[Reuters] – The U.S. Securities and Exchange Commission on Monday charged a Wells Fargo & Co unit and Rhode Island Economic Development Corp with civil fraud stemming from a bond offering for 38 Studios, a now-bankrupt videogame company. Wells Fargo Securities and the economic development agency defrauded investors in order to finance the videogame startup, founded by former Boston Red Sox pitcher Curt Schilling, the SEC said. Read more on this. Wells Fargo & Company (WFC) , with a current market cap of $254.71B, opened this morning at $49.77. A quick look at the market, the company’s stock traded between $49.44 and $50.16 with a one year range of $44.50 to $58.77. WFC shares are currently priced at 11.76x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 14.58x earnings multiple for the same period. And for dividend hunters, the company pays shareholders $1.50 per share annually in dividends, yielding 2.99%. In a review of the consensus earnings estimate this quarter, 29 sell-side analysts are looking at $0.99 per share, which would be $0.05 worse than the year-ago quarter and a $0.03 sequential decrease. The full-year EPS estimate is $4.26 which would be a $0.11 better than last year’s full-year earnings. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $21.70 Billion. If realized, that would be a 1.97% increase over the year-ago quarter. In terms of ratings, Susquehanna upgraded WFC from Neutral to Positive (Jan 20, 2016). Previously, Keefe Bruyette upgraded WFC from Mkt Perform to Outperform. Investors should keep in mind is that the average price target is $57.02, which is 14.57% above where the stock opened this morning. See more in (NYSE:WFC) Similar Articles: Company Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo Completes Acquisition of GE Capital’s North American Commercial Distribution Finance and Vendor Finance Businesses Company Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo Commits $5 Million to Boost Maricopa Homeownership Company Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo Brings $341 Million in ‘Oscar® Bonds’ to Market for New Academy Museum of Motion Pictures