This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases.
Shares of NYSE WFC traded down $1.60 during mid-day trading on Thursday, hitting $51.10. The firm purchased 33,360 shares of the financial services provider's stock, valued at approximately $2,024,000. Since then, the nation's third largest lender by assets has faced more scrutiny, with the USA department of justice and the Securities and Exchange Commission (SEC) examining the wealth-management unit, a person familiar with the probes had said. The established trader's sentiment toward the stock has created a trading environment which can appropriately be designated as pessimistic. Texas Yale Cap Corp has 0.24% invested in Wells Fargo & Company (NYSE:WFC). Holowesko Partners Ltd. now owns 2,052,981 shares of the financial services provider's stock valued at $113,756,000 after buying an additional 13,000 shares during the last quarter. Inc. boosted its stake in shares of Wells Fargo & Company by 1.7% in the third quarter. Now the institutional investor is holding 4.50 million shares, compared to the 4.37M from the previous quarter. On Wednesday, January 3 Bernstein upgraded the shares of WFC in report to "Outperform" rating. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 1.23. Gam Holdg Ag has invested 0.21% in Wells Fargo & Company (NYSE:WFC).
"I'm confident that our outstanding team will continue to transform Wells Fargo into a better, stronger company; however, we recognise that it will take time to put all of our challenges behind us", Sloan said in the bank's first-quarter results statement on Friday. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, missing the Zacks' consensus estimate of $1.00 by $0.04. Wells Fargo had a net margin of 22.57% and a return on equity of 12.24%.
The bank paid $1.37 billion in taxes in the first quarter, about 36 percent less than the $2.13 billion it paid a year ago thanks to the sweeping overhaul of the nation's tax policy by the GOP. The company had a trading volume of 19,091,232 shares, compared to its average volume of 22,646,732. Meridian Investment Counsel Inc. now owns 17,895 shares of the financial services provider's stock worth $992,000 after purchasing an additional 200 shares during the period.More news: BBC presenter falls into swimming pool during live TV interview
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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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. For the prior reporting period, the company posted a quarterly EPS of 0.97. On Monday, March 26 Robert W. Baird maintained Wells Fargo & Company (NYSE:WFC) rating. Keefe, Bruyette & Woods restated a "buy" rating on shares of Wells Fargo in a research report on Tuesday, January 16th. In Thursday, January 4 report BMO Capital Markets maintained the stock with "Hold" rating.
Among 39 analysts covering Wells Fargo & Company (NYSE:WFC), 16 have Buy rating, 8 Sell and 15 Hold. They noted that the move was a valuation call. The company has an average rating of "Hold" and a consensus target price of $62.64.
The No. 3 US lender has been talking to customers who legally manufacture firearms, but is "not now setting policy in our extension of credit", Chief Financial Officer John Shrewsberry said during a call with reporters.
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.