Wells Fargo & Co.’s (WFC) “Outperform” Rating Reiterated at Barclays PLC
Wells Fargo & Co. (NYSE:WFC)‘s stock had its “outperform” rating reiterated by research analysts at Barclays PLC in a research note issued to investors on Tuesday. They currently have a $56.00 target price on the financial services provider’s stock, down from their previous target price of $58.00. Barclays PLC’s price objective would indicate a potential upside of 25.84% from the company’s previous close.
WFC has been the subject of a number of other research reports. JPMorgan Chase & Co. downgraded shares of Wells Fargo & Co. from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $53.50 to $48.00 in a research note on Wednesday, September 21st. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $57.00 target price on shares of Wells Fargo & Co. in a research note on Friday, September 9th. Argus reaffirmed a “buy” rating on shares of Wells Fargo & Co. in a research note on Thursday, October 13th. Vetr downgraded shares of Wells Fargo & Co. from a “strong-buy” rating to a “buy” rating and set a $51.06 target price for the company. in a research note on Wednesday, July 6th. Finally, Raymond James Financial Inc. reaffirmed a “market perform” rating on shares of Wells Fargo & Co. in a research note on Thursday, July 7th. Six equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eighteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $49.66.
Wells Fargo & Co. (NYSE:WFC) traded up 0.8420% during trading on Tuesday, reaching $44.8747. The company had a trading volume of 13,179,123 shares. The firm’s 50 day moving average price is $46.61 and its 200 day moving average price is $48.03. The firm has a market capitalization of $226.42 billion, a PE ratio of 11.0802 and a beta of 0.91. Wells Fargo & Co. has a 12-month low of $43.55 and a 12-month 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 https://www.americanbankingnews.com/2016/10/18/wells-fargo-co-s-wfc-outperform-rating-reiterated-at-barclays-plc.html
Wells Fargo & Co. (NYSE:WFC) last issued its quarterly earnings data on Friday, October 14th. The financial services provider reported $1.03 EPS for the quarter, topping the Thomson Reuters’ 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 business earned $22.30 billion during the quarter. During the same quarter last year, the business earned $1.05 earnings per share. The business’s quarterly revenue was up 2.1% on a year-over-year basis. Equities research analysts forecast 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 company’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 approximately $31,837,869.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.29% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. River Wealth Advisors LLC increased its position in shares of Wells Fargo & Co. by 3.9% in the first quarter. River Wealth Advisors LLC now owns 26,132 shares of the financial services provider’s stock valued at $1,264,000 after buying an additional 991 shares during the last quarter. Telemus Capital LLC purchased a new position in shares of Wells Fargo & Co. during the first quarter valued at approximately $849,000. Arvest Bank Trust Division increased its position in shares of Wells Fargo & Co. by 2.6% in the first quarter. Arvest Bank Trust Division now owns 296,795 shares of the financial services provider’s stock valued at $14,353,000 after buying an additional 7,475 shares during the last quarter. Sanders Morris Harris Inc. purchased a new position in shares of Wells Fargo & Co. during the first quarter valued at approximately $685,000. Finally, Sii Investments Inc. WI increased its position in shares of Wells Fargo & Co. by 33.9% in the first quarter. Sii Investments Inc. WI now owns 169,038 shares of the financial services provider’s stock valued at $8,173,000 after buying an additional 42,798 shares during the last quarter. 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.
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.