Investment Advisory Inc. purchased a new position in Wells Fargo & Co during the 2nd quarter valued at $321,220,000. OppenheimerFunds Inc. increased its position in Wells Fargo & Co by 1,283.4% during the 3rd quarter. OppenheimerFunds Inc. now owns 3,087,235 shares of the financial services provider’s stock valued at $162,264,000 after purchasing an additional 2,864,065 shares during the period. Finally, Royal London Asset Management Ltd. purchased a new position in Wells Fargo & Co during the 2nd quarter valued at $118,780,000. 72.97% of the stock is currently owned by institutional investors.
About Wells Fargo & Co
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
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