Wells Fargo & Co. (WFC) Stock Rating Upgraded by BMO Capital Markets
Wells Fargo & Co. (NYSE:WFC) was upgraded by investment analysts at BMO Capital Markets from an “underperform” rating to a “market perform” rating in a research report issued on Monday, The Fly reports. The analysts noted that the move was a valuation call.
Other analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods cut shares of Wells Fargo & Co. from an “outperform” rating to a “market perform” rating in a research report on Monday. Piper Jaffray Cos. reissued an “underweight” rating and set a $43.00 price target on shares of Wells Fargo & Co. in a research report on Thursday. Evercore ISI reissued a “buy” rating and set a $51.00 price target on shares of Wells Fargo & Co. in a research report on Thursday. Argus reissued a “buy” rating on shares of Wells Fargo & Co. in a research report on Thursday. Finally, Barclays PLC reissued an “overweight” rating and set a $58.00 price target on shares of Wells Fargo & Co. in a research report on Wednesday, October 12th. Six equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. Wells Fargo & Co. presently has a consensus rating of “Hold” and a consensus target price of $50.03.
Shares of Wells Fargo & Co. (NYSE:WFC) opened at 44.71 on Monday. The company has a 50-day moving average of $46.72 and a 200-day moving average of $48.06. The firm has a market capitalization of $225.59 billion, a PE ratio of 11.04 and a beta of 0.91. Wells Fargo & Co. has a 1-year low of $43.55 and a 1-year high of $56.34.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/17/wells-fargo-co-wfc-stock-rating-upgraded-by-bmo-capital-markets.html
Wells Fargo & Co. (NYSE:WFC) last posted its earnings results on Friday, October 14th. The financial services provider reported $1.03 EPS for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.02. Wells Fargo & Co. had a net margin of 23.91% and a return on equity of 12.72%. The company had revenue of $22.30 billion for the quarter. During the same period in the previous year, the company earned $1.05 EPS. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. Equities research analysts predict that Wells Fargo & Co. will post $4.02 EPS for the current fiscal year.
In other Wells Fargo & Co. news, COO Timothy J. Sloan sold 20,500 shares of the firm’s stock in a transaction on 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 owns 650,815 shares of the company’s stock, valued at $31,837,869.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sun Life Financial INC purchased a new position in Wells Fargo & Co. during the first quarter valued at about $93,093,000. Global X Management Co. LLC increased its position in Wells Fargo & Co. by 64.8% in the second quarter. Global X Management Co. LLC now owns 2,301 shares of the financial services provider’s stock valued at $109,000 after buying an additional 905 shares during the period. Brick & Kyle Associates increased its position in Wells Fargo & Co. by 10.6% in the first quarter. Brick & Kyle Associates now owns 3,153 shares of the financial services provider’s stock valued at $152,000 after buying an additional 303 shares during the period. Tradewinds Capital Management LLC increased its position in Wells Fargo & Co. by 4.7% in the second quarter. Tradewinds Capital Management LLC now owns 3,253 shares of the financial services provider’s stock valued at $154,000 after buying an additional 147 shares during the period. Finally, Cedar Wealth Management LLC increased its position in Wells Fargo & Co. by 47.8% in the second quarter. Cedar Wealth Management LLC now owns 3,276 shares of the financial services provider’s stock valued at $155,000 after buying an additional 1,059 shares during the period. 73.94% of the stock is owned by institutional investors and hedge funds.
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.
Receive News & Ratings for Wells Fargo & Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co. and related companies with MarketBeat.com's FREE daily email newsletter.