Wells Fargo & Co (NYSE:WFC) has received an average recommendation of “Buy” from the twenty-four research firms that are currently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have issued a buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $63.81.
Several research firms have issued reports on WFC. ValuEngine lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a research report on Friday, September 28th. Nomura dropped their price target on shares of Wells Fargo & Co from $68.00 to $63.00 and set a “buy” rating on the stock in a research report on Monday, October 15th. BMO Capital Markets upped their price target on shares of Wells Fargo & Co to $65.00 and gave the stock a “market perform” rating in a research report on Monday, October 15th. Macquarie raised shares of Wells Fargo & Co from a “neutral” rating to an “outperform” rating in a research report on Monday, October 15th. Finally, Wolfe Research began coverage on shares of Wells Fargo & Co in a research report on Tuesday, September 25th. They set an “outperform” rating on the stock.
Several hedge funds have recently added to or reduced their stakes in WFC. Capital International Investors grew its stake in shares of Wells Fargo & Co by 270.1% in the third quarter. Capital International Investors now owns 89,775,252 shares of the financial services provider’s stock valued at $4,718,587,000 after acquiring an additional 65,517,025 shares in the last quarter. Sanders Capital LLC acquired a new position in shares of Wells Fargo & Co in the second quarter valued at about $952,809,000. Primecap Management Co. CA grew its stake in shares of Wells Fargo & Co by 47.1% in the third quarter. Primecap Management Co. CA now owns 38,512,187 shares of the financial services provider’s stock valued at $2,024,201,000 after acquiring an additional 12,337,098 shares in the last quarter. Charles Schwab Investment Advisory Inc. acquired a new position in shares of Wells Fargo & Co in the second quarter valued at about $321,220,000. Finally, OppenheimerFunds Inc. grew its stake in shares of Wells Fargo & Co by 1,283.4% in the third quarter. OppenheimerFunds Inc. now owns 3,087,235 shares of the financial services provider’s stock valued at $162,264,000 after acquiring an additional 2,864,065 shares in the last quarter. Institutional investors and hedge funds own 75.50% of the company’s stock.
NYSE WFC opened at $54.28 on Monday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.86 and a current ratio of 0.87. Wells Fargo & Co has a 1 year low of $50.02 and a 1 year high of $66.31. The firm has a market cap of $264.76 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 1.08 and a beta of 1.01.
Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. The firm had revenue of $21.94 billion for the quarter, compared to the consensus estimate of $21.90 billion. Equities research analysts anticipate that Wells Fargo & Co will post 4.5 EPS for the current year.
Wells Fargo & Co declared that its board has approved a stock buyback plan on Tuesday, October 23rd that allows the company to repurchase 350,000,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Saturday, December 1st. Investors of record on Friday, November 9th were paid a $0.43 dividend. The ex-dividend date of this dividend was Thursday, November 8th. This represents a $1.72 annualized dividend and a dividend yield of 3.17%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 41.85%.
Wells Fargo & Co Company Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
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