Wells Fargo & Company (WFC) Stock Rating Reaffirmed by Instinet
Wells Fargo & Company (NYSE:WFC)‘s stock had its “buy” rating reiterated by analysts at Instinet in a research report issued on Saturday. They currently have a $65.00 target price on the financial services provider’s stock, up from their previous target price of $64.00. Instinet’s price objective indicates a potential upside of 17.86% from the company’s current price.
Other equities research analysts also recently issued reports about the company. Keefe, Bruyette & Woods set a $61.00 price objective on Wells Fargo & and gave the company a “buy” rating in a research report on Friday, August 25th. Zacks Investment Research upgraded Wells Fargo & from a “sell” rating to a “hold” rating in a research report on Monday, July 10th. Deutsche Bank AG restated a “buy” rating on shares of Wells Fargo & in a research report on Monday, July 3rd. Robert W. Baird restated a “buy” rating and set a $58.00 price objective on shares of Wells Fargo & in a research report on Tuesday, September 5th. Finally, BidaskClub upgraded Wells Fargo & from a “sell” rating to a “hold” rating in a research report on Thursday, June 29th. Six investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Wells Fargo & currently has an average rating of “Hold” and an average target price of $56.61.
Shares of Wells Fargo & (NYSE WFC) traded up 1.66% during trading on Friday, hitting $55.15. The stock had a trading volume of 20,872,334 shares. The stock has a 50 day moving average of $51.89 and a 200 day moving average of $53.88. Wells Fargo & has a 12 month low of $43.55 and a 12 month high of $59.99. The company has a market cap of $273.76 billion, a PE ratio of 13.58 and a beta of 0.96.
Wells Fargo & (NYSE:WFC) last posted its earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.05. The company had revenue of $22.20 billion for the quarter, compared to the consensus estimate of $22.23 billion. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The firm’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the previous year, the business earned $1.01 earnings per share. Equities analysts forecast that Wells Fargo & will post $4.15 EPS for the current fiscal year.
Wells Fargo & declared that its board has authorized a share buyback program on Wednesday, June 28th that authorizes the company to buyback $11.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 4.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
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Large investors have recently bought and sold shares of the business. Vantage Financial Partners Ltd. Inc. purchased a new position in Wells Fargo & during the second quarter worth approximately $1,095,000. Alexandria Capital LLC raised its stake in Wells Fargo & by 0.3% during the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock worth $102,000 after purchasing an additional 6 shares during the period. Brick & Kyle Associates raised its stake in Wells Fargo & by 9.5% during the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 162 shares during the period. Stelac Advisory Services LLC purchased a new position in Wells Fargo & during the second quarter worth approximately $104,000. Finally, Patriot Financial Group Insurance Agency LLC raised its stake in Wells Fargo & by 0.3% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 6 shares during the period. 75.10% of the stock is currently owned by institutional investors.
About Wells Fargo &
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.
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