Oppenheimer Holdings Equities Analysts Reduce Earnings Estimates for Wells Fargo & Company (NYSE:WFC)

Wells Fargo & Company (NYSE:WFC) – Equities research analysts at Oppenheimer Holdings cut their FY2017 earnings per share estimates for Wells Fargo & Company in a research report issued to clients and investors on Monday. Oppenheimer Holdings analyst C. Kotowski now expects that the financial services provider will post earnings of $4.14 per share for the year, down from their prior forecast of $4.17. Oppenheimer Holdings also issued estimates for Wells Fargo & Company’s FY2018 earnings at $4.33 EPS.

A number of other research analysts have also recently issued reports on the company. Vining Sparks raised Wells Fargo & Company to a “strong-buy” rating and set a $65.00 price target for the company in a report on Thursday, April 27th. Credit Suisse Group restated an “outperform” rating and set a $40.00 target price (up from $36.00) on shares of Wells Fargo & Company in a research report on Friday, April 14th. Jefferies Group LLC restated a “hold” rating and set a $62.00 target price on shares of Wells Fargo & Company in a research report on Monday, May 8th. Evercore ISI restated an “outperform” rating and set a $64.00 target price on shares of Wells Fargo & Company in a research report on Tuesday, April 11th. Finally, Vetr upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $58.06 target price for the company in a research report on Monday, March 27th. Five investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $55.63.

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Wells Fargo & Company (NYSE WFC) opened at 55.04 on Wednesday. The stock has a market capitalization of $275.05 billion, a P/E ratio of 13.76 and a beta of 0.96. The stock has a 50 day moving average of $53.07 and a 200 day moving average of $55.18. Wells Fargo & Company has a 52 week low of $43.55 and a 52 week high of $59.99.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Thursday, April 13th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.03. The company had revenue of $22 billion during the quarter, compared to the consensus estimate of $22.25 billion. Wells Fargo & Company had a net margin of 23.18% and a return on equity of 12.56%. Wells Fargo & Company’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.99 earnings per share.

In related news, CEO Timothy J. Sloan acquired 39,000 shares of the company’s stock in a transaction dated Monday, April 17th. The shares were purchased at an average cost of $51.65 per share, with a total value of $2,014,350.00. Following the completion of the acquisition, the chief executive officer now directly owns 754,581 shares of the company’s stock, valued at $38,974,108.65. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Stephen W. Sanger acquired 58,342 shares of the company’s stock in a transaction dated Monday, April 17th. The shares were bought at an average cost of $51.65 per share, for a total transaction of $3,013,364.30. Following the completion of the acquisition, the director now directly owns 79,834 shares of the company’s stock, valued at $4,123,426.10. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 106,392 shares of company stock worth $5,526,822 and have sold 231,278 shares worth $12,361,120. Corporate insiders own 0.22% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Frontier Wealth Management LLC increased its position in Wells Fargo & Company by 33.5% in the fourth quarter. Frontier Wealth Management LLC now owns 98,512 shares of the financial services provider’s stock valued at $5,429,000 after buying an additional 24,744 shares during the period. Terril Brothers Inc. increased its stake in shares of Wells Fargo & Company by 18.2% in the fourth quarter. Terril Brothers Inc. now owns 358,506 shares of the financial services provider’s stock worth $19,757,000 after buying an additional 55,217 shares in the last quarter. FIL Ltd increased its stake in shares of Wells Fargo & Company by 230.5% in the fourth quarter. FIL Ltd now owns 8,182,986 shares of the financial services provider’s stock worth $450,964,000 after buying an additional 5,706,977 shares in the last quarter. RidgeWorth Capital Management LLC increased its stake in shares of Wells Fargo & Company by 27.3% in the fourth quarter. RidgeWorth Capital Management LLC now owns 2,143,123 shares of the financial services provider’s stock worth $118,107,000 after buying an additional 459,576 shares in the last quarter. Finally, Abrams Capital Management L.P. increased its stake in shares of Wells Fargo & Company by 20.7% in the fourth quarter. Abrams Capital Management L.P. now owns 3,342,343 shares of the financial services provider’s stock worth $184,197,000 after buying an additional 572,343 shares in the last quarter. 75.92% of the stock is currently owned by institutional investors.

About Wells Fargo & Company

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.

Earnings History and Estimates for Wells Fargo & Company (NYSE:WFC)

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