Wells Fargo & Co. Stock Rating Reaffirmed by Zacks (WFC)
Wells Fargo & Co. (NYSE:WFC)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Wednesday. They currently have a $54.00 price target on the stock. Zacks‘s price target would suggest a potential upside of 4.73% from the company’s current price.
Zacks’ analyst wrote, “Wells Fargo’s second-quarter 2014 earnings outpaced the Zacks Consensus Estimate though it was in line with the prior-year quarter earnings. Results reflected growth in total loans and deposits amid a challenging economy and disciplined expense management. However, the company experienced a fall in non-interest income. In the long term, we remain optimistic about the company, based on its diverse geographic and business mix. Strategic acquisitions and a solid capital position are expected to improve profitability going forward. Yet, we believe top-line headwinds would persist, given the protracted economic recovery. The company’s unrelenting legacy mortgage issues and regulatory pressure also remain concerns.”
Wells Fargo & Co. (NYSE:WFC) traded down 0.41% on Wednesday, hitting $51.35. 3,205,844 shares of the company’s stock traded hands. Wells Fargo & Co. has a 1-year low of $40.07 and a 1-year high of $53.08. The stock has a 50-day moving average of $51.04 and a 200-day moving average of $49.74. The company has a market cap of $268.1 billion and a P/E ratio of 12.73.
Wells Fargo & Co. (NYSE:WFC) last posted its quarterly earnings results on Friday, July 11th. The company reported $1.01 earnings per share for the quarter, meeting the analysts’ consensus estimate of $1.01. The company had revenue of $21.10 billion for the quarter, compared to the consensus estimate of $20.76 billion. During the same quarter last year, the company posted $0.98 earnings per share. Wells Fargo & Co.’s revenue was down 1.4% compared to the same quarter last year. On average, analysts predict that Wells Fargo & Co. will post $4.12 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, September 1st. Shareholders of record on Friday, August 8th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date is Wednesday, August 6th.
WFC has been the subject of a number of other recent research reports. Analysts at Rafferty Capital Markets downgraded shares of Wells Fargo & Co. from a “buy” rating to a “hold” rating in a research note on Monday, July 21st. They now have a $57.85 price target on the stock. Separately, analysts at Compass Point raised their price target on shares of Wells Fargo & Co. from $49.00 to $51.00 in a research note on Monday, July 14th. They now have a “neutral” rating on the stock. Finally, analysts at RBC Capital raised their price target on shares of Wells Fargo & Co. from $51.00 to $56.00 in a research note on Monday, July 14th. They now have an “outperform” rating on the stock. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and ten have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $52.73.
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company.
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