Wells Fargo & Co.’s (WFC) “Outperform” Rating Reiterated at Credit Agricole SA
Wells Fargo & Co. (NYSE:WFC)‘s stock had its “outperform” rating reiterated by research analysts at Credit Agricole SA in a research report issued on Tuesday. They currently have a $57.00 price objective on the financial services provider’s stock. Credit Agricole SA’s price target would suggest a potential upside of 23.89% from the stock’s current price.
WFC has been the topic of a number of other research reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $57.00 price objective on shares of Wells Fargo & Co. in a report on Friday, September 9th. Vetr downgraded Wells Fargo & Co. from a “strong-buy” rating to a “buy” rating and set a $51.06 price target on the stock. in a research note on Wednesday, July 6th. Raymond James Financial Inc. restated a “market perform” rating on shares of Wells Fargo & Co. in a research note on Thursday, July 7th. Bank of America Corp. set a $50.00 price target on Wells Fargo & Co. and gave the stock a “buy” rating in a research note on Monday. Finally, FBR & Co restated a “buy” rating and set a $63.00 price target on shares of Wells Fargo & Co. in a research note on Monday, July 18th. Six analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have given a buy rating to the stock. Wells Fargo & Co. has a consensus rating of “Hold” and an average price target of $52.26.
Shares of Wells Fargo & Co. (NYSE:WFC) opened at 46.01 on Tuesday. Wells Fargo & Co. has a 52 week low of $44.50 and a 52 week high of $56.34. The stock has a market cap of $232.15 billion, a price-to-earnings ratio of 11.36 and a beta of 0.90. The stock’s 50 day moving average price is $48.48 and its 200-day moving average price is $48.66.
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Wells Fargo & Co. (NYSE:WFC) last released its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.01 EPS for the quarter, meeting analysts’ consensus estimates of $1.01. Wells Fargo & Co. had a return on equity of 12.95% and a net margin of 24.33%. The business had revenue of $22.20 billion for the quarter. During the same quarter in the previous year, the company posted $1.03 EPS. The company’s revenue was up 4.0% compared to the same quarter last year. Equities analysts anticipate that Wells Fargo & Co. will post $4.02 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 5th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend was Wednesday, August 3rd. Wells Fargo & Co.’s dividend payout ratio (DPR) is presently 37.25%.
In other Wells Fargo & Co. news, COO Timothy J. Sloan sold 20,500 shares of the business’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $48.92, for a total transaction of $1,002,860.00. Following the completion of the sale, the chief operating officer now owns 650,815 shares of the company’s stock, valued at $31,837,869.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.29% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of WFC. Vanguard Group Inc. boosted its position in shares of Wells Fargo & Co. by 2.2% in the second quarter. Vanguard Group Inc. now owns 288,028,042 shares of the financial services provider’s stock worth $13,632,368,000 after buying an additional 6,247,583 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Wells Fargo & Co. by 2.7% in the first quarter. Wellington Management Group LLP now owns 131,270,916 shares of the financial services provider’s stock worth $6,348,262,000 after buying an additional 3,450,553 shares in the last quarter. BlackRock Fund Advisors boosted its position in shares of Wells Fargo & Co. by 8.8% in the first quarter. BlackRock Fund Advisors now owns 57,985,130 shares of the financial services provider’s stock worth $2,804,161,000 after buying an additional 4,695,036 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Wells Fargo & Co. by 1.3% in the first quarter. Geode Capital Management LLC now owns 39,052,057 shares of the financial services provider’s stock worth $1,884,841,000 after buying an additional 502,040 shares in the last quarter. Finally, TIAA CREF Investment Management LLC boosted its position in shares of Wells Fargo & Co. by 2.8% in the second quarter. TIAA CREF Investment Management LLC now owns 29,781,903 shares of the financial services provider’s stock worth $1,409,577,000 after buying an additional 810,161 shares in the last quarter. Institutional investors own 74.01% of the company’s stock.
About Wells Fargo & Co.
Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.
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