Piper Jaffray restated their hold rating on shares of Wells Fargo (NYSE:WFC) in a research report report published on Monday. Piper Jaffray currently has a $58.00 price target on the financial services provider’s stock.
WFC has been the topic of a number of other reports. UBS raised Wells Fargo from a neutral rating to a buy rating and set a $55.00 price target on the stock in a report on Thursday, April 5th. Vetr cut Wells Fargo from a strong-buy rating to a sell rating and set a $55.47 price target on the stock. in a report on Monday, January 8th. Sanford C. Bernstein raised Wells Fargo from a market perform rating to an outperform rating and raised their price target for the company from $64.00 to $69.00 in a report on Wednesday, January 3rd. Keefe, Bruyette & Woods reissued a buy rating on shares of Wells Fargo in a report on Tuesday, January 16th. Finally, Atlantic Securities raised Wells Fargo from an underweight rating to a neutral rating and set a $64.00 price target on the stock in a report on Wednesday, January 10th. Six research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $61.31.
Shares of Wells Fargo stock opened at $50.80 on Monday. Wells Fargo has a one year low of $49.27 and a one year high of $66.31. The firm has a market capitalization of $248,228.89, a P/E ratio of 12.36, a P/E/G ratio of 1.34 and a beta of 1.13. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26.
Wells Fargo (NYSE:WFC) last posted its quarterly earnings results on Friday, April 13th. The financial services provider reported $1.12 EPS for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.05. The business had revenue of $21.93 billion for the quarter, compared to analysts’ expectations of $21.74 billion. Wells Fargo had a return on equity of 12.44% and a net margin of 22.80%. The business’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period last year, the firm earned $1.00 earnings per share. analysts forecast that Wells Fargo will post 4.69 earnings per share for the current year.
Wells Fargo declared that its board has approved a stock buyback program on Tuesday, January 23rd that authorizes the company to repurchase 350,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
In related news, Director Ronald Sargent purchased 9,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was bought at an average price of $55.98 per share, for a total transaction of $503,820.00. Following the completion of the transaction, the director now owns 81 shares in the company, valued at approximately $4,534.38. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.09% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in WFC. Delpha Capital Management LLC purchased a new position in shares of Wells Fargo during the fourth quarter valued at approximately $103,000. Stelac Advisory Services LLC purchased a new position in shares of Wells Fargo during the fourth quarter valued at approximately $109,000. Santori & Peters Inc. purchased a new position in shares of Wells Fargo during the fourth quarter valued at approximately $110,000. Cerebellum GP LLC purchased a new position in shares of Wells Fargo during the fourth quarter valued at approximately $132,000. Finally, Westside Investment Management Inc. boosted its position in shares of Wells Fargo by 63.9% during the second quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock valued at $127,000 after buying an additional 891 shares during the period. Institutional investors own 77.29% of the company’s stock.
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Wells Fargo 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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