Financial News

Company Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo stays coy as investment bank grows

[Reuters] – To the surprise of exactly no one, Wells Fargo played down talk of expansion in its investment banking business during this week’s investor day presentations. Jon Weiss, the head of the investment banking Wells Fargo Securities arm, walked the tightrope, acknowledging that the unit was growing while trying very hard to say it really wasn’t. “We are not talking about a massive investment in a new business,” he said. Read more on this. Wells Fargo & Company (WFC) , valued at $256.90B, started the session at $49.58. Looking at today’s trading action, the company’s one day range from $49.51 to $50.83 and has traded between $44.50 and $58.77 over the past year. WFC shares are currently priced at 11.97x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 14.60x forward p/e ratio. And for passive income investors, the company pays shareholders $1.52 per share annually in dividends, yielding 3.12%. Consensus earnings for the current quarter by the 30 sell-side analysts covering the stock is an estimate of $1.02 per share, which would be $0.01 worse than the year-ago quarter and a $0.04 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $4.11 would be a $0.04 setback when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $22.27 Billion. If reported, that would be a 4.46% increase over the year-ago quarter. In terms of ratings, Piper Jaffray downgraded WFC from Neutral to Underweight (Apr 15, 2016). Previously, Sandler O’Neill downgraded WFC from Buy to Hold. When considering if perhaps the stock is under or overvalued, the average price target is $54.93, which is 10.79% above where the stock opened this morning. See more in (NYSE:WFC) Similar Articles: Company Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo Provides $22 Million for Much-Needed Affordable Housing in San Bernardino Company Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo Introduces Go FarTM Rewards Company Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo Commits $5 Million to Boost Maricopa Homeownership
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