Wells Fargo & Company (NYSE:WFC) Stock Rating Reaffirmed by Piper Jaffray Companies

Wells Fargo & Company (NYSE:WFC)‘s stock had its “hold” rating reaffirmed by analysts at Piper Jaffray Companies in a research note issued on Sunday, July 30th.

A number of other equities research analysts have also weighed in on the stock. Vining Sparks raised shares of Wells Fargo & to a “strong-buy” rating and set a $65.00 price objective on the stock in a report on Thursday, April 27th. Credit Suisse Group reissued an “outperform” rating and set a $40.00 price objective (up from $36.00) on shares of Wells Fargo & in a report on Friday, April 14th. Jefferies Group LLC reissued a “hold” rating and set a $62.00 price objective on shares of Wells Fargo & in a report on Monday, May 8th. Evercore ISI reissued an “outperform” rating and set a $64.00 price objective on shares of Wells Fargo & in a report on Tuesday, April 11th. Finally, Berenberg Bank lowered shares of Wells Fargo & from a “hold” rating to a “sell” rating and boosted their price objective for the company from $35.00 to $45.00 in a report on Friday, July 21st. Six equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. Wells Fargo & presently has an average rating of “Hold” and an average price target of $55.87.

Shares of Wells Fargo & (NYSE WFC) opened at 51.68 on Friday. The stock has a market cap of $256.54 billion, a P/E ratio of 12.73 and a beta of 0.95. Wells Fargo & has a 1-year low of $43.55 and a 1-year high of $59.99. The company has a 50 day moving average price of $54.06 and a 200 day moving average price of $54.86. Wells Fargo & also saw unusually large options trading activity on Thursday. Stock investors bought 27,464 put options on the company. This is an increase of approximately 155% compared to the average daily volume of 10,758 put options.

Wells Fargo & (NYSE:WFC) last released its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.05. The business had revenue of $22.20 billion for the quarter, compared to analyst estimates of $22.23 billion. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The business’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the previous year, the company earned $1.01 earnings per share. On average, equities analysts anticipate that Wells Fargo & will post $4.17 EPS for the current year.

Wells Fargo & declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that allows the company to buyback $11.50 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

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In other news, insider Mary T. Mack sold 38,988 shares of Wells Fargo & stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $52.58, for a total value of $2,049,989.04. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Hope A. Hardison sold 20,000 shares of Wells Fargo & stock in a transaction dated 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 sale, the insider now directly owns 109 shares in the company, valued at approximately $5,675.63. 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 three months. 0.22% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of the stock. Delphi Private Advisors LLC boosted its stake in shares of Wells Fargo & by 262.8% in the second quarter. Delphi Private Advisors LLC now owns 2,017 shares of the financial services provider’s stock valued at $100,000 after buying an additional 1,461 shares during the period. Rocky Mountain Advisers LLC boosted its stake in shares of Wells Fargo & by 117.6% in the fourth quarter. Rocky Mountain Advisers LLC now owns 1,850 shares of the financial services provider’s stock valued at $102,000 after buying an additional 1,000 shares during the period. Alexandria Capital LLC boosted its stake in shares of Wells Fargo & by 0.3% in the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock valued at $102,000 after buying an additional 6 shares during the period. Brick & Kyle Associates boosted its stake in shares of Wells Fargo & by 9.5% in the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock valued at $103,000 after buying an additional 162 shares during the period. Finally, Stelac Advisory Services LLC bought a new stake in shares of Wells Fargo & during the second quarter valued at approximately $104,000. 76.05% of the stock is currently 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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