Wells Fargo & Co (NYSE:WFC) had its price objective boosted by Morgan Stanley from $72.00 to $75.00 in a research report issued on Friday. The firm presently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s price target would indicate a potential upside of 14.82% from the stock’s current price.
Other analysts have also issued reports about the company. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $59.00 price objective on shares of Wells Fargo & Co in a report on Monday, October 16th. Citigroup reissued a “buy” rating and issued a $65.00 price objective (up from $60.00) on shares of Wells Fargo & Co in a report on Monday, October 9th. Robert W. Baird restated a “buy” rating and issued a $58.00 target price on shares of Wells Fargo & Co in a research report on Friday, October 6th. Goldman Sachs Group restated a “buy” rating on shares of Wells Fargo & Co in a research report on Wednesday, October 11th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $60.00 target price on shares of Wells Fargo & Co in a research report on Wednesday, November 15th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $62.29.
Shares of Wells Fargo & Co (NYSE:WFC) traded down $0.19 on Friday, reaching $65.32. The company’s stock had a trading volume of 2,628,512 shares, compared to its average volume of 16,483,879. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90. Wells Fargo & Co has a one year low of $49.27 and a one year high of $66.31. The firm has a market capitalization of $322,820.00, a price-to-earnings ratio of 15.82, a P/E/G ratio of 1.71 and a beta of 1.01.
Wells Fargo & Co announced that its board has approved a share buyback plan on Tuesday, January 23rd that allows the company to repurchase 350,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
In other Wells Fargo & Co 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 value of $3,983,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Michael J. Loughlin sold 17,482 shares of Wells Fargo & Co stock in a transaction on Monday, December 4th. The shares were 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. Insiders sold 184,482 shares of company stock worth $10,471,050 in the last 90 days. Company insiders own 0.22% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. Alexandria Capital LLC grew its stake in Wells Fargo & Co by 0.3% during the 1st quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock worth $102,000 after purchasing an additional 6 shares in the last quarter. Patriot Financial Group Insurance Agency LLC lifted its holdings in Wells Fargo & Co by 0.3% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock worth $106,000 after buying an additional 6 shares during the last quarter. Winch Advisory Services LLC lifted its holdings in Wells Fargo & Co by 0.7% during the 1st quarter. Winch Advisory Services LLC now owns 2,756 shares of the financial services provider’s stock worth $153,000 after buying an additional 18 shares during the last quarter. Financial Advisory Group lifted its holdings in Wells Fargo & Co by 0.5% during the 1st quarter. Financial Advisory Group now owns 4,264 shares of the financial services provider’s stock worth $206,000 after buying an additional 22 shares during the last quarter. Finally, Jackson Grant Investment Advisers Inc. lifted its holdings in Wells Fargo & Co by 0.5% during the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 4,928 shares of the financial services provider’s stock worth $274,000 after buying an additional 24 shares during the last quarter. Institutional investors own 76.21% of the company’s stock.
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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.
