Morgan Stanley upgraded shares of Wells Fargo & Co. (NYSE:WFC) from an equal weight rating to an overweight rating in a report released on Tuesday morning. They currently have $53.00 price objective on the financial services provider’s stock, down from their prior price objective of $56.00.
WFC has been the topic of several other reports. Atlantic Securities lowered shares of Wells Fargo & Co. from a neutral rating to an underweight rating and dropped their price target for the company from $46.15 to $44.00 in a research note on Friday, September 16th. Rafferty Capital Markets lowered shares of Wells Fargo & Co. from a hold rating to a sell rating and set a $44.00 price target on the stock. in a research note on Friday, September 9th. Zacks Investment Research upgraded shares of Wells Fargo & Co. from a sell rating to a hold rating in a research note on Monday, July 4th. Barclays PLC dropped their price target on shares of Wells Fargo & Co. from $61.00 to $58.00 and set an overweight rating on the stock in a research note on Thursday, September 15th. Finally, RBC Capital Markets reiterated a buy rating and issued a $54.00 price target (down from $57.00) on shares of Wells Fargo & Co. in a research note on Tuesday, July 19th. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the company’s stock. Wells Fargo & Co. presently has a consensus rating of Hold and an average target price of $51.31.
Shares of Wells Fargo & Co. (NYSE:WFC) opened at 45.74 on Tuesday. 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 is $48.28 and its 200 day moving average is $48.56. The firm has a market capitalization of $230.78 billion, a PE ratio of 11.29 and a beta of 0.90.
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, hitting the Zacks’ consensus estimate of $1.01. Wells Fargo & Co. had a net margin of 24.33% and a return on equity of 12.95%. The firm had revenue of $22.20 billion for the quarter. During the same quarter in the previous year, the company posted $1.03 earnings per share. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. On average, equities analysts forecast that Wells Fargo & Co. will post $4.02 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 5th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend was Wednesday, August 3rd. Wells Fargo & Co.’s dividend payout ratio is currently 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 stock was 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 of the company’s stock, valued at approximately $31,837,869.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Alecta Pensionsforsakring Omsesidigt bought a new position in Wells Fargo & Co. during the first quarter valued at approximately $698,802,000. Burns J W & Co. Inc. NY raised its position in Wells Fargo & Co. by 1.4% in the first quarter. Burns J W & Co. Inc. NY now owns 104,572 shares of the financial services provider’s stock valued at $5,057,000 after buying an additional 1,435 shares during the period. Rathbone Brothers plc raised its position in Wells Fargo & Co. by 3.9% in the first quarter. Rathbone Brothers plc now owns 327,043 shares of the financial services provider’s stock valued at $15,816,000 after buying an additional 12,310 shares during the period. Cardinal Capital Management Inc. bought a new position in Wells Fargo & Co. during the first quarter valued at approximately $11,102,000. Finally, Community Trust & Investment Co. raised its position in Wells Fargo & Co. by 2.1% in the first quarter. Community Trust & Investment Co. now owns 268,443 shares of the financial services provider’s stock valued at $12,982,000 after buying an additional 5,446 shares during the period. 73.98% of the stock is currently owned by hedge funds and other institutional investors.
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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