Wells Fargo & Company (WFC) Downgraded by Berenberg Bank

Berenberg Bank lowered shares of Wells Fargo & Company (NYSE:WFC) from a hold rating to a sell rating in a research report released on Friday, July 21st, Marketbeat reports. The brokerage currently has $45.00 target price on the financial services provider’s stock, up from their prior target price of $35.00.

A number of other research firms have also recently commented on WFC. Deutsche Bank AG reaffirmed a buy rating on shares of Wells Fargo & in a report on Monday, July 3rd. Zacks Investment Research upgraded shares of Wells Fargo & from a sell rating to a hold rating in a research note on Monday, July 10th. Vetr lowered shares of Wells Fargo & from a buy rating to a hold rating and set a $58.06 price target for the company. in a research report on Monday, April 3rd. Buckingham Research restated a neutral rating and set a $62.00 price target (up from $60.00) on shares of Wells Fargo & in a research report on Monday, July 10th. Finally, Keefe, Bruyette & Woods upgraded shares of Wells Fargo & from a market perform rating to an outperform rating and boosted their price target for the company from $53.00 to $63.00 in a research report on Wednesday, April 5th. Six analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $55.87.

Shares of Wells Fargo & (NYSE:WFC) traded down 0.23% during midday trading on Friday, reaching $51.68. The company had a trading volume of 17,130,641 shares. The firm has a market cap of $256.54 billion, a P/E ratio of 12.73 and a beta of 0.95. The company’s 50-day moving average is $54.18 and its 200-day moving average is $54.90. Wells Fargo & has a 52-week low of $43.55 and a 52-week high of $59.99. Wells Fargo & also was the recipient of unusually large options trading activity on Thursday. Traders bought 27,464 put options on the stock. This is an increase of approximately 155% compared to the average volume of 10,758 put options.

Wells Fargo & (NYSE:WFC) last posted its earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.05. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The firm had revenue of $22.20 billion for the quarter, compared to analysts’ expectations of $22.23 billion. During the same quarter last year, the firm earned $1.01 EPS. The company’s quarterly revenue was up .2% compared to the same quarter last year. Equities research analysts expect that Wells Fargo & will post $4.17 EPS for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 4th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.02%. This is an increase from Wells Fargo &’s previous quarterly dividend of $0.38. The ex-dividend date is Wednesday, August 2nd. Wells Fargo &’s dividend payout ratio (DPR) is presently 38.42%.

Wells Fargo & announced that its Board of Directors has approved a stock buyback plan on Wednesday, June 28th that permits the company to buyback $11.50 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 4.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

In related news, insider Hope A. Hardison sold 20,000 shares of the firm’s stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $52.07, for a total transaction of $1,041,400.00. Following the completion of the transaction, the insider now directly owns 109 shares of the company’s stock, valued at $5,675.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider David M. Carroll sold 27,582 shares of the firm’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $53.28, for a total transaction of $1,469,568.96. The disclosure for this sale can be found here. Insiders have sold a total of 131,278 shares of company stock worth $6,940,120 over the last 90 days. Insiders own 0.22% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Wells Fargo & by 1.2% in the second quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock worth $17,440,601,000 after buying an additional 3,621,402 shares during the last quarter. Capital World Investors boosted its position in shares of Wells Fargo & 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 buying an additional 10,927,679 shares during the last quarter. Dodge & Cox acquired a new position in shares of Wells Fargo & during the fourth quarter worth approximately $3,942,119,000. Norges Bank acquired a new position in shares of Wells Fargo & during the fourth quarter worth approximately $2,800,566,000. Finally, Capital Research Global Investors boosted its position in shares of Wells Fargo & 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 buying an additional 7,445,414 shares during the last quarter. 76.05% of the stock is owned by institutional investors and hedge funds.

About Wells Fargo &

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.

Analyst Recommendations for Wells Fargo & (NYSE:WFC)

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