Wells Fargo & Co. (NYSE:WFC) was upgraded by research analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Monday. The firm currently has a $50.00 target price on the financial services provider’s stock, up from their previous target price of $45.43. Robert W. Baird’s price objective would suggest a potential upside of 7.39% from the company’s previous close.
Other research analysts also recently issued research reports about the stock. Deutsche Bank AG reaffirmed a “buy” rating on shares of Wells Fargo & Co. in a research report on Sunday, June 26th. Barclays PLC reaffirmed a “buy” rating on shares of Wells Fargo & Co. in a research report on Saturday, July 9th. Nomura reaffirmed a “buy” rating on shares of Wells Fargo & Co. in a research report on Saturday, July 9th. Drexel Hamilton reiterated a “buy” rating on shares of Wells Fargo & Co. in a research note on Monday, July 18th. Finally, RBC Capital Markets reiterated a “buy” rating and issued a $54.00 price target (down previously from $57.00) on shares of Wells Fargo & Co. in a research note on Tuesday, July 19th. Seven analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the stock. Wells Fargo & Co. presently has an average rating of “Hold” and an average target price of $52.26.
Shares of Wells Fargo & Co. (NYSE:WFC) opened at 46.56 on Monday. The company has a 50-day moving average of $48.44 and a 200-day moving average of $48.63. The company has a market cap of $234.92 billion, a PE ratio of 11.50 and a beta of 0.90. Wells Fargo & Co. has a 1-year low of $44.50 and a 1-year high of $56.34.
Wells Fargo & Co. (NYSE:WFC) last released its earnings results on Friday, July 15th. The financial services provider reported $1.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.01. The business earned $22.20 billion during the quarter. Wells Fargo & Co. had a net margin of 24.33% and a return on equity of 12.95%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period last year, the business posted $1.03 EPS. Equities analysts forecast that Wells Fargo & Co. will post $4.02 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 5th were given a $0.38 dividend. The ex-dividend date was Wednesday, August 3rd. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.26%. Wells Fargo & Co.’s dividend payout ratio (DPR) is currently 37.25%.
In related news, COO Timothy J. Sloan sold 20,500 shares of the business’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $48.92, for a total transaction of $1,002,860.00. Following the transaction, the chief operating officer now owns 650,815 shares in the company, valued at approximately $31,837,869.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Carnick & Kubik Group LLC acquired a new stake in shares of Wells Fargo & Co. during the second quarter worth approximately $1,032,000. Williams Jones & Associates LLC raised its stake in shares of Wells Fargo & Co. by 19.5% in the second quarter. Williams Jones & Associates LLC now owns 142,310 shares of the financial services provider’s stock worth $6,736,000 after buying an additional 23,267 shares during the period. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Wells Fargo & Co. during the second quarter worth approximately $8,829,000. Kentucky Retirement Systems acquired a new stake in shares of Wells Fargo & Co. during the second quarter worth approximately $18,595,000. Finally, Mason Street Advisors LLC acquired a new stake in shares of Wells Fargo & Co. during the second quarter worth approximately $29,454,000. Institutional investors own 73.98% of the company’s stock.
Wells Fargo & Co. Company Profile
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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