Wells Fargo & Co (NYSE:WFC) was downgraded by research analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a report released on Sunday, Marketbeat.com reports. They currently have a $63.00 target price on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 8.32% from the stock’s previous close.
A number of other analysts have also commented on WFC. Royal Bank of Canada reaffirmed a “buy” rating and set a $60.00 price objective on shares of Wells Fargo & Co in a research note on Wednesday, November 15th. Citigroup reiterated a “buy” rating and issued a $65.00 target price (up previously from $60.00) on shares of Wells Fargo & Co in a report on Monday, October 9th. Goldman Sachs Group restated a “buy” rating on shares of Wells Fargo & Co in a report on Wednesday, October 11th. Vertical Group upgraded Wells Fargo & Co from a “sell” rating to a “buy” rating in a report on Thursday, December 7th. Finally, Buckingham Research upgraded Wells Fargo & Co from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $57.00 to $75.00 in a report on Thursday, December 21st. They noted that the move was a valuation call. Seven analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $62.93.
Shares of Wells Fargo & Co (NYSE WFC) opened at $58.16 on Friday. Wells Fargo & Co has a 1-year low of $49.27 and a 1-year high of $66.31. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88. The firm has a market cap of $286,400.00, a PE ratio of 14.08, a price-to-earnings-growth ratio of 1.67 and a beta of 1.01.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07). Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The business had revenue of $22.05 billion during the quarter, compared to analyst estimates of $22.64 billion. During the same period in the previous year, the company posted $0.96 earnings per share. Wells Fargo & Co’s revenue was up 2.2% compared to the same quarter last year. equities research analysts anticipate that Wells Fargo & Co will post 4.74 earnings per share for the current fiscal year.
Wells Fargo & Co declared that its Board of Directors has approved a stock repurchase plan on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, VP Richard Levy sold 97,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $56.47, for a total value of $5,477,590.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider John R. Shrewsberry sold 70,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $56.90, for a total value of $3,983,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 184,482 shares of company stock worth $10,471,050. Corporate insiders own 0.22% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Wells Fargo & Co by 1.2% in the second quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock valued at $17,440,601,000 after acquiring an additional 3,621,402 shares during the period. Capital World Investors lifted its position in Wells Fargo & Co by 10.8% in the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock worth $6,192,259,000 after purchasing an additional 10,927,679 shares during the period. Capital Research Global Investors lifted its position in Wells Fargo & Co by 19.7% in the second quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock worth $2,511,614,000 after purchasing an additional 7,445,414 shares during the period. Dimensional Fund Advisors LP lifted its position in Wells Fargo & Co by 17.8% in the third quarter. Dimensional Fund Advisors LP now owns 35,143,414 shares of the financial services provider’s stock worth $1,937,888,000 after purchasing an additional 5,305,125 shares during the period. Finally, Davis Selected Advisers lifted its position in Wells Fargo & Co by 1.4% in the third quarter. Davis Selected Advisers now owns 26,335,478 shares of the financial services provider’s stock worth $1,451,064,000 after purchasing an additional 368,667 shares during the period. 76.20% of the stock is owned by institutional investors.
About Wells Fargo & Co
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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