Wells Fargo & Company (WFC) Stock Rating Reaffirmed by Keefe, Bruyette & Woods
Wells Fargo & Company (NYSE:WFC)‘s stock had its “buy” rating restated by equities researchers at Keefe, Bruyette & Woods in a note issued to investors on Monday. They presently have a $59.00 target price on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 9.67% from the stock’s current price.
A number of other brokerages have also recently weighed in on WFC. UBS AG reaffirmed a “neutral” rating and set a $56.00 price target (down from $59.00) on shares of Wells Fargo & in a research report on Friday, September 15th. Zacks Investment Research raised shares of Wells Fargo & from a “sell” rating to a “hold” rating in a research report on Thursday. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $50.00 price target (down from $52.00) on shares of Wells Fargo & in a research report on Wednesday, September 13th. Berenberg Bank cut shares of Wells Fargo & from a “hold” rating to a “sell” rating and lifted their price target for the company from $35.00 to $45.00 in a research report on Friday, July 21st. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $58.00 price target on shares of Wells Fargo & in a research report on Tuesday, September 5th. Six investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $57.14.
Shares of Wells Fargo & (WFC) traded up 0.20% during midday trading on Monday, reaching $53.80. 22,802,389 shares of the company traded hands. Wells Fargo & has a 12 month low of $44.32 and a 12 month high of $59.99. The stock has a market capitalization of $35.99 billion, a price-to-earnings ratio of 13.25 and a beta of 0.97. The company’s 50 day moving average is $53.06 and its 200-day moving average is $53.54.
Wells Fargo & (NYSE:WFC) last announced its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.84 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.20). The business had revenue of $21.93 billion for the quarter, compared to analyst estimates of $22.30 billion. Wells Fargo & had a net margin of 22.00% and a return on equity of 12.59%. The company’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the firm earned $1.03 earnings per share. Equities research analysts forecast that Wells Fargo & will post $4.13 earnings per share for the current fiscal year.
Wells Fargo & announced that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that allows the company to repurchase $11.50 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
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Hedge funds and other institutional investors have recently modified their holdings of the business. Vantage Financial Partners Ltd. Inc. acquired a new stake in Wells Fargo & in the 2nd quarter valued at about $1,095,000. Alexandria Capital LLC lifted its holdings in Wells Fargo & by 0.3% in the 1st quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 6 shares during the last quarter. Brick & Kyle Associates lifted its holdings in Wells Fargo & by 9.5% in the 1st quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 162 shares during the last quarter. Stelac Advisory Services LLC acquired a new stake in Wells Fargo & in the 2nd quarter valued at about $104,000. Finally, Patriot Financial Group Insurance Agency LLC lifted its holdings in Wells Fargo & by 0.3% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock valued at $106,000 after acquiring an additional 6 shares during the last quarter. 75.09% of the stock is owned by institutional investors.
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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