Barclays PLC Reiterates Overweight Rating for Wells Fargo & Co. (WFC)
Wells Fargo & Co. (NYSE:WFC)‘s stock had its “overweight” rating restated by equities research analysts at Barclays PLC in a note issued to investors on Wednesday. They presently have a $58.00 price target on the financial services provider’s stock. Barclays PLC’s target price would indicate a potential upside of 27.98% from the stock’s current price.
Several other research analysts have also recently weighed in on WFC. Nomura reissued a “buy” rating on shares of Wells Fargo & Co. in a report on Saturday, July 9th. Deutsche Bank AG reissued a “buy” rating on shares of Wells Fargo & Co. in a report on Sunday, June 26th. Zacks Investment Research cut shares of Wells Fargo & Co. from a “hold” rating to a “sell” rating in a report on Wednesday, June 15th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Wells Fargo & Co. in a report on Monday, July 18th. Finally, Jefferies Group reaffirmed a “buy” rating and set a $53.00 target price on shares of Wells Fargo & Co. in a report on Thursday, July 7th. Seven investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nineteen have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $50.41.
Wells Fargo & Co. (NYSE:WFC) traded down 0.29% during midday trading on Wednesday, reaching $45.32. The company had a trading volume of 21,780,463 shares. The firm has a market capitalization of $228.66 billion, a P/E ratio of 11.19 and a beta of 0.91. The stock’s 50 day moving average price is $46.94 and its 200-day moving average price is $48.11. Wells Fargo & Co. has a one year low of $43.55 and a one year high of $56.34.
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Wells Fargo & Co. (NYSE:WFC) last released its quarterly earnings results on Friday, July 15th. The financial services provider reported $1.01 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.01. The firm had revenue of $22.20 billion for the quarter. Wells Fargo & Co. had a net margin of 24.33% and a return on equity of 12.95%. The firm’s revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.03 earnings per share. On average, equities research analysts anticipate that Wells Fargo & Co. will post $4.02 earnings per share for the current year.
In other news, COO Timothy J. Sloan sold 20,500 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $48.92, for a total value of $1,002,860.00. Following 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 legal filing with the SEC, which is accessible through the SEC website. 0.29% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of the stock. Parnassus Investments CA raised its stake in Wells Fargo & Co. by 879.2% in the second quarter. Parnassus Investments CA now owns 12,240,229 shares of the financial services provider’s stock worth $579,330,000 after buying an additional 10,990,229 shares during the period. Vanguard Group Inc. raised its stake in 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 during the period. Ruane Cunniff & Goldfarb Inc. raised its stake in Wells Fargo & Co. by 5,580.0% in the second quarter. Ruane Cunniff & Goldfarb Inc. now owns 5,242,602 shares of the financial services provider’s stock worth $248,132,000 after buying an additional 5,150,302 shares during the period. BlackRock Fund Advisors raised its stake in 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 during the period. Finally, Wellington Management Group LLP raised its stake in 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 during the period. 73.98% of the stock is currently owned by institutional investors.
Wells Fargo & Co. Company Profile
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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