Financial News

Company Update: Wells Fargo & Co (NYSE:WFC) – Singapore Payments Companies Selected for Wells Fargo Startup Accelerator

[Business Wire] – SAN FRANCISCO–(BUSINESSWIRE)– Wells Fargo ( NYSE:WFC – News) announced today that it has selected two early stage payments companies — Alpha Payments Cloud and Jewel Paymentech — for investments of up to $500,000 for the spring 2016 class of the Wells Fargo Startup Accelerator, a non-exclusive, six-month, semiannual program where Wells Fargo mentors and helps startups refine their potential breakthrough technologies for financial services and other applications. “Regularly collaborating with startups on a wide range of technologies through the Startup Accelerator helps Wells Fargo explore big ideas outside our walls and industry for our customers’ benefit,” says Steve Ellis, head of Wells Fargo’s Innovation Group, which serves as the catalyst for transformational change across Wells Fargo. Read more on this. Wells Fargo & Company (WFC) , with a current market cap of $253.97B, started the session at $50.25. Looking at today’s trading action, the company’s one day range from $49.91 to $50.44 and has traded between $44.50 and $58.77 over the past year. WFC shares are currently priced at 12.47x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 14.96x forward p/e ratio. The company pays shareholders $1.52 per share in dividend income per year, for a current yield of 3.01%. In a review of the consensus earnings estimate this quarter, 30 sell-side analysts are looking at $1.01 per share, which would be $0.02 worse than the year-ago quarter and a $0.04 sequential decrease. The full-year EPS estimate is $4.10 which would be a $0.05 setback than last year’s full-year earnings. The quarterly earnings estimate is predicated on a consensus revenue forecast of $22.25 Billion. If reported, that would be a 4.36% 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. Investors should keep in mind is that the average price target is $54.80, which is 9.05% above where the stock opened this morning. See more in (NYSE:WFC) Similar Articles: Company Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo Second Quarter 2016 Earnings Information Company Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo Introduces Go FarTM Rewards Stock Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo First Quarter 2016 Earnings Information
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