Company Update (NYSE:WFC): Wells Fargo Public Finance Expands; New Directors in Boston and NY

[Business Wire] – Wells Fargo Securities, LLC , the capital markets and investment banking business of Wells Fargo & Company , announced today that the Public Finance Investment Banking group – among the top underwriters of negotiated new issuance to government, education, nonprofits, and health care organizations in the United States – added two managing directors. Read more on this. Wells Fargo & Company (WFC) , valued at $236.08B, opened this morning at $46.63. Looking at the stock, its one day range is $46.15 to $46.76 and has traded between $44.50 and $58.77 over the past year. WFC shares are currently priced at 11.24x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 14.47x earnings multiple for the same period. The company pays shareholders $1.52 per share in dividend income per year, for a current yield of 3.33%. Consensus earnings for the current quarter by the 31 sell-side analysts covering the stock is an estimate of $1.01 per share, which would be $0.02 worse than the year-ago quarter and a $0.04 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $4.10 would be a $0.05 worse when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $22.25 Billion. If realized, that would be a 4.36% increase over the year-ago quarter. In terms of ratings, Piper Jaffray downgraded WFC from Neutral to Underweight (Apr 15, 2016). Previously, Sandler O’Neill downgraded WFC from Buy to Hold. The average price target for WFC shares by the analysts covering the stock is $54.79, which is 17.50% above where the stock opened this morning. See more in (NYSE:WFC) Similar Articles: Company Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo Investment Institute: 2016 Midyear Outlook ‘Eyes on the Horizon’ Company Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo Introduces Go FarTM Rewards Company Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo Completes Acquisition of GE Capital’s North American Commercial Distribution Finance and Vendor Finance Businesses