Wells Fargo & Company (NYSE:WFC)‘s stock had its “buy” rating reaffirmed by investment analysts at Goldman Sachs Group, Inc. (The) in a research report issued on Wednesday.
WFC has been the topic of a number of other reports. Keefe, Bruyette & Woods set a $61.00 price target on Wells Fargo & and gave the stock a “buy” rating in a research note on Friday, August 25th. UBS AG set a $57.00 price target on Wells Fargo & and gave the stock a “neutral” rating in a research note on Friday, October 6th. Zacks Investment Research raised Wells Fargo & from a “sell” rating to a “hold” rating in a research note on Monday, July 10th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Wells Fargo & in a research note on Monday, July 3rd. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $58.00 price target on shares of Wells Fargo & in a research note on Tuesday, September 5th. Seven equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $57.19.
Shares of Wells Fargo & (NYSE:WFC) opened at 55.21 on Wednesday. Wells Fargo & has a one year low of $44.32 and a one year high of $59.99. The stock’s 50 day moving average price is $52.98 and its 200 day moving average price is $53.58. The stock has a market capitalization of $274.06 billion, a PE ratio of 13.60 and a beta of 0.97.
Wells Fargo & (NYSE:WFC) last issued its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.05. The firm had revenue of $22.20 billion for the quarter, compared to analyst estimates of $22.23 billion. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The business’s revenue was up .2% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 earnings per share. Equities research analysts predict that Wells Fargo & will post $4.14 EPS for the current fiscal year.
Wells Fargo & announced that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $11.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 4.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
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A number of hedge funds and other institutional investors have recently modified their holdings of WFC. V Wealth Management LLC increased its holdings in Wells Fargo & by 27.2% during the 1st quarter. V Wealth Management LLC now owns 7,826 shares of the financial services provider’s stock worth $438,000 after purchasing an additional 1,674 shares during the period. Candriam Luxembourg S.C.A. increased its holdings in Wells Fargo & by 15.4% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 485,901 shares of the financial services provider’s stock worth $27,047,000 after purchasing an additional 64,742 shares during the period. CAPROCK Group Inc. increased its holdings in Wells Fargo & by 5.1% during the 1st quarter. CAPROCK Group Inc. now owns 18,315 shares of the financial services provider’s stock worth $1,019,000 after purchasing an additional 883 shares during the period. Nationwide Fund Advisors increased its holdings in Wells Fargo & by 8.2% during the 1st quarter. Nationwide Fund Advisors now owns 3,055,904 shares of the financial services provider’s stock worth $170,092,000 after purchasing an additional 231,499 shares during the period. Finally, Patriot Wealth Management Inc. increased its holdings in Wells Fargo & by 4.5% during the 1st quarter. Patriot Wealth Management Inc. now owns 160,873 shares of the financial services provider’s stock worth $8,954,000 after purchasing an additional 6,997 shares during the period. Institutional investors own 75.12% of the company’s stock.
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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