Barclays PLC Cuts Wells Fargo & Co. (WFC) Price Target to $58.00
Wells Fargo & Co. (NYSE:WFC) had its price target cut by Barclays PLC from $61.00 to $58.00 in a research report report published on Thursday. They currently have an overweight rating on the financial services provider’s stock.
Several other equities analysts also recently commented on WFC. Jefferies Group reissued a buy rating and issued a $57.00 price objective on shares of Wells Fargo & Co. in a research note on Wednesday, May 18th. Piper Jaffray Cos. reaffirmed an underweight rating and set a $44.00 price target on shares of Wells Fargo & Co. in a research note on Thursday, May 19th. Citigroup Inc. reaffirmed a buy rating on shares of Wells Fargo & Co. in a research note on Sunday, May 22nd. Credit Suisse Group AG reaffirmed a buy rating and set a $58.00 price target on shares of Wells Fargo & Co. in a research note on Wednesday, May 25th. Finally, Evercore ISI reaffirmed a buy rating and set a $53.00 price target on shares of Wells Fargo & Co. in a research note on Thursday, May 26th. Seven research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $52.26.
Shares of Wells Fargo & Co. (NYSE:WFC) opened at 46.56 on Thursday. The stock has a market capitalization of $234.92 billion, a P/E ratio of 11.50 and a beta of 0.90. Wells Fargo & Co. has a 52-week low of $44.50 and a 52-week high of $56.34. The firm’s 50-day moving average price is $48.44 and its 200-day moving average price is $48.63.
Wells Fargo & Co. (NYSE:WFC) last issued its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.01 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.01. The business earned $22.20 billion during the quarter. Wells Fargo & Co. had a net margin of 24.33% and a return on equity of 12.95%. Wells Fargo & Co.’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.03 EPS. Equities analysts forecast that Wells Fargo & Co. will post $4.02 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 5th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, August 3rd. This represents a $1.52 annualized dividend and a yield of 3.26%. Wells Fargo & Co.’s dividend payout ratio is currently 37.25%.
In related news, COO Timothy J. Sloan sold 20,500 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $48.92, for a total transaction of $1,002,860.00. Following the completion of the transaction, the chief operating officer now owns 650,815 shares of the company’s stock, valued at $31,837,869.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.29% of the company’s stock.
A number of institutional investors have recently modified their holdings of WFC. Carnick & Kubik Group LLC bought a new position in Wells Fargo & Co. during the second quarter worth approximately $1,032,000. Williams Jones & Associates LLC boosted its position in Wells Fargo & Co. by 19.5% in the second quarter. Williams Jones & Associates LLC now owns 142,310 shares of the financial services provider’s stock worth $6,736,000 after buying an additional 23,267 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Wells Fargo & Co. during the second quarter worth approximately $8,829,000. Kentucky Retirement Systems bought a new position in Wells Fargo & Co. during the second quarter worth approximately $18,595,000. Finally, Mason Street Advisors LLC bought a new position in Wells Fargo & Co. during the second quarter worth approximately $29,454,000. 73.98% of the stock is owned by institutional investors.
Wells Fargo & Co. Company Profile
Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.
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