Wells Fargo & Co (NYSE:WFC) announced its earnings results on Tuesday. The financial services provider reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.17), Briefing.com reports. The firm had revenue of $19.86 billion for the quarter, compared to the consensus estimate of $20.11 billion. Wells Fargo & Co had a return on equity of 13.01% and a net margin of 21.67%. Wells Fargo & Co’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.21 EPS.
Shares of Wells Fargo & Co stock opened at $49.30 on Wednesday. Wells Fargo & Co has a one year low of $43.34 and a one year high of $54.75. The firm has a market capitalization of $222.04 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 1.15 and a beta of 1.11. The business has a 50-day simple moving average of $53.54 and a 200 day simple moving average of $49.98. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.86 and a quick ratio of 0.85.
A number of research analysts have recently issued reports on WFC shares. Credit Suisse Group boosted their price objective on Wells Fargo & Co from $52.00 to $53.00 and gave the company a “neutral” rating in a research note on Friday, October 4th. Robert W. Baird lowered Wells Fargo & Co from a “neutral” rating to an “underperform” rating and set a $50.00 target price on the stock. in a research report on Thursday, January 2nd. Morgan Stanley decreased their target price on Wells Fargo & Co from $57.00 to $56.00 and set an “equal weight” rating for the company in a research note on Monday, December 23rd. Raymond James cut Wells Fargo & Co from a “market perform” rating to an “underperform” rating in a research note on Monday, December 2nd. Finally, Buckingham Research set a $47.00 target price on Wells Fargo & Co and gave the stock a “hold” rating in a report on Monday, September 30th. Seven research analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $50.61.
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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