Wells Fargo & Co. (NYSE:WFC)‘s stock had its “buy” rating restated by Deutsche Bank AG in a report released on Friday. They presently have a $50.00 price target on the financial services provider’s stock, down from their prior price target of $59.00. Deutsche Bank AG’s price objective suggests a potential upside of 9.36% from the company’s current price.
Other analysts have also recently issued reports about the stock. FBR & Co restated a “buy” rating and set a $63.00 target price on shares of Wells Fargo & Co. in a research report on Wednesday, June 1st. Royal Bank Of Canada restated a “buy” rating on shares of Wells Fargo & Co. in a research report on Thursday, May 26th. Drexel Hamilton reissued a “buy” rating on shares of Wells Fargo & Co. in a research report on Thursday, May 26th. Evercore ISI reissued a “buy” rating and issued a $53.00 price objective on shares of Wells Fargo & Co. in a research report on Thursday, May 26th. Finally, Credit Suisse Group AG reissued a “buy” rating and issued a $58.00 price objective on shares of Wells Fargo & Co. in a research report on Wednesday, May 25th. Seven analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $51.65.
Shares of Wells Fargo & Co. (NYSE:WFC) opened at 45.72 on Friday. The company has a market capitalization of $230.68 billion, a PE ratio of 11.29 and a beta of 0.90. Wells Fargo & Co. has a 52-week low of $44.50 and a 52-week high of $56.34. The firm’s 50-day moving average price is $48.34 and its 200 day moving average price is $48.59.
Wells Fargo & Co. (NYSE:WFC) last announced its earnings results on Friday, July 15th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.01. The firm 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 firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.03 earnings per share. On average, equities analysts forecast that Wells Fargo & Co. will post $4.02 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 5th were given a dividend of $0.38 per share. The ex-dividend date was Wednesday, August 3rd. This represents a $1.52 annualized dividend and a yield of 3.32%. Wells Fargo & Co.’s dividend payout ratio is presently 37.25%.
In other news, COO Timothy J. Sloan sold 20,500 shares of Wells Fargo & Co. stock in a transaction dated 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 sale, the chief operating officer now owns 650,815 shares in the company, valued at $31,837,869.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company’s stock.
Several hedge funds have recently made changes to their positions in WFC. Beacon Financial Group raised its stake in shares of Wells Fargo & Co. by 75.1% in the first quarter. Beacon Financial Group now owns 222,548 shares of the financial services provider’s stock valued at $10,826,000 after buying an additional 95,481 shares during the period. Choate Investment Advisors raised its position in Wells Fargo & Co. by 11.0% in the fourth quarter. Choate Investment Advisors now owns 106,671 shares of the financial services provider’s stock worth $5,848,000 after buying an additional 10,582 shares during the last quarter. Feltz Wealth PLAN Inc. acquired a new position in Wells Fargo & Co. during the fourth quarter worth $3,520,000. Investment Counsel Inc. acquired a new position in Wells Fargo & Co. during the fourth quarter worth $2,894,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in Wells Fargo & Co. during the fourth quarter worth $20,688,000. Institutional investors and hedge funds 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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