UBS Group Trims Wells Fargo & Co (NYSE:WFC) Target Price to $51.00

Wells Fargo & Co (NYSE:WFC) had its price target reduced by UBS Group from $53.00 to $51.00 in a report published on Wednesday morning, BenzingaRatingsTable reports. UBS Group currently has a buy rating on the financial services provider’s stock.

Other equities analysts have also recently issued reports about the stock. Deutsche Bank reissued a buy rating and set a $24.00 price target on shares of ABB in a research report on Tuesday, May 21st. Raymond James reaffirmed a hold rating on shares of Wells Fargo & Co in a research report on Friday, April 12th. Keefe, Bruyette & Woods cut shares of Wells Fargo & Co from an outperform rating to a market perform rating and cut their price objective for the company from $58.00 to $50.00 in a research report on Sunday, March 31st. Goldman Sachs Group cut shares of Encana to a buy rating in a research report on Friday, April 12th. Finally, Bank of America reaffirmed a hold rating and issued a $212.00 price objective on shares of Goldman Sachs Group in a research report on Monday, April 15th. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $51.23.

Shares of NYSE WFC opened at $46.03 on Wednesday. The stock’s fifty day moving average price is $46.35. The company has a market capitalization of $205.93 billion, a PE ratio of 10.51, a price-to-earnings-growth ratio of 0.90 and a beta of 1.08. Wells Fargo & Co has a twelve month low of $43.02 and a twelve month high of $59.53. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.14. The company had revenue of $21.58 billion for the quarter, compared to analysts’ expectations of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The business’s quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the firm posted $0.98 earnings per share. As a group, analysts forecast that Wells Fargo & Co will post 4.77 EPS for the current fiscal year.

Wells Fargo & Co announced that its Board of Directors has initiated a stock repurchase plan 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 plans are often a sign that the company’s management believes its shares are undervalued.

In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of Wells Fargo & Co stock in a transaction on Monday, May 13th. The shares were 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 approximately $142,599.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.08% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of WFC. Orrstown Financial Services Inc. increased its stake in Wells Fargo & Co by 125.9% in the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after buying an additional 287 shares during the last quarter. Evolution Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Co during the 2nd quarter worth about $25,000. Horan Capital Advisors LLC. acquired a new position in shares of Wells Fargo & Co during the 1st quarter worth about $27,000. Brand Asset Management Group Inc. increased its stake in shares of Wells Fargo & Co by 96.8% during the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 242 shares during the last quarter. Finally, Nalls Sherbakoff Group LLC acquired a new position in shares of Wells Fargo & Co during the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 75.32% 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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