RBC Capital Markets reiterated their outperform rating on shares of Wells Fargo & Co. (NYSE:WFC) in a research note released on Friday. They currently have a $52.00 price target on the financial services provider’s stock, down from their prior price target of $54.00.
WFC has been the topic of several other reports. Vetr lowered shares of Wells Fargo & Co. from a hold rating to a sell rating and set a $46.32 price objective on the stock. in a report on Tuesday, August 30th. Deutsche Bank AG reaffirmed a buy rating and issued a $50.00 price target (down from $59.00) on shares of Wells Fargo & Co. in a report on Friday, September 16th. Credit Agricole SA reaffirmed an outperform rating and issued a $57.00 price target on shares of Wells Fargo & Co. in a report on Tuesday, September 20th. Piper Jaffray Cos. reaffirmed an underweight rating and issued a $45.00 price target on shares of Wells Fargo & Co. in a report on Wednesday, September 14th. Finally, Atlantic Securities lowered shares of Wells Fargo & Co. from a neutral rating to an underweight rating and cut their price target for the stock from $46.15 to $44.00 in a report on Friday, September 16th. Six investment analysts have rated the stock with a sell rating, eight have given a hold rating and nineteen have given a buy rating to the company. Wells Fargo & Co. presently has a consensus rating of Hold and a consensus target price of $50.53.
Wells Fargo & Co. (NYSE:WFC) opened at 45.09 on Friday. The stock has a 50 day moving average price of $48.06 and a 200 day moving average price of $48.49. Wells Fargo & Co. has a 12 month low of $44.50 and a 12 month high of $56.34. The stock has a market capitalization of $227.50 billion, a PE ratio of 11.13 and a beta of 0.90.
Wells Fargo & Co. (NYSE:WFC) last issued its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.01. The company had revenue of $22.20 billion for the quarter. Wells Fargo & Co. had a net margin of 24.33% and a return on equity of 12.95%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.03 earnings per share. On average, equities research analysts forecast that Wells Fargo & Co. will post $4.02 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 5th were issued a $0.38 dividend. The ex-dividend date was Wednesday, August 3rd. This represents a $1.52 annualized dividend and a dividend yield of 3.37%. Wells Fargo & Co.’s dividend payout ratio is currently 37.25%.
In other news, COO Timothy J. Sloan sold 20,500 shares of the company’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $48.92, for a total value of $1,002,860.00. Following the transaction, the chief operating officer now directly owns 650,815 shares in the company, valued at approximately $31,837,869.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.29% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the company. Alecta Pensionsforsakring Omsesidigt bought a new position in shares of Wells Fargo & Co. during the first quarter valued at approximately $698,802,000. Parnassus Investments CA raised its position in shares of Wells Fargo & Co. by 879.2% in the second quarter. Parnassus Investments CA now owns 12,240,229 shares of the financial services provider’s stock valued at $579,330,000 after buying an additional 10,990,229 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Wells Fargo & Co. by 2.2% in the second quarter. Vanguard Group Inc. now owns 288,028,042 shares of the financial services provider’s stock valued at $13,632,368,000 after buying an additional 6,247,583 shares in the last quarter. Ruane Cunniff & Goldfarb Inc. raised its position in shares of Wells Fargo & Co. by 5,580.0% in the second quarter. Ruane Cunniff & Goldfarb Inc. now owns 5,242,602 shares of the financial services provider’s stock valued at $248,132,000 after buying an additional 5,150,302 shares in the last quarter. Finally, BlackRock Fund Advisors raised its position in shares of Wells Fargo & Co. by 8.8% in the first quarter. BlackRock Fund Advisors now owns 57,985,130 shares of the financial services provider’s stock valued at $2,804,161,000 after buying an additional 4,695,036 shares in the last quarter. Hedge funds and other institutional investors 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.
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