Wells Fargo & Co (NYSE:WFC) Rating Increased to Market Perform at Wolfe Research

Wells Fargo & Co (NYSE:WFC) was upgraded by analysts at Wolfe Research from an “underperform” rating to a “market perform” rating in a research note issued on Thursday, The Fly reports.

Other research analysts also recently issued research reports about the company. Credit Suisse Group reduced their target price on Wells Fargo & Co from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, April 21st. Odeon Capital Group upgraded Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Thursday, March 26th. Royal Bank of Canada lowered their target price on Wells Fargo & Co from $35.00 to $29.00 in a research report on Tuesday, June 30th. BMO Capital Markets decreased their target price on Wells Fargo & Co from $37.00 to $35.00 and set a “market perform” rating on the stock in a report on Wednesday, April 15th. Finally, DA Davidson assumed coverage on Wells Fargo & Co in a research report on Thursday, May 28th. They issued a “neutral” rating and a $27.00 target price for the company. Five research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $36.54.

Shares of NYSE:WFC traded down $0.49 during trading on Thursday, reaching $24.06. The company had a trading volume of 7,458,236 shares, compared to its average volume of 48,350,240. The stock’s fifty day moving average price is $27.03 and its 200 day moving average price is $36.07. Wells Fargo & Co has a fifty-two week low of $22.00 and a fifty-two week high of $54.75. The firm has a market capitalization of $100.66 billion, a price-to-earnings ratio of 8.69, a price-to-earnings-growth ratio of 3.76 and a beta of 1.15. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.87 and a quick ratio of 0.85.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.86 by ($0.85). Wells Fargo & Co had a net margin of 14.52% and a return on equity of 9.28%. The company had revenue of $17.72 billion during the quarter, compared to analysts’ expectations of $19.40 billion. During the same quarter in the prior year, the company earned $1.20 earnings per share. The firm’s revenue was down 18.0% compared to the same quarter last year. On average, equities analysts anticipate that Wells Fargo & Co will post 0.64 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in WFC. Institute for Wealth Management LLC. increased its holdings in shares of Wells Fargo & Co by 5.0% during the fourth quarter. Institute for Wealth Management LLC. now owns 7,287 shares of the financial services provider’s stock valued at $392,000 after acquiring an additional 347 shares in the last quarter. Glenview State Bank Trust DEPT. lifted its position in shares of Wells Fargo & Co by 4.5% during the 1st quarter. Glenview State Bank Trust DEPT. now owns 8,210 shares of the financial services provider’s stock valued at $236,000 after buying an additional 351 shares in the last quarter. JNBA Financial Advisors lifted its holdings in Wells Fargo & Co by 2.8% in the 1st quarter. JNBA Financial Advisors now owns 14,561 shares of the financial services provider’s stock valued at $418,000 after purchasing an additional 400 shares in the last quarter. Osborne Partners Capital Management LLC lifted its holdings in Wells Fargo & Co by 1.1% in the 1st quarter. Osborne Partners Capital Management LLC now owns 35,435 shares of the financial services provider’s stock valued at $1,017,000 after purchasing an additional 401 shares in the last quarter. Finally, Hilltop Holdings Inc. increased its stake in shares of Wells Fargo & Co by 1.8% in the 4th quarter. Hilltop Holdings Inc. now owns 22,594 shares of the financial services provider’s stock worth $1,215,000 after acquiring an additional 406 shares during the last quarter. 73.18% of the stock is owned by institutional investors.

Wells Fargo & Co Company Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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