Wells Fargo & Co (WFC) Sees Large Increase in Short Interest
Wells Fargo & Co (NYSE:WFC) was the recipient of a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 26,206,179 shares, a growth of 12.2% from the February 15th total of 23,356,719 shares. Based on an average daily volume of 16,681,850 shares, the days-to-cover ratio is presently 1.6 days. Currently, 0.6% of the shares of the company are short sold.
Shares of WFC opened at $50.66 on Monday. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 1.32. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $59.53. The company has a market cap of $242.18 billion, a price-to-earnings ratio of 11.57, a P/E/G ratio of 0.90 and a beta of 1.12.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Tuesday, January 15th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.04. Wells Fargo & Co had a net margin of 22.95% and a return on equity of 13.34%. The business had revenue of $20.98 billion during the quarter, compared to analyst estimates of $21.80 billion. During the same period last year, the firm posted $1.16 EPS. The company’s revenue was down 4.9% on a year-over-year basis. Analysts forecast that Wells Fargo & Co will post 4.96 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the business. Nalls Sherbakoff Group LLC purchased a new stake in Wells Fargo & Co during the 4th quarter valued at approximately $32,000. Athena Capital Advisors LLC purchased a new stake in Wells Fargo & Co during the 4th quarter valued at approximately $42,000. Mercer Capital Advisers Inc. grew its holdings in Wells Fargo & Co by 81.3% during the 4th quarter. Mercer Capital Advisers Inc. now owns 1,171 shares of the financial services provider’s stock valued at $54,000 after buying an additional 525 shares in the last quarter. SevenBridge Financial Group LLC grew its holdings in Wells Fargo & Co by 500.0% during the 4th quarter. SevenBridge Financial Group LLC now owns 1,200 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,000 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC boosted its position in shares of Wells Fargo & Co by 72.4% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 1,405 shares of the financial services provider’s stock valued at $65,000 after acquiring an additional 590 shares during the last quarter. 71.44% of the stock is owned by institutional investors and hedge funds.
Several research firms recently issued reports on WFC. Credit Suisse Group reduced their target price 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. Zacks Investment Research raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a report on Sunday, January 6th. ValuEngine lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Thursday, January 10th. Wolfe Research lowered shares of Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a report on Tuesday, January 8th. Finally, Barclays reduced their target price on shares of Wells Fargo & Co from $66.00 to $64.00 and set an “overweight” rating for the company in a report on Wednesday, January 2nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company. Wells Fargo & Co presently has a consensus rating of “Hold” and a consensus price target of $61.33.
Wells Fargo & Co Company Profile
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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