Wells Fargo & Co (WFC) Upgraded to Equal Weight at Morgan Stanley

Wells Fargo & Co (NYSE:WFC) was upgraded by analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research note issued on Monday, The Fly reports.

Several other research firms have also commented on WFC. Sandler O’Neill reissued a “buy” rating and issued a $64.00 price objective on shares of Wells Fargo & Co in a research report on Friday, April 13th. Vetr raised Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $54.10 price objective on the stock in a research report on Wednesday, April 11th. Barclays cut their price objective on Wells Fargo & Co from $71.00 to $66.00 and set an “overweight” rating on the stock in a research report on Monday, April 16th. Piper Jaffray Companies reissued a “hold” rating and issued a $58.00 price objective on shares of Wells Fargo & Co in a research report on Monday, April 16th. Finally, Vining Sparks reissued a “buy” rating and issued a $65.00 price objective on shares of Wells Fargo & Co in a research report on Friday, April 13th. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and sixteen have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $61.82.

Shares of Wells Fargo & Co stock opened at $55.44 on Monday. Wells Fargo & Co has a fifty-two week low of $49.27 and a fifty-two week high of $66.31. The firm has a market cap of $270.42 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 1.50 and a beta of 1.14. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.86 and a current ratio of 0.88.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Friday, April 13th. The financial services provider reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.05. Wells Fargo & Co had a return on equity of 12.46% and a net margin of 22.80%. The company had revenue of $21.93 billion for the quarter, compared to analyst estimates of $21.74 billion. During the same quarter in the prior year, the company posted $1.00 EPS. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. analysts expect that Wells Fargo & Co will post 4.57 earnings per share for the current fiscal year.

In other Wells Fargo & Co news, EVP Petros G. Pelos sold 25,567 shares of Wells Fargo & Co stock in a transaction that occurred on Thursday, May 24th. The stock was sold at an average price of $54.76, for a total value of $1,400,048.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.09% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Avalon Advisors LLC raised its holdings in shares of Wells Fargo & Co by 27.2% during the first quarter. Avalon Advisors LLC now owns 411,062 shares of the financial services provider’s stock valued at $21,544,000 after buying an additional 87,876 shares during the last quarter. Mount Yale Investment Advisors LLC bought a new stake in shares of Wells Fargo & Co during the first quarter valued at approximately $2,645,000. Greenline Partners LLC raised its holdings in shares of Wells Fargo & Co by 3.1% during the first quarter. Greenline Partners LLC now owns 227,855 shares of the financial services provider’s stock valued at $11,942,000 after buying an additional 6,812 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Wells Fargo & Co during the first quarter valued at approximately $750,000. Finally, Altium Wealth Management LLC raised its holdings in shares of Wells Fargo & Co by 37.7% during the first quarter. Altium Wealth Management LLC now owns 7,252 shares of the financial services provider’s stock valued at $380,000 after buying an additional 1,985 shares during the last quarter. 76.10% of the stock is currently owned by institutional investors.

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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