Wells Fargo & Company (NYSE:WFC)‘s stock had its “buy” rating reissued by analysts at Keefe, Bruyette & Woods in a research report issued on Wednesday, August 16th.
Other research analysts have also issued research reports about the stock. Vining Sparks raised shares of Wells Fargo & to a “strong-buy” rating and set a $65.00 price objective for the company in a research note on Thursday, April 27th. Jefferies Group LLC reissued a “hold” rating and issued a $62.00 price objective on shares of Wells Fargo & in a research note on Monday, May 8th. Berenberg Bank lowered shares of Wells Fargo & from a “hold” rating to a “sell” rating and raised their price objective for the company from $35.00 to $45.00 in a research note on Friday, July 21st. Deutsche Bank AG reissued a “buy” rating on shares of Wells Fargo & in a research note on Monday, July 3rd. Finally, Vetr cut shares of Wells Fargo & from a “buy” rating to a “hold” rating and set a $57.21 target price on the stock. in a report on Thursday, May 4th. Six investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $55.83.
Wells Fargo & (NYSE:WFC) traded down 1.71% during trading on Wednesday, hitting $50.10. 31,241,592 shares of the company were exchanged. The stock’s 50-day moving average is $53.02 and its 200-day moving average is $54.52. Wells Fargo & has a 12 month low of $43.55 and a 12 month high of $59.99. The company has a market capitalization of $248.69 billion, a price-to-earnings ratio of 12.34 and a beta of 0.96.
Wells Fargo & (NYSE:WFC) last announced its earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.05. The company had revenue of $22.20 billion during 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%. Wells Fargo &’s revenue was up .2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.01 earnings per share. Equities research analysts anticipate that Wells Fargo & will post $4.17 earnings per share for the current year.
Wells Fargo & declared that its board has approved a stock buyback plan on Wednesday, June 28th that allows the company to buyback $11.50 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 4.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
In related news, insider Petros G. Pelos sold 24,708 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $54.07, for a total transaction of $1,335,961.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Hope A. Hardison sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $52.07, for a total value of $1,041,400.00. Following the sale, the insider now directly owns 109 shares in the company, valued at $5,675.63. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 111,278 shares of company stock valued at $5,896,920. Company insiders own 0.22% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of WFC. Dodge & Cox acquired a new stake in Wells Fargo & in the fourth quarter worth $3,942,119,000. Boston Partners increased its position in Wells Fargo & by 140.1% in the second quarter. Boston Partners now owns 19,088,621 shares of the financial services provider’s stock worth $1,057,700,000 after buying an additional 11,139,780 shares during the period. Capital World Investors increased its position in 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 period. Capital Research Global Investors increased its position in 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 period. Finally, Dimensional Fund Advisors LP increased its position in Wells Fargo & by 26.7% in the second quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock worth $1,653,464,000 after buying an additional 6,291,906 shares during the period. 75.19% of the stock is currently owned by hedge funds and other institutional investors.
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.
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