Wells Fargo & Co’s (WFC) Outperform Rating Reiterated at Credit Suisse Group AG

Wells Fargo & Co (NYSE:WFC)‘s stock had its “outperform” rating reiterated by equities research analysts at Credit Suisse Group AG in a research note issued on Friday, April 14th. They currently have a $40.00 price objective on the financial services provider’s stock, up from their previous price objective of $36.00. Credit Suisse Group AG’s price objective indicates a potential downside of 23.63% from the stock’s previous close.

Several other research firms have also recently commented on WFC. Citigroup Inc restated a “buy” rating and issued a $62.00 target price (up previously from $51.00) on shares of Wells Fargo & Co in a research note on Tuesday, January 10th. Susquehanna Bancshares Inc restated a “hold” rating on shares of Wells Fargo & Co in a research note on Wednesday, January 11th. Instinet reiterated a “buy” rating and issued a $51.00 price objective on shares of Wells Fargo & Co in a research note on Wednesday, January 11th. Zacks Investment Research cut shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a research note on Monday, February 6th. Finally, Robert W. Baird reiterated a “buy” rating and issued a $58.00 price objective on shares of Wells Fargo & Co in a research note on Tuesday, January 10th. Five analysts have rated the stock with a sell rating, twelve have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $55.45.

Analyst Recommendations for Wells Fargo & Co (NYSE:WFC)

Shares of Wells Fargo & Co (NYSE:WFC) traded up 1.72% during mid-day trading on Friday, hitting $53.28. The stock had a trading volume of 10,228,414 shares. The company’s 50 day moving average is $54.07 and its 200-day moving average is $54.80. The stock has a market cap of $266.26 billion, a P/E ratio of 13.32 and a beta of 0.98. Wells Fargo & Co has a 52-week low of $43.55 and a 52-week high of $59.99.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Thursday, April 13th. The financial services provider reported $1.00 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.03. The firm had revenue of $22 billion during the quarter, compared to analysts’ expectations of $22.25 billion. Wells Fargo & Co had a net margin of 23.30% and a return on equity of 12.60%. Wells Fargo & Co’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.99 EPS. On average, equities research analysts anticipate that Wells Fargo & Co will post $4.15 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Friday, May 5th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Wednesday, May 3rd. This represents a $1.52 annualized dividend and a dividend yield of 2.90%. Wells Fargo & Co’s dividend payout ratio is currently 38.10%.

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In related news, insider David M. Carroll sold 117,704 shares of the company’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $59.02, for a total value of $6,946,890.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ronald Sargent acquired 9,050 shares of Wells Fargo & Co stock in a transaction that occurred on Friday, May 5th. The stock was bought at an average cost of $55.15 per share, with a total value of $499,107.50. Following the acquisition, the director now directly owns 81 shares of the company’s stock, valued at $4,467.15. The disclosure for this purchase can be found here. Insiders have bought 106,392 shares of company stock valued at $5,526,822 in the last 90 days. Insiders own 0.29% of the company’s stock.

A number of large investors have recently bought and sold shares of the company. North Star Asset Management Inc. increased its stake in Wells Fargo & Co by 23.6% in the first quarter. North Star Asset Management Inc. now owns 27,309 shares of the financial services provider’s stock valued at $1,520,000 after buying an additional 5,216 shares during the last quarter. Chemung Canal Trust Co. increased its stake in Wells Fargo & Co by 6.4% in the first quarter. Chemung Canal Trust Co. now owns 18,386 shares of the financial services provider’s stock valued at $1,023,000 after buying an additional 1,098 shares during the last quarter. Lowe Brockenbrough & Co. Inc. increased its stake in Wells Fargo & Co by 1.2% in the first quarter. Lowe Brockenbrough & Co. Inc. now owns 100,034 shares of the financial services provider’s stock valued at $5,568,000 after buying an additional 1,172 shares during the last quarter. Northern Oak Wealth Management Inc. increased its stake in Wells Fargo & Co by 303.9% in the first quarter. Northern Oak Wealth Management Inc. now owns 95,808 shares of the financial services provider’s stock valued at $5,333,000 after buying an additional 72,090 shares during the last quarter. Finally, Meridian Wealth Management LLC increased its stake in Wells Fargo & Co by 59.3% in the first quarter. Meridian Wealth Management LLC now owns 24,298 shares of the financial services provider’s stock valued at $1,352,000 after buying an additional 9,049 shares during the last quarter. 73.25% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Co Company Profile

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.

5 Day Chart for NYSE:WFC

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