Independence Bank of Kentucky Invests $2.02 Million in Wells Fargo (WFC) Stock

Andrew Cummings
April 13, 2018

Vertical Group upgraded Wells Fargo from a "sell" rating to a "buy" rating in a research report on Thursday, December 7th. Keefe, Bruyette & Woods reiterated a "hold" rating and set a $57.00 price objective on shares of Wells Fargo in a report on Thursday, April 5th.

The retail brokerage unit of Wells Fargo began to hemorrhage advisers in the second half of 2016; that September, the parent company revealed a scandal in its retail banking that resulted in Wells Fargo being fined $185 million for opening banking accounts for a few million customers without their knowledge or approval. They noted that the move was a valuation call.

When it comes to the Analysis of a Stock, Price Target plays a vital role. Six investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the company's stock. According to Simon Fowles' civil complaint, Wells Fargo's sales compensation plan for the FX sales department created strong incentives for foreign currency sales team members to make false and misleading representations to customers, to engage in abusive sales practices, and to enrich themselves at the expense of clients. In the last five years, the company's full-year sales growth remained over 4.00% a year on average and the company's earnings per share moved by an average rate of 3.61. The stock has a market capitalization of $256,667.41, a price-to-earnings ratio of 12.82, a P/E/G ratio of 1.38 and a beta of 1.13. Wells Fargo has a fifty-two week low of $49.27 and a fifty-two week high of $66.31. Godshalk Welsh Mgmt Inc has 0.51% invested in Wells Fargo & Company (NYSE:WFC). The stock presently has a yearly EPS of $3.61. The Return on Equity (ROE) value stands at 11.5%.

The bank said its total revenue fell 1.4% to $21.93 billion. The stock increased 1.48% or $0.77 during the last trading session, reaching $52.7.

National Pension Serv holds 1.12% in Wells Fargo & Company (NYSE:WFC) or 3.68 million shares. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

In other Wells Fargo news, Director Ronald Sargent bought 9,000 shares of the business's stock in a transaction on Monday, February 12th. The stock has a 50 day moving average of $55.49 and a 200-day moving average of $50.40. Following the acquisition, the director now directly owns 81 shares of the company's stock, valued at approximately $4,534.38. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.09% of the company's stock.

In case of Revenue Estimates, 19 analysts have provided their consensus Average Revenue Estimates for Wells Fargo & Company as 21.75 Billion. Foster Dykema Cabot & Co Inc sold 114,037 shares as the company's stock declined 16.98% with the market. Regal Investment Advisors LLC grew its holdings in shares of Wells Fargo by 567.0% during the second quarter. Acadian Asset Management LLC now owns 2,511,003 shares of the financial services provider's stock valued at $111,188,000 after buying an additional 1,240,585 shares during the period. Shares of the company have performed -16.51% over the last quarter and moved -2.70% over the last twelve months.

Basswood Capital Management Llc, which manages about $2.47 billion and $2.16B US Long portfolio, upped its stake in Bofi Hldg Inc (NASDAQ:BOFI) by 228,912 shares to 1.63M shares, valued at $48.73 million in 2017Q4, according to the filing. Delphi Private Advisors LLC increased its position in shares of Wells Fargo by 439.9% in the fourth quarter. Institutional investors and hedge funds own 77.33% of the company's stock.

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