Wells Fargo & Company (NYSE:WFC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

According to Zacks, “Shares of Wells Fargo have underperformed the industry over the last six months. However, the company has an impressive earnings surprise history. The company surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. Wells Fargo plans $4 billion of cost cuts by 2019. Further, rising rates are easing margin pressure to an extent. Notably, following the recent Federal Reserve interest rate hike by 25 bps, Wells Fargo raised its prime lending rate from 4.25% to 4.50%. While the current crisis related to the revelation of illegally opening millions of illegal accounts last year at the company will take some time to alleviate, we believe that consistent growth in loans and deposits and expansions will likely support its growth profile.”

WFC has been the subject of a number of other reports. Vertical Group raised shares of Wells Fargo & Company from a “sell” rating to a “buy” rating in a report on Thursday, December 7th. Vetr raised shares of Wells Fargo & Company from a “sell” rating to a “strong-buy” rating in a report on Monday, November 6th. Goldman Sachs Group reissued a “buy” rating on shares of Wells Fargo & Company in a report on Wednesday, October 11th. Robert W. Baird reissued a “buy” rating and issued a $58.00 price target on shares of Wells Fargo & Company in a report on Friday, October 6th. Finally, Citigroup restated a “buy” rating and set a $65.00 price objective (up previously from $60.00) on shares of Wells Fargo & Company in a report on Monday, October 9th. Five research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. Wells Fargo & Company presently has an average rating of “Hold” and an average target price of $57.25.

Wells Fargo & Company (NYSE:WFC) traded down $0.16 during mid-day trading on Tuesday, reaching $60.76. 1,537,828 shares of the company traded hands, compared to its average volume of 18,514,451. The firm has a market capitalization of $294,815.50, a P/E ratio of 14.46, a P/E/G ratio of 1.44 and a beta of 0.96. Wells Fargo & Company has a 1-year low of $49.27 and a 1-year high of $61.13. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 1.32.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.84 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.20). The company had revenue of $21.93 billion during the quarter, compared to analyst estimates of $22.30 billion. Wells Fargo & Company had a return on equity of 12.59% and a net margin of 22.00%. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.03 EPS. sell-side analysts expect that Wells Fargo & Company will post 3.97 EPS for the current fiscal year.

In related news, VP Richard Levy sold 97,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $56.47, for a total value of $5,477,590.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Michael J. Loughlin sold 17,482 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $57.80, for a total value of $1,010,459.60. The disclosure for this sale can be found here. Insiders sold 184,482 shares of company stock worth $10,471,050 in the last 90 days. 0.22% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in WFC. Rockland Trust Co. boosted its position in Wells Fargo & Company by 0.6% during the second quarter. Rockland Trust Co. now owns 316,530 shares of the financial services provider’s stock worth $17,539,000 after purchasing an additional 1,856 shares during the period. Heartland Advisors Inc. boosted its position in Wells Fargo & Company by 3.9% during the second quarter. Heartland Advisors Inc. now owns 272,548 shares of the financial services provider’s stock worth $15,102,000 after purchasing an additional 10,318 shares during the period. Kelman Lazarov Inc. boosted its position in Wells Fargo & Company by 6.0% during the second quarter. Kelman Lazarov Inc. now owns 64,172 shares of the financial services provider’s stock worth $3,556,000 after purchasing an additional 3,612 shares during the period. First Citizens Bank & Trust Co. boosted its position in Wells Fargo & Company by 4.7% during the second quarter. First Citizens Bank & Trust Co. now owns 103,269 shares of the financial services provider’s stock worth $5,722,000 after purchasing an additional 4,647 shares during the period. Finally, Eagle Global Advisors LLC boosted its position in Wells Fargo & Company by 1.8% during the second quarter. Eagle Global Advisors LLC now owns 119,625 shares of the financial services provider’s stock worth $6,628,000 after purchasing an additional 2,172 shares during the period. Hedge funds and other institutional investors own 75.69% of the company’s stock.

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About Wells Fargo & Company

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

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

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