Keefe, Bruyette & Woods downgraded shares of Wells Fargo & Co (NYSE:WFC) from an outperform rating to a market perform rating in a report issued on Sunday, February 4th, Marketbeat reports. Keefe, Bruyette & Woods currently has $63.00 target price on the financial services provider’s stock.
WFC has been the topic of several other research reports. Vetr raised Wells Fargo & Co from a sell rating to a hold rating and set a $54.49 price target on the stock in a research note on Tuesday, October 24th. Vertical Group raised Wells Fargo & Co from a sell rating to a buy rating in a research report on Thursday, December 7th. Buckingham Research raised Wells Fargo & Co from a neutral rating to a buy rating and lifted their target price for the company from $57.00 to $75.00 in a research report on Thursday, December 21st. They noted that the move was a valuation call. Citigroup reaffirmed a buy rating and issued a $65.00 target price (up previously from $60.00) on shares of Wells Fargo & Co in a research report on Monday, October 9th. Finally, Zacks Investment Research raised Wells Fargo & Co from a sell rating to a hold rating in a research report on Tuesday, December 19th. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating and fourteen have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $76.34.
Wells Fargo & Co (NYSE:WFC) traded up $0.73 during midday trading on Friday, hitting $56.13. The stock had a trading volume of 48,717,319 shares, compared to its average volume of 24,770,000. The firm has a market cap of $276,400.00, a PE ratio of 13.59, a P/E/G ratio of 1.47 and a beta of 1.01. Wells Fargo & Co has a one year low of $49.27 and a one year high of $66.31. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88.
Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.07). Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. The company had revenue of $22.05 billion during the quarter, compared to the consensus estimate of $22.64 billion. During the same quarter in the prior year, the business earned $0.96 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. equities research analysts forecast that Wells Fargo & Co will post 4.72 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd will be given a dividend of $0.39 per share. The ex-dividend date is Thursday, February 1st. This represents a $1.56 dividend on an annualized basis and a yield of 2.78%. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 37.77%.
Wells Fargo & Co announced that its Board of Directors has approved a share buyback plan on Tuesday, January 23rd that permits the company to buyback 350,000,000 outstanding shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
In other news, insider John R. Shrewsberry sold 70,000 shares of the stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $56.90, for a total transaction of $3,983,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael J. Loughlin sold 17,482 shares of the stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $57.80, for a total transaction of $1,010,459.60. The disclosure for this sale can be found here. Insiders have sold 184,482 shares of company stock worth $10,471,050 in the last ninety days. Insiders own 0.22% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Wells Fargo & Co by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock valued at $17,440,601,000 after acquiring an additional 3,621,402 shares in the last quarter. Capital World Investors lifted its position in Wells Fargo & Co by 10.8% in the 2nd quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock valued at $6,192,259,000 after acquiring an additional 10,927,679 shares in the last quarter. Capital Research Global Investors lifted its position in Wells Fargo & Co by 19.7% in the 2nd quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock valued at $2,511,614,000 after acquiring an additional 7,445,414 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Wells Fargo & Co by 17.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 35,143,414 shares of the financial services provider’s stock valued at $1,937,888,000 after buying an additional 5,305,125 shares during the last quarter. Finally, Davis Selected Advisers increased its stake in Wells Fargo & Co by 1.4% in the 3rd quarter. Davis Selected Advisers now owns 26,335,478 shares of the financial services provider’s stock valued at $1,451,064,000 after buying an additional 368,667 shares during the last quarter. 76.20% of the stock is currently owned by institutional investors.
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About Wells Fargo & Co
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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