Wells Fargo & Co (WFC) Receives $63.81 Consensus PT from Brokerages

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Shares of Wells Fargo & Co (NYSE:WFC) have received an average rating of “Hold” from the twenty-four ratings firms that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have given a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $63.57.

Several analysts have recently commented on WFC shares. Credit Suisse Group lowered their price objective on Wells Fargo & Co from $62.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday. Citigroup raised Wells Fargo & Co from a “neutral” rating to a “buy” rating in a research note on Friday, November 2nd. ValuEngine raised Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Tuesday, October 16th. BMO Capital Markets increased their price objective on Wells Fargo & Co to $65.00 and gave the stock a “market perform” rating in a research note on Monday, October 15th. Finally, Nomura lowered their price objective on Wells Fargo & Co from $68.00 to $63.00 and set a “buy” rating for the company in a research note on Monday, October 15th.

Several hedge funds have recently added to or reduced their stakes in WFC. Rossmore Private Capital grew its holdings in Wells Fargo & Co by 47.6% during the second quarter. Rossmore Private Capital now owns 21,703 shares of the financial services provider’s stock valued at $1,203,000 after purchasing an additional 6,999 shares during the period. Sumitomo Life Insurance Co. grew its holdings in Wells Fargo & Co by 20.9% during the second quarter. Sumitomo Life Insurance Co. now owns 155,035 shares of the financial services provider’s stock valued at $8,595,000 after purchasing an additional 26,776 shares during the period. Diversified Trust Co grew its holdings in Wells Fargo & Co by 14.0% during the second quarter. Diversified Trust Co now owns 16,483 shares of the financial services provider’s stock valued at $914,000 after purchasing an additional 2,018 shares during the period. Alta Capital Management LLC grew its holdings in Wells Fargo & Co by 0.8% during the second quarter. Alta Capital Management LLC now owns 869,994 shares of the financial services provider’s stock valued at $48,232,000 after purchasing an additional 6,612 shares during the period. Finally, Delta Asset Management LLC TN grew its holdings in Wells Fargo & Co by 1.0% during the second quarter. Delta Asset Management LLC TN now owns 466,790 shares of the financial services provider’s stock valued at $25,879,000 after purchasing an additional 4,610 shares during the period. 73.02% of the stock is owned by institutional investors.

WFC stock traded down $0.83 during trading on Monday, reaching $50.26. 28,508,788 shares of the stock were exchanged, compared to its average volume of 19,768,462. Wells Fargo & Co has a twelve month low of $50.02 and a twelve month high of $66.31. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.86 and a current ratio of 0.87. The company has a market cap of $249.20 billion, a P/E ratio of 12.23, a price-to-earnings-growth ratio of 1.02 and a beta of 1.00.

Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.04). Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. The firm had revenue of $21.94 billion for the quarter, compared to analyst estimates of $21.90 billion. Equities analysts predict that Wells Fargo & Co will post 4.5 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Saturday, December 1st. Stockholders of record on Friday, November 9th were issued a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 3.42%. The ex-dividend date of this dividend was Thursday, November 8th. Wells Fargo & Co’s dividend payout ratio is presently 41.85%.

Wells Fargo & Co declared that its board has initiated a stock repurchase plan on Tuesday, October 23rd that allows the company to repurchase 350,000,000 shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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Analyst Recommendations for Wells Fargo & Co (NYSE:WFC)

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