Wells Fargo & Co (WFC) Upgraded to “Buy” by Citigroup

Citigroup upgraded shares of Wells Fargo & Co (NYSE:WFC) from a neutral rating to a buy rating in a research note published on Friday morning, Marketbeat Ratings reports.

WFC has been the topic of a number of other reports. Zacks Investment Research downgraded shares of Wells Fargo & Co from a buy rating to a hold rating in a research report on Monday, July 30th. Macquarie upgraded shares of Wells Fargo & Co from a neutral rating to an outperform rating in a research report on Monday, October 15th. ValuEngine downgraded shares of Wells Fargo & Co from a hold rating to a sell rating in a research report on Friday, September 28th. Morgan Stanley cut their target price on shares of Wells Fargo & Co from $62.00 to $61.00 and set an equal weight rating on the stock in a research report on Monday, July 16th. Finally, Nomura cut their target price on shares of Wells Fargo & Co from $68.00 to $63.00 and set a buy rating on the stock in a research report on Monday, October 15th. Three analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $63.79.

Wells Fargo & Co stock traded up $0.05 during trading hours on Friday, reaching $53.61. 18,285,623 shares of the company’s stock traded hands, compared to its average volume of 24,454,646. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26. Wells Fargo & Co has a fifty-two week low of $50.02 and a fifty-two week high of $66.31. The company has a market cap of $261.50 billion, a PE ratio of 12.47, a PEG ratio of 1.14 and a beta of 1.01.

Wells Fargo & Co (NYSE:WFC) last released its earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. The business had revenue of $21.94 billion for the quarter, compared to analyst estimates of $21.90 billion. Research analysts forecast that Wells Fargo & Co will post 4.5 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Investors of record on Friday, November 9th will be given a $0.43 dividend. The ex-dividend date is Thursday, November 8th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.21%. Wells Fargo & Co’s dividend payout ratio is 41.85%.

Wells Fargo & Co announced that its Board of Directors has authorized a share repurchase plan on Tuesday, October 23rd that permits the company to repurchase 350,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

In related news, EVP Avid Modjtabai sold 100,000 shares of the stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $58.71, for a total value of $5,871,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Hope A. Hardison sold 25,000 shares of the stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the completion of the sale, the executive vice president now owns 109 shares in the company, valued at $6,323.09. The disclosure for this sale can be found here. Company insiders own 0.09% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its holdings in Wells Fargo & Co by 4.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 43,088,636 shares of the financial services provider’s stock worth $2,388,296,000 after buying an additional 1,874,789 shares during the period. Magellan Asset Management Ltd raised its holdings in Wells Fargo & Co by 0.3% during the 2nd quarter. Magellan Asset Management Ltd now owns 31,103,695 shares of the financial services provider’s stock worth $1,724,389,000 after buying an additional 78,797 shares during the period. Boston Partners raised its holdings in Wells Fargo & Co by 12.6% during the 2nd quarter. Boston Partners now owns 21,223,020 shares of the financial services provider’s stock worth $1,176,604,000 after buying an additional 2,372,583 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in Wells Fargo & Co by 2.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 16,910,637 shares of the financial services provider’s stock worth $937,526,000 after buying an additional 372,355 shares during the period. Finally, Sanders Capital LLC acquired a new stake in Wells Fargo & Co during the 2nd quarter worth approximately $952,809,000. Institutional investors and hedge funds own 77.59% of the company’s stock.

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

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