Vetr upgraded shares of Wells Fargo & Co. (NYSE:WFC) from a hold rating to a buy rating in a report released on Monday morning. The brokerage currently has $46.86 price target on the financial services provider’s stock.
Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. downgraded shares of Wells Fargo & Co. from an overweight rating to a neutral rating and lowered their price target for the stock from $53.50 to $48.00 in a research note on Wednesday, September 21st. Keefe, Bruyette & Woods reissued an outperform rating and issued a $57.00 price target on shares of Wells Fargo & Co. in a research note on Friday, September 9th. Raymond James Financial Inc. reissued a market perform rating on shares of Wells Fargo & Co. in a research note on Thursday, July 7th. Bank of America Corp. set a $50.00 price target on shares of Wells Fargo & Co. and gave the stock a buy rating in a research note on Monday, September 19th. Finally, FBR & Co reissued a buy rating and issued a $63.00 price target on shares of Wells Fargo & Co. in a research note on Monday, July 18th. Six equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nineteen have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $50.46.
Wells Fargo & Co. (NYSE:WFC) opened at 44.37 on Monday. The company has a market cap of $223.87 billion, a PE ratio of 10.96 and a beta of 0.90. The stock’s 50 day moving average is $47.85 and its 200-day moving average is $48.44. Wells Fargo & Co. has a 52-week low of $44.21 and a 52-week high of $56.34.
Wells Fargo & Co. (NYSE:WFC) last posted its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.01. Wells Fargo & Co. had a net margin of 24.33% and a return on equity of 12.95%. The company earned $22.20 billion during the quarter. During the same period in the prior year, the firm posted $1.03 earnings per share. The business’s revenue was up 4.0% on a year-over-year basis. Equities research analysts predict that Wells Fargo & Co. will post $4.02 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 5th were paid a dividend of $0.38 per share. The ex-dividend date was Wednesday, August 3rd. This represents a $1.52 annualized dividend and a yield of 3.43%. Wells Fargo & Co.’s payout ratio is 37.25%.
In other Wells Fargo & Co. news, COO Timothy J. Sloan sold 20,500 shares of the stock in a transaction on Monday, August 8th. The shares were sold at an average price of $48.92, for a total transaction of $1,002,860.00. Following the completion of the transaction, the chief operating officer now owns 650,815 shares in the company, valued at $31,837,869.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.29% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in WFC. Svenska Handelsbanken AB publ acquired a new position in Wells Fargo & Co. during the second quarter valued at approximately $15,118,000. Exxonmobil Investment Management Inc. TX raised its position in Wells Fargo & Co. by 6.3% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 1,195,917 shares of the financial services provider’s stock valued at $56,603,000 after buying an additional 71,107 shares during the period. Lazard Asset Management LLC raised its position in Wells Fargo & Co. by 10.3% in the first quarter. Lazard Asset Management LLC now owns 6,564,216 shares of the financial services provider’s stock valued at $317,445,000 after buying an additional 611,374 shares during the period. Aviva PLC raised its position in Wells Fargo & Co. by 0.7% in the first quarter. Aviva PLC now owns 3,065,051 shares of the financial services provider’s stock valued at $148,226,000 after buying an additional 22,620 shares during the period. Finally, Primecap Management Co. CA raised its position in Wells Fargo & Co. by 20.5% in the first quarter. Primecap Management Co. CA now owns 18,501,167 shares of the financial services provider’s stock valued at $894,716,000 after buying an additional 3,149,895 shares during the period. Institutional investors and hedge funds own 73.98% of the company’s stock.
About Wells Fargo & Co.
Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.
To view Vetr’s full report, visit Vetr’s official website.
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