Wells Fargo & Company (WFC) Rating Lowered to Sell at Vetr Inc.

Wells Fargo & Company (NYSE:WFC) was downgraded by analysts at Vetr from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday. They currently have a $54.49 target price on the financial services provider’s stock. Vetr‘s price target would indicate a potential downside of 2.94% from the company’s previous close.

WFC has been the subject of several other research reports. Zacks Investment Research upgraded Wells Fargo & from a “sell” rating to a “hold” rating in a research note on Monday, July 10th. Goldman Sachs Group, Inc. (The) restated a “buy” rating on shares of Wells Fargo & in a research note on Wednesday, October 11th. Buckingham Research restated a “neutral” rating and issued a $62.00 price target (up previously from $60.00) on shares of Wells Fargo & in a research note on Monday, July 10th. Robert W. Baird restated a “buy” rating and issued a $58.00 price target on shares of Wells Fargo & in a research note on Friday, October 6th. Finally, Citigroup Inc. restated a “buy” rating and issued a $65.00 price target (up previously from $60.00) on shares of Wells Fargo & in a research note on Monday, October 9th. Seven investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $57.20.

Wells Fargo & (NYSE:WFC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.20). The company had revenue of $21.93 billion for the quarter, compared to analysts’ expectations of $22.30 billion. Wells Fargo & had a net margin of 22.00% and a return on equity of 12.59%. The business’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.03 EPS.

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Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Boston Partners lifted its holdings in Wells Fargo & by 50.0% in the first quarter. Boston Partners now owns 7,948,841 shares of the financial services provider’s stock valued at $442,432,000 after acquiring an additional 2,648,763 shares during the last quarter. Rockland Trust Co. raised its position in Wells Fargo & by 0.6% in the second quarter. Rockland Trust Co. now owns 316,530 shares of the financial services provider’s stock valued at $17,539,000 after purchasing an additional 1,856 shares during the period. Canada Pension Plan Investment Board raised its position in Wells Fargo & by 83.9% in the first quarter. Canada Pension Plan Investment Board now owns 7,972,116 shares of the financial services provider’s stock valued at $443,728,000 after purchasing an additional 3,637,100 shares during the period. Kelman Lazarov Inc. raised its position in Wells Fargo & by 6.0% in the second quarter. Kelman Lazarov Inc. now owns 64,172 shares of the financial services provider’s stock valued at $3,556,000 after purchasing an additional 3,612 shares during the period. Finally, First Citizens Bank & Trust Co. raised its position in Wells Fargo & by 4.7% in the second quarter. First Citizens Bank & Trust Co. now owns 103,269 shares of the financial services provider’s stock valued at $5,722,000 after purchasing an additional 4,647 shares during the period. Hedge funds and other institutional investors own 75.00% 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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