Wells Fargo & Co. (WFC) Downgraded to Hold at Vetr Inc.
Wells Fargo & Co. (NYSE:WFC) was downgraded by equities researchers at Vetr from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday. They currently have a $47.68 price objective on the financial services provider’s stock. Vetr‘s price target points to a potential upside of 2.41% from the company’s previous close.
A number of other brokerages also recently weighed in on WFC. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Wells Fargo & Co. in a research note on Wednesday, August 31st. FBR & Co reissued a “buy” rating and issued a $63.00 price objective on shares of Wells Fargo & Co. in a research note on Wednesday, June 1st. Royal Bank Of Canada reissued a “buy” rating on shares of Wells Fargo & Co. in a research note on Thursday, May 26th. Drexel Hamilton reissued a “buy” rating on shares of Wells Fargo & Co. in a research note on Thursday, May 26th. Finally, Zacks Investment Research raised Wells Fargo & Co. from a “sell” rating to a “hold” rating in a research note on Monday, September 5th. Seven analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $52.26.
Wells Fargo & Co. (NYSE:WFC) opened at 46.56 on Wednesday. The company has a market capitalization of $234.92 billion, a PE ratio of 11.50 and a beta of 0.90. The company’s 50-day moving average price is $48.44 and its 200 day moving average price is $48.63. Wells Fargo & Co. has a 52 week low of $44.50 and a 52 week high of $56.34.
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Wells Fargo & Co. (NYSE:WFC) last issued its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.01 earnings per share for the quarter, meeting the Zacks’ consensus estimate 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 period in the previous year, the business posted $1.03 earnings per share. The firm’s revenue was up 4.0% on a year-over-year basis. On average, equities research analysts anticipate that Wells Fargo & Co. will post $4.02 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 5th were issued a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, August 3rd. This represents a $1.52 annualized dividend and a dividend yield of 3.26%. Wells Fargo & Co.’s dividend payout ratio (DPR) is currently 37.25%.
In other Wells Fargo & Co. news, COO Timothy J. Sloan sold 20,500 shares of the stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $48.92, for a total value of $1,002,860.00. Following the completion of the sale, the chief operating officer now directly owns 650,815 shares in the company, valued at $31,837,869.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the company. Carnick & Kubik Group LLC acquired a new stake in shares of Wells Fargo & Co. during the second quarter valued at about $1,032,000. Williams Jones & Associates LLC boosted its position in Wells Fargo & Co. by 19.5% in the second quarter. Williams Jones & Associates LLC now owns 142,310 shares of the financial services provider’s stock valued at $6,736,000 after buying an additional 23,267 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Wells Fargo & Co. during the second quarter valued at $8,829,000. Kentucky Retirement Systems purchased a new position in Wells Fargo & Co. during the second quarter valued at $18,595,000. Finally, Mason Street Advisors LLC purchased a new position in Wells Fargo & Co. during the second quarter valued at $29,454,000. 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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