Wells Fargo & Co (NYSE:WFC) reaching 52-week high, short interest ramping up

Wells Fargo & Co (NYSE:WFC) (Trend Analysis) shares were traded with a tripled volume. The stock closed last trading session at $51.63, up by 7.58%, with a volume of 100,615,388 shares against an average amount for the last three months of 27,542,800.

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Wells Fargo & Co (NYSE:WFC) stock is currently trading 8.23% below its 52-week-high, 18.55% above its 52-week-low. The 1-year stock price history is in the range of $43.55 – $56.26. Wells Fargo & Co (WFC) has a price to earnings ratio of 12.81 versus Financial sector average of 15.9. WFC stock price has underperformed the S&P 500 by 9.8%. The Financial Services company is currently valued at $259.3 billion, and its share price closed the last trading session at $51.63. The stock has a 50-day moving average of $45.31 and a 200-day moving average of $47.68.

Wells Fargo & Co (WFC) current short interest stands at 30.01 million shares. It has increased by 8% from the same period of last month. Around 1% of the company’s shares, which are float, are short sold. With a 10-days average volume of 26.84 million shares, the number of days required to cover the short positions stand at 1.2 days.

WFC is forecasted to report earnings per share of $1.02 and a revenue of $22.31 billion for the 4th Quarter of the fiscal year 2016. Wells Fargo & Co (WFC) declared last quarter earnings on October 14. The Financial Services company announced last quarter earnings per share of $1.03 against a consensus Street estimate of $1.02, beating the average estimate by $0.01. The company posted a revenue of $23.86 billion compared to an estimation of $21.97 billion.

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There are currently thirty-two analysts that cover Wells Fargo & Co stock. Of those thirty-two, seventeen have a Buy rating, eleven have a Hold rating and four have a Sell rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $50.22.

A recent analyst activity consisted of FBR Capital downgrading their Outperform rating to Market Perform on October 19. FBR Capital decreased price target from $50 to $45. This corresponds to a 12.84% downside from the last closing price. On the date of report, the stock closed at $44.89.

Keefe, Bruyette & Woods downgraded their Outperform rating to Market Perform on October 17, and decreased their price target from $57 to $48. This corresponds to a 7.03% downside from the last closing price. On the date of report, the stock closed at $44.13.

Another research firm was BMO Capital who upgraded their Underperform rating to Market Perform on October 17. On the date of report, the stock closed at $44.13.

Company snapshot

Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.

Wells Fargo & Co (NYSE:WFC) reaching 52-week high, short interest ramping up was last modified: November 11th, 2016 by Steven Finley