Vining Sparks Reaffirms “Buy” Rating for Wells Fargo & Co (WFC)

Wells Fargo & Co (NYSE:WFC)‘s stock had its “buy” rating reissued by stock analysts at Vining Sparks in a report issued on Monday, February 5th. They presently have a $68.50 price objective on the financial services provider’s stock. Vining Sparks’ target price indicates a potential upside of 14.53% from the company’s previous close.

Several other analysts have also commented on WFC. Citigroup reissued a “buy” rating and issued a $65.00 price objective (up from $60.00) on shares of Wells Fargo & Co in a report on Monday, October 9th. Credit Suisse Group reissued a “hold” rating and issued a $57.00 price objective on shares of Wells Fargo & Co in a report on Tuesday, October 10th. Goldman Sachs Group reissued a “buy” rating on shares of Wells Fargo & Co in a report on Wednesday, October 11th. Zacks Investment Research raised Wells Fargo & Co from a “sell” rating to a “hold” rating in a report on Thursday, October 12th. Finally, Vetr raised Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $52.91 price objective on the stock in a report on Monday, October 16th. Six equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $62.90.

Wells Fargo & Co (NYSE WFC) traded up $0.26 during trading on Monday, reaching $59.81. The company had a trading volume of 15,638,223 shares, compared to its average volume of 25,286,250. The firm has a market capitalization of $294,180.00, a price-to-earnings ratio of 14.46, a price-to-earnings-growth ratio of 1.52 and a beta of 1.01. 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.

Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.07). The company had revenue of $22.05 billion for the quarter, compared to analyst estimates of $22.64 billion. Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same period last year, the business earned $0.96 earnings per share. sell-side analysts anticipate that Wells Fargo & Co will post 4.72 earnings per share for the current fiscal year.

Wells Fargo & Co announced that its board has approved a share buyback plan on Tuesday, January 23rd that allows the company to repurchase 350,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

In other Wells Fargo & Co news, Director Ronald Sargent bought 9,000 shares of Wells Fargo & Co stock in a transaction on Monday, February 12th. The shares were bought at an average price of $55.98 per share, for a total transaction of $503,820.00. Following the completion of the transaction, the director now directly owns 81 shares of the company’s stock, valued at $4,534.38. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael J. Loughlin sold 17,482 shares of Wells Fargo & Co stock in a transaction on Monday, December 4th. The shares were sold at an average price of $57.80, for a total value of $1,010,459.60. The disclosure for this sale can be found here. Insiders sold 184,482 shares of company stock worth $10,471,050 in the last 90 days. Company insiders own 0.22% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Patriot Financial Group Insurance Agency LLC grew its stake in Wells Fargo & Co by 0.3% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 6 shares in the last quarter. Winch Advisory Services LLC grew its stake in Wells Fargo & Co by 0.7% during the 2nd quarter. Winch Advisory Services LLC now owns 2,776 shares of the financial services provider’s stock worth $154,000 after purchasing an additional 20 shares in the last quarter. Jackson Grant Investment Advisers Inc. grew its stake in Wells Fargo & Co by 0.5% during the 2nd quarter. Jackson Grant Investment Advisers Inc. now owns 4,954 shares of the financial services provider’s stock worth $274,000 after purchasing an additional 26 shares in the last quarter. Financial Advisory Group grew its stake in Wells Fargo & Co by 0.7% during the 2nd quarter. Financial Advisory Group now owns 5,029 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 35 shares in the last quarter. Finally, Financial Advisory Service Inc. grew its stake in Wells Fargo & Co by 0.6% during the 2nd quarter. Financial Advisory Service Inc. now owns 7,067 shares of the financial services provider’s stock worth $392,000 after purchasing an additional 42 shares in the last quarter. 76.00% of the stock is owned by institutional investors and hedge funds.

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About Wells Fargo & Co

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.

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

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