Wells Fargo & Company (WFC) Receives Neutral Rating from UBS AG
Wells Fargo & Company (NYSE:WFC)‘s stock had its “neutral” rating reissued by research analysts at UBS AG in a research report issued to clients and investors on Friday, 99wallstreet.com reports. They currently have a $56.00 price target on the financial services provider’s stock, down from their prior price target of $59.00. UBS AG’s price target points to a potential upside of 8.40% from the company’s previous close.
A number of other equities research analysts have also weighed in on the stock. Vetr lowered shares of Wells Fargo & from a “buy” rating to a “sell” rating and set a $48.62 target price on the stock. in a report on Wednesday. Piper Jaffray Companies restated a “neutral” rating and issued a $50.00 target price (down previously from $52.00) on shares of Wells Fargo & in a report on Wednesday. Robert W. Baird restated a “buy” rating and issued a $58.00 target price on shares of Wells Fargo & in a report on Tuesday, September 5th. Keefe, Bruyette & Woods set a $61.00 target price on shares of Wells Fargo & and gave the stock a “buy” rating in a report on Friday, August 25th. Finally, BidaskClub lowered shares of Wells Fargo & from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Seven analysts have rated the stock with a sell rating, fourteen have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Wells Fargo & currently has a consensus rating of “Hold” and a consensus price target of $55.47.
Shares of Wells Fargo & (WFC) traded up 0.72% during trading on Friday, hitting $51.66. The stock had a trading volume of 28,494,046 shares. Wells Fargo & has a 1-year low of $43.55 and a 1-year high of $59.99. The company has a market capitalization of $256.44 billion, a P/E ratio of 12.72 and a beta of 0.96. The firm has a 50-day moving average of $52.01 and a 200 day moving average of $54.08.
Wells Fargo & (NYSE:WFC) last posted its earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.05. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The company had revenue of $22.20 billion for the quarter, compared to analyst estimates of $22.23 billion. During the same quarter in the prior year, the business posted $1.01 EPS. The firm’s revenue was up .2% compared to the same quarter last year. Equities research analysts predict that Wells Fargo & will post $4.16 earnings per share for the current fiscal year.
Wells Fargo & announced that its board has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $11.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 4.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Wells Fargo & by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock valued at $17,440,601,000 after buying an additional 3,621,402 shares in the last quarter. Capital World Investors raised its position in Wells Fargo & by 10.8% in the 2nd quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock worth $6,192,259,000 after purchasing an additional 10,927,679 shares during the period. Capital Research Global Investors raised its position in Wells Fargo & by 19.7% in the 2nd quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock worth $2,511,614,000 after purchasing an additional 7,445,414 shares during the period. Dimensional Fund Advisors LP raised its position in Wells Fargo & by 26.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock worth $1,653,464,000 after purchasing an additional 6,291,906 shares during the period. Finally, Davis Selected Advisers raised its position in Wells Fargo & by 1.9% in the 2nd quarter. Davis Selected Advisers now owns 25,966,811 shares of the financial services provider’s stock worth $1,438,821,000 after purchasing an additional 472,585 shares during the period. Hedge funds and other institutional investors own 75.19% of the company’s stock.
Wells Fargo & Company Profile
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.
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