Wells Fargo & Co (WFC) Downgraded by Royal Bank of Canada to “Underperform”

Wells Fargo & Co (NYSE:WFC) was downgraded by investment analysts at Royal Bank of Canada from an “outperform” rating to an “underperform” rating in a note issued to investors on Monday, February 5th, Marketbeat.com reports.

A number of other equities research analysts have also issued reports on the stock. Citigroup lowered shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and set a $65.00 price objective for the company. in a report on Monday, February 5th. Morgan Stanley lowered shares of Wells Fargo & Co from an “equal weight” rating to an “underweight” rating in a report on Monday, February 5th. BMO Capital Markets reaffirmed a “hold” rating and issued a $60.00 target price on shares of Wells Fargo & Co in a research report on Monday, February 5th. Keefe, Bruyette & Woods cut shares of Wells Fargo & Co from an “outperform” rating to a “market perform” rating and set a $63.00 target price on the stock. in a research report on Sunday, February 4th. Finally, Atlantic Securities raised shares of Wells Fargo & Co from an “underweight” rating to a “neutral” rating and set a $64.00 target price on the stock in a research report on Wednesday, January 10th. Six equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company. Wells Fargo & Co presently has a consensus rating of “Hold” and a consensus price target of $62.90.

Shares of Wells Fargo & Co (NYSE WFC) traded up $0.26 on Monday, hitting $59.81. 15,638,223 shares of the company were exchanged, compared to its average volume of 25,286,250. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88. Wells Fargo & Co has a 12-month low of $49.27 and a 12-month high of $66.31. The stock has a market capitalization of $294,180.00, a price-to-earnings ratio of 14.46, a P/E/G ratio of 1.52 and a beta of 1.01.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07). Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The firm had revenue of $22.05 billion during the quarter, compared to analysts’ expectations of $22.64 billion. During the same period in the prior year, the company posted $0.96 EPS. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. equities analysts anticipate that Wells Fargo & Co will post 4.72 EPS for the current year.

Wells Fargo & Co announced that its Board of Directors has authorized a stock buyback plan on Tuesday, January 23rd that permits the company to repurchase 350,000,000 outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

In related news, VP Richard Levy sold 97,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $56.47, for a total value of $5,477,590.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ronald Sargent bought 9,000 shares of Wells Fargo & Co stock in a transaction that occurred on Monday, February 12th. The stock was purchased at an average cost of $55.98 per share, for a total transaction of $503,820.00. Following the acquisition, the director now owns 81 shares of the company’s stock, valued at $4,534.38. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 184,482 shares of company stock worth $10,471,050. 0.22% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the business. Delpha Capital Management LLC purchased a new position in Wells Fargo & Co in the fourth quarter valued at approximately $103,000. Stelac Advisory Services LLC purchased a new position in Wells Fargo & Co in the second quarter valued at approximately $104,000. Patriot Financial Group Insurance Agency LLC increased its stake in Wells Fargo & Co by 0.3% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 6 shares during the last quarter. Santori & Peters Inc. purchased a new position in Wells Fargo & Co in the fourth quarter valued at approximately $110,000. Finally, Westside Investment Management Inc. increased its stake in Wells Fargo & Co by 63.9% in the second quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock valued at $127,000 after purchasing an additional 891 shares during the last quarter. Institutional investors own 76.00% 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.

Analyst Recommendations for Wells Fargo & Co (NYSE:WFC)

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