Wells Fargo & Co (NYSE:WFC) had its price objective lifted by analysts at Barclays from $65.00 to $75.00 in a research report issued to clients and investors on Tuesday. The firm presently has an “overweight” rating on the financial services provider’s stock. Barclays’ target price would suggest a potential upside of 23.62% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the company. Buckingham Research raised Wells Fargo & Co from a “neutral” rating to a “buy” rating and lifted their target price for the company from $57.00 to $75.00 in a research note on Thursday, December 21st. They noted that the move was a valuation call. Zacks Investment Research raised Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Tuesday, December 19th. Vertical Group raised Wells Fargo & Co from a “sell” rating to a “buy” rating in a research note on Thursday, December 7th. Royal Bank of Canada reissued a “buy” rating and issued a $60.00 target price on shares of Wells Fargo & Co in a research note on Wednesday, November 15th. Finally, Vetr raised Wells Fargo & Co from a “sell” rating to a “strong-buy” rating in a research note on Monday, November 6th. Five research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $58.13.
Shares of Wells Fargo & Co (WFC) traded down $0.63 on Tuesday, reaching $60.67. The company’s stock had a trading volume of 10,711,200 shares, compared to its average volume of 18,363,895. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 1.32. Wells Fargo & Co has a 52-week low of $49.27 and a 52-week high of $62.24. The company has a market cap of $298,754.88, a P/E ratio of 15.68, a price-to-earnings-growth ratio of 1.88 and a beta of 0.96.
In related news, insider John R. Shrewsberry sold 70,000 shares of Wells Fargo & Co stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $56.90, for a total transaction of $3,983,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael J. Loughlin sold 17,482 shares of Wells Fargo & Co stock in a transaction on Monday, December 4th. The stock was sold at an average price of $57.80, for a total value of $1,010,459.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 184,482 shares of company stock valued at $10,471,050. 0.22% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Baker Avenue Asset Management bought a new stake in Wells Fargo & Co during the third quarter worth about $3,589,000. Perigon Wealth Management raised its holdings in Wells Fargo & Co by 1.7% during the third quarter. Perigon Wealth Management now owns 18,963 shares of the financial services provider’s stock worth $974,000 after acquiring an additional 320 shares in the last quarter. Gerstein Fisher raised its holdings in Wells Fargo & Co by 3.4% during the third quarter. Gerstein Fisher now owns 38,786 shares of the financial services provider’s stock worth $1,992,000 after acquiring an additional 1,287 shares in the last quarter. Eagle Asset Management raised its holdings in Wells Fargo & Co by 95.3% during the third quarter. Eagle Asset Management now owns 3,458,646 shares of the financial services provider’s stock worth $177,600,000 after acquiring an additional 1,687,848 shares in the last quarter. Finally, Chelsea Counsel Company raised its holdings in Wells Fargo & Co by 48.7% during the third quarter. Chelsea Counsel Company now owns 8,079 shares of the financial services provider’s stock worth $415,000 after acquiring an additional 2,645 shares in the last quarter. 75.70% of the stock is owned by institutional investors and hedge funds.
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About Wells Fargo & Co
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.
