Wells Fargo & Company (NYSE:WFC) was upgraded by equities researchers at Vetr to a “strong-buy” rating in a report released on Thursday.

WFC has been the topic of several other reports. Keefe, Bruyette & Woods set a $61.00 target price on Wells Fargo & and gave the stock a “buy” rating in a research note on Friday, August 25th. Evercore ISI cut their target price on Wells Fargo & from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday, May 12th. Zacks Investment Research raised Wells Fargo & from a “sell” rating to a “hold” rating in a research note on Monday, July 10th. Deutsche Bank AG reissued a “buy” rating on shares of Wells Fargo & in a research note on Monday, July 3rd. Finally, BidaskClub raised Wells Fargo & from a “sell” rating to a “hold” rating in a research note on Thursday, June 29th. Six analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $55.83.

Shares of Wells Fargo & (NYSE:WFC) traded down 0.40% during midday trading on Thursday, hitting $49.68. The company had a trading volume of 23,367,261 shares. The firm’s 50 day moving average is $52.70 and its 200 day moving average is $54.35. The company has a market capitalization of $246.61 billion, a P/E ratio of 12.24 and a beta of 0.96. Wells Fargo & has a 52 week low of $43.55 and a 52 week high of $59.99.

Wells Fargo & (NYSE:WFC) last posted its earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.05. The company had revenue of $22.20 billion for the quarter, compared to analysts’ expectations of $22.23 billion. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. Wells Fargo &’s quarterly revenue was up .2% on a year-over-year basis. During the same period last year, the firm earned $1.01 earnings per share. Equities research analysts anticipate that Wells Fargo & will post $4.17 EPS for the current year.

Wells Fargo & announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $11.50 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 4.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.

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In other Wells Fargo & news, insider David M. Carroll sold 27,582 shares of the business’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $53.28, for a total transaction of $1,469,568.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Petros G. Pelos sold 24,708 shares of the business’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $54.07, for a total transaction of $1,335,961.56. The disclosure for this sale can be found here. 0.22% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in WFC. Pennsylvania Trust Co raised its stake in Wells Fargo & by 3.3% during the 1st quarter. Pennsylvania Trust Co now owns 174,094 shares of the financial services provider’s stock valued at $9,690,000 after buying an additional 5,498 shares during the last quarter. Legacy Private Trust Co. raised its stake in Wells Fargo & by 4.8% during the 1st quarter. Legacy Private Trust Co. now owns 12,843 shares of the financial services provider’s stock valued at $715,000 after buying an additional 588 shares during the last quarter. Highland Capital Management LLC raised its stake in Wells Fargo & by 25.9% during the 1st quarter. Highland Capital Management LLC now owns 230,904 shares of the financial services provider’s stock valued at $12,852,000 after buying an additional 47,560 shares during the last quarter. Gradient Investments LLC raised its stake in Wells Fargo & by 58.6% during the 1st quarter. Gradient Investments LLC now owns 2,494 shares of the financial services provider’s stock valued at $139,000 after buying an additional 921 shares during the last quarter. Finally, CrestPoint Capital Management LLC raised its stake in Wells Fargo & by 2.2% during the 1st quarter. CrestPoint Capital Management LLC now owns 32,400 shares of the financial services provider’s stock valued at $1,803,000 after buying an additional 700 shares during the last quarter. Institutional investors and hedge funds own 75.19% of the company’s stock.

About Wells Fargo &

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Wells Fargo & (NYSE:WFC)

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