Citigroup Inc. restated their buy rating on shares of Wells Fargo & Company (NYSE:WFC) in a research report sent to investors on Monday. They currently have a $65.00 price target on the financial services provider’s stock, up from their previous price target of $60.00.
Several other research firms have also weighed in on WFC. UBS AG restated a neutral rating and set a $56.00 price objective (down previously from $59.00) on shares of Wells Fargo & in a research report on Friday, September 15th. Piper Jaffray Companies reiterated a neutral rating and issued a $50.00 target price (down from $52.00) on shares of Wells Fargo & in a report on Wednesday, September 13th. Berenberg Bank cut shares of Wells Fargo & from a hold rating to a sell rating and raised their target price for the stock from $35.00 to $45.00 in a report on Friday, July 21st. Robert W. Baird reiterated a buy rating and issued a $58.00 target price on shares of Wells Fargo & in a report on Tuesday, September 5th. Finally, Keefe, Bruyette & Woods reiterated an overweight rating on shares of Wells Fargo & in a report on Thursday, July 13th. Eight investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $57.19.
Wells Fargo & (NYSE WFC) opened at 55.66 on Monday. Wells Fargo & has a 12 month low of $44.28 and a 12 month high of $59.99. The firm’s 50-day moving average is $52.89 and its 200-day moving average is $53.57. The firm has a market cap of $276.29 billion, a PE ratio of 13.71 and a beta of 0.97.
Wells Fargo & (NYSE:WFC) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.05. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The company had revenue of $22.20 billion during the quarter, compared to analyst estimates of $22.23 billion. During the same quarter last year, the firm posted $1.01 EPS. The business’s revenue for the quarter was up .2% on a year-over-year basis. Equities analysts expect that Wells Fargo & will post $4.14 earnings per share for the current year.
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Wells Fargo & declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $11.50 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
Hedge funds and other institutional investors have recently modified their holdings of the business. Delphi Private Advisors LLC lifted its holdings in shares of Wells Fargo & by 262.8% during the second quarter. Delphi Private Advisors LLC now owns 2,017 shares of the financial services provider’s stock valued at $100,000 after acquiring an additional 1,461 shares during the period. Alexandria Capital LLC lifted its holdings in shares of Wells Fargo & by 0.3% during the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 6 shares during the period. Brick & Kyle Associates lifted its holdings in shares of Wells Fargo & by 9.5% during the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 162 shares during the period. Stelac Advisory Services LLC bought a new position in shares of Wells Fargo & during the second quarter valued at $104,000. Finally, Patriot Financial Group Insurance Agency LLC lifted its holdings in shares of Wells Fargo & by 0.3% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock valued at $106,000 after acquiring an additional 6 shares during the period. 75.12% of the stock is owned by institutional investors.
About Wells Fargo &
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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