Wells Fargo & Co (WFC): Today's Featured Financial Winner
Wells Fargo (WFC) pushed the Financial sector higher today making it today's featured financial winner. The sector as a whole closed the day up 0.4%. By the end of trading, Wells Fargo rose 49 cents (1.5%) to $33.84 on average volume. Throughout the day, 23 million shares of Wells Fargo exchanged hands as compared to its average daily volume of 29.2 million shares. The stock ranged in a price between $33.21-$33.85 after having opened the day at $33.29 as compared to the previous trading day's close of $33.35. Other companies within the Financial sector that increased today were: Central Virginia Bankshares (CVBK), up 19.7%, American Spectrum Realty (AQQ), up 14.2%, E-House China Holdings (EJ), up 13%, and Security National Financial Corporation (SNFCA), up 12.9%. Wells Fargo & Company, through its subsidiaries, provides retail, commercial, and corporate banking services primarily in the United States. The company operates in three segments: Community Banking; Wholesale Banking; and Wealth, Brokerage, and Retirement. Wells Fargo has a market cap of $174.53 billion and is part of the banking industry. The company has a P/E ratio of 11.4, equal to the average banking industry P/E ratio and below the S&P 500 P/E ratio of 17.7. Shares are up 21% year to date as of the close of trading on Wednesday. Currently there are 20 analysts that rate Wells Fargo a buy, one analyst rates it a sell, and three rate it a hold. TheStreet Ratings rates Wells Fargo as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in net income, expanding profit margins and solid stock price performance. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.
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