Short Interest in Wells Fargo & Co. Increases By 8.3% (WFC)

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Wells Fargo & Co. (NYSE:WFC) saw a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 35,938,847 shares, an increase of 8.3% from the March 31st total of 33,183,206 shares, AnalystRatingsNetwork reports. Based on an average daily trading volume, of 19,983,292 shares, the days-to-cover ratio is currently 1.8 days. Currently, 0.7% of the shares of the company are short sold.

In other Wells Fargo & Co. news, CFO Timothy Sloan sold 80,000 shares of the company’s stock on the open market in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $48.65, for a total value of $3,892,000.00. Following the transaction, the chief financial officer now directly owns 402,114 shares of the company’s stock, valued at approximately $19,562,846. The transaction was disclosed in a document filed with the SEC, which is available at this link.

A number of analysts have recently weighed in on WFC shares. Analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Wells Fargo & Co. in a research note on Tuesday, April 29th. They now have a $53.00 price target on the stock. Separately, analysts at Deutsche Bank reiterated a “hold” rating on shares of Wells Fargo & Co. in a research note on Thursday, April 24th. They now have a $51.00 price target on the stock. Finally, analysts at BMO Capital Markets upgraded shares of Wells Fargo & Co. from a “market perform” rating to an “outperform” rating in a research note on Friday, April 25th. They now have a $55.00 price target on the stock, up previously from $53.00. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $49.00.

Shares of Wells Fargo & Co. (NYSE:WFC) opened at 49.33 on Friday. Wells Fargo & Co. has a one year low of $37.82 and a one year high of $50.49. The stock’s 50-day moving average is $49.13 and its 200-day moving average is $46.03. The company has a market cap of $259.8 billion and a P/E ratio of 12.29.

Wells Fargo & Co. (NYSE:WFC) last issued its quarterly earnings data on Friday, April 11th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.09. The company had revenue of $20.60 billion for the quarter, compared to the consensus estimate of $20.60 billion. During the same quarter in the previous year, the company posted $0.92 earnings per share. The company’s revenue for the quarter was down 3.0% on a year-over-year basis. On average, analysts predict that Wells Fargo & Co. will post $4.10 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Sunday, June 1st. Stockholders of record on Friday, May 9th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.84%. The ex-dividend date is Wednesday, May 7th. This is a boost from Wells Fargo & Co.’s previous quarterly dividend of $0.30.

Wells Fargo & Company is a bank holding company. It has three operating segments: Community Banking, Wholesale Banking and Wealth, and Brokerage and Retirement.

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