Wells Fargo & Co. (WFC) Upgraded by BMO Capital Markets to “Market Perform”
Wells Fargo & Co. (NYSE:WFC) was upgraded by research analysts at BMO Capital Markets from an “underperform” rating to a “market perform” rating in a report issued on Monday. The analysts noted that the move was a valuation call.
A number of other research firms have also weighed in on WFC. Atlantic Securities lowered shares of Wells Fargo & Co. from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $46.15 to $44.00 in a research report on Friday, September 16th. Rafferty Capital Markets lowered shares of Wells Fargo & Co. from a “hold” rating to a “sell” rating and set a $44.00 price objective on the stock. in a research report on Friday, September 9th. Zacks Investment Research raised shares of Wells Fargo & Co. from a “sell” rating to a “hold” rating in a research report on Monday, July 4th. Sandler O’Neill reissued a “hold” rating on shares of Wells Fargo & Co. in a research report on Friday, September 30th. Finally, Raymond James Financial Inc. downgraded shares of Wells Fargo & Co. from a “market perform” rating to an “underperform” rating in a research note on Tuesday, October 4th. Six equities research analysts have rated the stock with a sell rating, nine have given a hold rating and eighteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $50.03.
Shares of Wells Fargo & Co. (NYSE:WFC) traded down 0.11% on Monday, hitting $44.66. The stock had a trading volume of 1,621,364 shares. The company has a 50-day moving average of $46.72 and a 200 day moving average of $48.06. Wells Fargo & Co. has a 52 week low of $43.55 and a 52 week high of $56.34. The company has a market capitalization of $225.33 billion, a price-to-earnings ratio of 11.03 and a beta of 0.91.
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Wells Fargo & Co. (NYSE:WFC) last posted its quarterly earnings data on Friday, October 14th. The financial services provider reported $1.03 earnings per share for the quarter, topping 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 last year, the company earned $1.05 earnings per share. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, equities research analysts predict that Wells Fargo & Co. will post $4.02 EPS for the current year.
In related news, COO Timothy J. Sloan sold 20,500 shares of the business’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $48.92, for a total transaction of $1,002,860.00. Following the transaction, the chief operating officer now directly owns 650,815 shares in the company, valued at $31,837,869.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.29% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the company. Parnassus Investments CA raised its position 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 last quarter. Vanguard Group Inc. raised its position 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 last quarter. Ruane Cunniff & Goldfarb Inc. raised its position 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 last quarter. BlackRock Fund Advisors raised its position 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 last quarter. Finally, Wellington Management Group LLP raised its position 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 last quarter. Hedge funds and other institutional investors own 73.94% of the company’s stock.
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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