Wells Fargo & Co (NYSE:WFC) had its price target decreased by JPMorgan Chase & Co. from $48.50 to $47.50 in a research report issued on Tuesday, BenzingaRatingsTable reports. The firm presently has an “underweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 0.76% from the company’s current price.

A number of other equities analysts have also commented on the company. Buckingham Research lowered Carnival from a “buy” rating to a “neutral” rating and dropped their price target for the company from $65.00 to $54.00 in a research note on Monday, April 15th. Goldman Sachs Group lowered Encana to a “buy” rating in a research note on Friday, April 12th. Zacks Investment Research lowered Green Plains from a “hold” rating to a “strong sell” rating in a research note on Thursday, June 27th. Morgan Stanley dropped their price target on Wells Fargo & Co from $55.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday, April 15th. Finally, BMO Capital Markets raised their price objective on Citigroup from $92.00 to $93.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. Five investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $54.12.

Wells Fargo & Co stock traded down $0.01 during midday trading on Tuesday, reaching $47.14. 19,746,521 shares of the stock traded hands, compared to its average volume of 20,635,285. The business’s fifty day moving average price is $46.23. Wells Fargo & Co has a 12 month low of $43.02 and a 12 month high of $59.53. The company has a market cap of $213.66 billion, a PE ratio of 10.76, a P/E/G ratio of 0.92 and a beta of 1.08. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 1.35.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. Wells Fargo & Co had a return on equity of 13.37% and a net margin of 22.59%. The company had revenue of $21.61 billion during the quarter, compared to analyst estimates of $20.89 billion. During the same period in the prior year, the company earned $0.96 earnings per share. As a group, research analysts predict that Wells Fargo & Co will post 4.68 EPS for the current fiscal year.

Wells Fargo & Co announced that its Board of Directors has authorized a stock repurchase program on Thursday, June 27th that allows the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

In other news, insider Petros G. Pelos sold 28,304 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $46.51, for a total value of $1,316,419.04. Following the sale, the insider now directly owns 3,066 shares in the company, valued at $142,599.66. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.08% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Peoples Financial Services CORP. increased its holdings in Wells Fargo & Co by 9.4% during the 2nd quarter. Peoples Financial Services CORP. now owns 32,134 shares of the financial services provider’s stock worth $1,520,000 after purchasing an additional 2,750 shares during the period. Spinnaker Trust increased its holdings in Wells Fargo & Co by 4.1% during the 2nd quarter. Spinnaker Trust now owns 185,095 shares of the financial services provider’s stock worth $8,758,000 after purchasing an additional 7,234 shares during the period. Country Trust Bank increased its holdings in Wells Fargo & Co by 100.3% during the 2nd quarter. Country Trust Bank now owns 1,269,083 shares of the financial services provider’s stock worth $60,686,000 after purchasing an additional 635,532 shares during the period. Lourd Capital LLC increased its holdings in Wells Fargo & Co by 428.4% during the 2nd quarter. Lourd Capital LLC now owns 178,340 shares of the financial services provider’s stock worth $8,439,000 after purchasing an additional 144,588 shares during the period. Finally, PFS Investments Inc. increased its holdings in Wells Fargo & Co by 122.9% during the 2nd quarter. PFS Investments Inc. now owns 45,470 shares of the financial services provider’s stock worth $2,172,000 after purchasing an additional 25,068 shares during the period. Hedge funds and other institutional investors own 75.35% of the company’s stock.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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

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