Wells Fargo & Co (NYSE:WFC) has been assigned a $46.00 target price by equities researchers at Piper Jaffray Companies in a report issued on Monday, TipRanks reports. The firm presently has a “hold” rating on the financial services provider’s stock. Piper Jaffray Companies’ target price points to a potential downside of 5.83% from the company’s current price. Piper Jaffray Companies also issued estimates for Wells Fargo & Co’s Q3 2019 earnings at $1.14 EPS, Q1 2020 earnings at $1.00 EPS, Q2 2020 earnings at $1.13 EPS, Q3 2020 earnings at $1.32 EPS and FY2020 earnings at $4.65 EPS.

WFC has been the topic of a number of other research reports. Citigroup lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $56.00 to $51.00 in a research report on Friday, July 12th. Morgan Stanley lowered their price objective on Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 17th. Odeon Capital Group upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. cut their target price on shares of Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating on the stock in a research report on Tuesday, July 9th. Finally, BMO Capital Markets reduced their target price on shares of Wells Fargo & Co to $59.00 and set a “market perform” rating on the stock in a report on Wednesday, July 17th. Five research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the stock. Wells Fargo & Co presently has an average rating of “Hold” and an average price target of $50.74.

Shares of WFC stock traded up $0.54 on Monday, reaching $48.85. The company had a trading volume of 18,484,994 shares, compared to its average volume of 20,564,305. The business’s 50-day moving average is $46.50 and its 200 day moving average is $47.26. Wells Fargo & Co has a one year low of $43.02 and a one year high of $57.39. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $213.30 billion, a PE ratio of 11.15, a price-to-earnings-growth ratio of 0.94 and a beta of 1.09.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.14. The firm had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The company’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter last year, the business posted $0.98 earnings per share. On average, sell-side analysts forecast that Wells Fargo & Co will post 4.8 earnings per share for the current fiscal year.

Wells Fargo & Co announced that its Board of Directors has approved a stock repurchase program on Thursday, June 27th that authorizes the company to buyback $23.10 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Several institutional investors have recently added to or reduced their stakes in WFC. Grove Bank & Trust grew its stake in Wells Fargo & Co by 1.5% in the 1st quarter. Grove Bank & Trust now owns 14,701 shares of the financial services provider’s stock valued at $710,000 after purchasing an additional 214 shares during the period. Gilbert & Cook Inc. increased its holdings in Wells Fargo & Co by 0.6% in the 2nd quarter. Gilbert & Cook Inc. now owns 40,447 shares of the financial services provider’s stock worth $1,914,000 after acquiring an additional 225 shares during the last quarter. Legacy Bridge LLC raised its stake in Wells Fargo & Co by 1.2% in the 1st quarter. Legacy Bridge LLC now owns 19,206 shares of the financial services provider’s stock valued at $928,000 after acquiring an additional 230 shares during the period. Telos Capital Management Inc. lifted its holdings in Wells Fargo & Co by 4.3% during the first quarter. Telos Capital Management Inc. now owns 5,624 shares of the financial services provider’s stock valued at $272,000 after purchasing an additional 234 shares during the last quarter. Finally, Brand Asset Management Group Inc. lifted its holdings in Wells Fargo & Co by 96.8% during the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 242 shares during the last quarter. Institutional investors own 75.40% 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. 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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