Wells Fargo & Co (NYSE:WFC) has been assigned an average rating of “Hold” from the twenty-three analysts that are presently covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a sell recommendation, twelve have issued a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $51.18.
A number of equities research analysts recently commented on the stock. Odeon Capital Group upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Morgan Stanley reduced their price target on shares of Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a report on Wednesday, July 17th. Deutsche Bank set a $44.00 price target on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Friday, July 26th. Buckingham Research reduced their price target on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. Finally, UBS Group reduced their price target on shares of Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating for the company in a report on Wednesday, July 17th.
Several institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its stake in Wells Fargo & Co by 4.3% in the fourth quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock valued at $2,375,189,000 after buying an additional 2,114,810 shares in the last quarter. Founders Financial Securities LLC boosted its stake in Wells Fargo & Co by 8.0% in the 4th quarter. Founders Financial Securities LLC now owns 12,307 shares of the financial services provider’s stock worth $567,000 after purchasing an additional 910 shares during the period. Lehman & Derafelo Financial Resources LLC bought a new position in Wells Fargo & Co in the 4th quarter worth about $274,000. Lido Advisors LLC boosted its stake in Wells Fargo & Co by 3.0% in the 4th quarter. Lido Advisors LLC now owns 60,315 shares of the financial services provider’s stock worth $2,779,000 after purchasing an additional 1,772 shares during the period. Finally, L & S Advisors Inc bought a new position in Wells Fargo & Co in the 4th quarter worth about $261,000. Institutional investors and hedge funds own 76.89% of the company’s stock.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.14. The firm had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The firm’s revenue was up .1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.98 earnings per share. On average, analysts expect that Wells Fargo & Co will post 4.8 earnings per share for the current year.
Wells Fargo & Co declared that its Board of Directors has initiated a share repurchase plan on Thursday, June 27th that allows the company to repurchase $23.10 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be paid a $0.51 dividend. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 8th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.68%. Wells Fargo & Co’s dividend payout ratio is currently 46.58%.
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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