Financial News

Company Update: Wells Fargo & Co (NYSE:WFC) – Berkshire applies to boost Wells Fargo stake above 10 percent

[Reuters] – As of March 31, Berkshire was Wells Fargo’s largest investor, with a 9.45 percent stake held mainly through subsidiaries, according to Berkshire and Reuters data. Berkshire wants to add to its stake for investment purposes, does not have a dollar amount in mind, and does not plan significant changes to the bank’s strategy or changes to its board, Bloomberg News reported, citing the June 14 application. Read more on this. Wells Fargo & Company (WFC) , with a current market cap of $238.77B, started trading this morning at $47.08. Shares have traded today between $46.86 and $47.28 per share and has traded between $44.50 and $58.77 over the past year. WFC shares are currently priced at 11.54x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 14.47x forward p/e ratio. And for those looking to make a return holding the stock, the company pays shareholders $1.52 per share annually in dividends, yielding 3.30%. In a review of the consensus earnings estimate this quarter, 31 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 better than last year. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $22.22 Billion. If realized, that would be a 4.22% increase over the year-ago quarter. More recently, Piper Jaffray downgraded WFC from Neutral to Underweight (Apr 15, 2016). Previously, Sandler O’Neill downgraded WFC from Buy to Hold. With the above information in mind, readers should note that the average price target is $54.76, which is 16.31% 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 (NYSE:WFC): Wells Fargo Commits $5 Million to Boost Philadelphia Homeownership Company Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo Commits $5 Million to Boost San Diego County Homeownership
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