Wells Fargo & Co (NYSE:WFC) was upgraded by Atlantic Securities from an “underweight” rating to a “neutral” rating in a research report issued on Wednesday. The firm presently has a $64.00 target price on the financial services provider’s stock. Atlantic Securities’ target price suggests a potential upside of 2.32% from the stock’s previous close.
A number of other research firms have also weighed in on WFC. Sandler O’Neill upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating and increased their price target for the company from $62.04 to $73.00 in a research report on Tuesday. Vetr lowered Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $54.49 price target for the company. in a research report on Thursday, November 2nd. UBS Group reiterated a “neutral” rating and issued a $56.00 price target (down previously from $59.00) on shares of Wells Fargo & Co in a research report on Friday, September 15th. Zacks Investment Research upgraded Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Thursday, October 12th. Finally, Piper Jaffray Companies reiterated a “neutral” rating and issued a $50.00 price target (down previously from $52.00) on shares of Wells Fargo & Co in a research report on Wednesday, September 13th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and sixteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $61.02.
Shares of Wells Fargo & Co (NYSE:WFC) traded down $0.45 during mid-day trading on Wednesday, reaching $62.55. The company had a trading volume of 25,890,000 shares, compared to its average volume of 20,510,000. Wells Fargo & Co has a fifty-two week low of $49.27 and a fifty-two week high of $63.67. The company has a market capitalization of $308,240.00, a PE ratio of 16.16, a P/E/G ratio of 1.66 and a beta of 0.96. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.91 and a quick ratio of 0.89.
Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.07). Wells Fargo & Co had a net margin of 22.00% and a return on equity of 12.59%. The firm had revenue of $22.05 billion for the quarter, compared to the consensus estimate of $22.64 billion. During the same period in the prior year, the business earned $0.96 EPS. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. sell-side analysts expect that Wells Fargo & Co will post 3.98 EPS for the current year.
In other Wells Fargo & Co news, insider Michael J. Loughlin sold 17,482 shares of the firm’s 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John R. Shrewsberry sold 70,000 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $56.90, for a total value of $3,983,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 184,482 shares of company stock valued at $10,471,050 over the last 90 days. Corporate insiders own 0.22% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in WFC. Stelac Advisory Services LLC purchased a new stake in shares of Wells Fargo & Co during the 2nd quarter worth about $104,000. Patriot Financial Group Insurance Agency LLC raised its stake in shares of Wells Fargo & Co by 0.3% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 6 shares in the last quarter. Clear Investment Research LLC purchased a new stake in shares of Wells Fargo & Co during the 2nd quarter worth about $121,000. Westside Investment Management Inc. raised its stake in shares of Wells Fargo & Co by 63.9% during the 2nd quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock worth $127,000 after purchasing an additional 891 shares in the last quarter. Finally, BKS Advisors LLC purchased a new stake in shares of Wells Fargo & Co during the 3rd quarter worth about $143,000. Hedge funds and other institutional investors own 75.70% of the company’s stock.
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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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