Wells Fargo & Co (NYSE:WFC) was upgraded by stock analysts at Vetr from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Monday, February 5th. The firm currently has a $54.78 price target on the financial services provider’s stock. Vetr‘s target price points to a potential downside of 8.41% from the stock’s current price.
WFC has been the subject of several other research reports. Bank of America cut their price target on Wells Fargo & Co from $70.00 to $69.00 and set a “buy” rating for the company in a report on Monday, February 5th. Morgan Stanley cut Wells Fargo & Co from an “equal weight” rating to an “underweight” rating in a report on Monday, February 5th. Goldman Sachs Group reaffirmed a “buy” rating on shares of Wells Fargo & Co in a report on Wednesday, October 11th. JPMorgan Chase & Co. cut Wells Fargo & Co from a “neutral” rating to an “underweight” rating in a report on Monday, February 5th. Finally, Credit Suisse Group reaffirmed a “hold” rating and issued a $57.00 price target on shares of Wells Fargo & Co in a report on Tuesday, October 10th. Six analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the company. Wells Fargo & Co currently has a consensus rating of “Hold” and a consensus target price of $62.90.
Wells Fargo & Co (NYSE WFC) traded up $0.26 during trading hours on Monday, hitting $59.81. The company had a trading volume of 15,638,223 shares, compared to its average volume of 25,286,250. Wells Fargo & Co has a 12-month low of $49.27 and a 12-month high of $66.31. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90. The firm has a market capitalization of $294,180.00, a PE ratio of 14.46, a PEG ratio of 1.52 and a beta of 1.01.
Wells Fargo & Co announced that its Board of Directors has authorized a share buyback plan on Tuesday, January 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
In other news, VP Richard Levy sold 97,000 shares of Wells Fargo & Co stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $56.47, for a total value of $5,477,590.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ronald Sargent acquired 9,000 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was purchased at an average cost of $55.98 per share, with a total value of $503,820.00. Following the completion of the purchase, the director now directly owns 81 shares of the company’s stock, valued at approximately $4,534.38. The disclosure for this purchase can be found here. Insiders sold 184,482 shares of company stock valued at $10,471,050 over the last ninety days. Insiders own 0.22% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Boston Partners boosted its holdings in Wells Fargo & Co by 140.1% in the second quarter. Boston Partners now owns 19,088,621 shares of the financial services provider’s stock valued at $1,057,700,000 after purchasing an additional 11,139,780 shares during the period. Capital World Investors boosted its holdings in Wells Fargo & Co by 10.8% in the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock valued at $6,192,259,000 after purchasing an additional 10,927,679 shares during the period. Capital Research Global Investors boosted its holdings in Wells Fargo & Co by 19.7% in the second quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock valued at $2,511,614,000 after purchasing an additional 7,445,414 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Wells Fargo & Co by 26.7% in the second quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock valued at $1,653,464,000 after purchasing an additional 6,291,906 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in Wells Fargo & Co by 396.3% in the second quarter. Janus Henderson Group PLC now owns 5,894,918 shares of the financial services provider’s stock valued at $326,655,000 after purchasing an additional 4,707,207 shares during the period. 76.00% of the stock is owned by institutional investors and hedge funds.
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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.
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