Wells Fargo & Co (NYSE:WFC) has been given an average recommendation of “Hold” by the twenty-two ratings firms that are currently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $54.75.
Several research firms recently commented on WFC. ValuEngine upgraded Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Tuesday, March 19th. Raymond James raised Wells Fargo & Co from an “underperform” rating to a “market perform” rating and set a $50.08 price target for the company in a research note on Friday, March 29th. Deutsche Bank lowered Wells Fargo & Co from a “buy” rating to a “hold” rating and dropped their price target for the stock from $56.00 to $54.00 in a research note on Friday, March 29th. Keefe, Bruyette & Woods lowered Wells Fargo & Co from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $58.00 to $50.00 in a research note on Sunday, March 31st. Finally, Morgan Stanley dropped their price target on Wells Fargo & Co from $55.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday, April 15th.
In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the completion of the transaction, the insider now owns 3,066 shares of the company’s stock, valued at approximately $142,599.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.08% of the company’s stock.
Several hedge funds have recently bought and sold shares of the business. First Trust Advisors LP grew its holdings in shares of Wells Fargo & Co by 40.9% during the 1st quarter. First Trust Advisors LP now owns 1,439,804 shares of the financial services provider’s stock worth $69,571,000 after acquiring an additional 417,633 shares during the period. Horizon Investments LLC grew its holdings in shares of Wells Fargo & Co by 55.4% during the 1st quarter. Horizon Investments LLC now owns 27,826 shares of the financial services provider’s stock worth $1,332,000 after acquiring an additional 9,924 shares during the period. Cleararc Capital Inc. grew its holdings in shares of Wells Fargo & Co by 2.1% during the 1st quarter. Cleararc Capital Inc. now owns 68,576 shares of the financial services provider’s stock worth $3,314,000 after acquiring an additional 1,387 shares during the period. Advisory Services Network LLC grew its holdings in shares of Wells Fargo & Co by 7.7% during the 1st quarter. Advisory Services Network LLC now owns 42,457 shares of the financial services provider’s stock worth $2,052,000 after acquiring an additional 3,043 shares during the period. Finally, Allstate Corp grew its holdings in shares of Wells Fargo & Co by 521.3% during the 1st quarter. Allstate Corp now owns 265,243 shares of the financial services provider’s stock worth $12,817,000 after acquiring an additional 222,554 shares during the period. Hedge funds and other institutional investors own 75.35% of the company’s stock.
Shares of NYSE WFC traded down $0.23 during mid-day trading on Friday, hitting $45.91. The company had a trading volume of 378,547 shares, compared to its average volume of 18,397,680. The firm has a market capitalization of $207.95 billion, a P/E ratio of 10.48, a price-to-earnings-growth ratio of 0.88 and a beta of 1.09. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $59.53. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.88 and a quick ratio of 0.87. The business’s 50-day simple moving average is $45.97.
Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.12. Wells Fargo & Co had a return on equity of 13.37% and a net margin of 22.59%. The business had revenue of $21.61 billion during the quarter, compared to analysts’ expectations of $20.89 billion. During the same period in the previous year, the business earned $0.96 earnings per share. As a group, research analysts forecast that Wells Fargo & Co will post 4.7 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date of this dividend was Thursday, May 9th. Wells Fargo & Co’s payout ratio is 41.10%.
About Wells Fargo & Co
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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