FY2018 EPS Estimates for Wells Fargo & Co (WFC) Cut by Oppenheimer

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Wells Fargo & Co (NYSE:WFC) – Equities research analysts at Oppenheimer lowered their FY2018 earnings estimates for shares of Wells Fargo & Co in a report issued on Tuesday, September 18th, according to Zacks Investment Research. Oppenheimer analyst C. Kotowski now anticipates that the financial services provider will earn $4.57 per share for the year, down from their previous estimate of $4.58. Oppenheimer also issued estimates for Wells Fargo & Co’s Q4 2018 earnings at $1.20 EPS and FY2019 earnings at $5.13 EPS.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 22.03% and a return on equity of 12.38%. The business had revenue of $21.94 billion for the quarter, compared to analysts’ expectations of $21.90 billion.

WFC has been the topic of a number of other research reports. Zacks Investment Research downgraded Wells Fargo & Co from a “buy” rating to a “hold” rating in a report on Monday, July 30th. ValuEngine downgraded Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Friday, September 28th. Morgan Stanley reduced their price target on Wells Fargo & Co from $62.00 to $61.00 and set an “equal weight” rating on the stock in a report on Monday, July 16th. Macquarie downgraded Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a report on Friday, September 7th. They noted that the move was a valuation call. Finally, Edward Jones upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Monday, September 17th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $64.22.

NYSE:WFC traded up $0.67 during mid-day trading on Friday, reaching $52.11. 32,045,388 shares of the company’s stock traded hands, compared to its average volume of 20,470,955. Wells Fargo & Co has a 12-month low of $50.26 and a 12-month high of $66.31. The company has a market cap of $256.37 billion, a PE ratio of 12.68, a P/E/G ratio of 1.43 and a beta of 1.15. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.88 and a quick ratio of 0.86.

In other Wells Fargo & Co news, EVP Avid Modjtabai sold 100,000 shares of Wells Fargo & Co stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $58.71, for a total transaction of $5,871,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Hope A. Hardison sold 25,000 shares of Wells Fargo & Co stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $58.01, for a total value of $1,450,250.00. Following the sale, the executive vice president now directly owns 109 shares in the company, valued at $6,323.09. The disclosure for this sale can be found here. Insiders own 0.09% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Coyle Financial Counsel LLC bought a new stake in shares of Wells Fargo & Co in the 1st quarter worth approximately $101,000. Landaas & Co. WI ADV bought a new position in Wells Fargo & Co in the 2nd quarter valued at approximately $117,000. Cerebellum GP LLC bought a new position in Wells Fargo & Co in the 3rd quarter valued at approximately $179,000. Stelac Advisory Services LLC lifted its position in Wells Fargo & Co by 99.3% in the 1st quarter. Stelac Advisory Services LLC now owns 3,581 shares of the financial services provider’s stock valued at $188,000 after acquiring an additional 1,784 shares in the last quarter. Finally, Diligent Investors LLC bought a new position in Wells Fargo & Co in the 2nd quarter valued at approximately $200,000. 77.57% of the stock is currently owned by hedge funds and other 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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