Wells Fargo & Co. (WFC) Given “Buy” Rating at Evercore ISI
Evercore ISI reiterated their buy rating on shares of Wells Fargo & Co. (NYSE:WFC) in a research report sent to investors on Wednesday. They currently have a $51.00 target price on the financial services provider’s stock.
WFC has been the topic of a number of other research reports. JPMorgan Chase & Co. lowered Wells Fargo & Co. from an overweight rating to a neutral rating and dropped their target price for the company from $53.50 to $48.00 in a research report on Wednesday, September 21st. Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $57.00 price target on shares of Wells Fargo & Co. in a research report on Friday, September 9th. Vetr lowered Wells Fargo & Co. from a strong-buy rating to a buy rating and set a $51.06 price target on the stock. in a research report on Wednesday, July 6th. Raymond James Financial Inc. reaffirmed a market perform rating on shares of Wells Fargo & Co. in a research report on Thursday, July 7th. Finally, Bank of America Corp. set a $50.00 price target on Wells Fargo & Co. and gave the stock a buy rating in a research report on Monday, September 19th. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $50.46.
Shares of Wells Fargo & Co. (NYSE:WFC) opened at 45.31 on Wednesday. Wells Fargo & Co. has a 1-year low of $44.50 and a 1-year high of $56.34. The company has a market cap of $228.61 billion, a price-to-earnings ratio of 11.19 and a beta of 0.90. The firm’s 50-day moving average is $47.96 and its 200 day moving average is $48.47.
Wells Fargo & Co. (NYSE:WFC) last announced its earnings results on Friday, July 15th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.01. Wells Fargo & Co. had a return on equity of 12.95% and a net margin of 24.33%. The business had revenue of $22.20 billion for the quarter. During the same period in the prior year, the business posted $1.03 EPS. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. Equities analysts expect that Wells Fargo & Co. will post $4.02 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 5th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.35%. The ex-dividend date was Wednesday, August 3rd. Wells Fargo & Co.’s dividend payout ratio is 37.25%.
In related news, COO Timothy J. Sloan sold 20,500 shares of Wells Fargo & Co. stock in a transaction on Monday, August 8th. The stock was sold at an average price of $48.92, for a total transaction of $1,002,860.00. Following the completion of the sale, the chief operating officer now owns 650,815 shares of the company’s stock, valued at $31,837,869.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.29% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in WFC. Parnassus Investments CA increased its stake in Wells Fargo & Co. by 879.2% in the second quarter. Parnassus Investments CA now owns 12,240,229 shares of the financial services provider’s stock worth $579,330,000 after buying an additional 10,990,229 shares during the last quarter. Vanguard Group Inc. increased its position in Wells Fargo & Co. by 2.2% in the second quarter. Vanguard Group Inc. now owns 288,028,042 shares of the financial services provider’s stock valued at $13,632,368,000 after buying an additional 6,247,583 shares in the last quarter. Ruane Cunniff & Goldfarb Inc. increased its position in Wells Fargo & Co. by 5,580.0% in the second quarter. Ruane Cunniff & Goldfarb Inc. now owns 5,242,602 shares of the financial services provider’s stock valued at $248,132,000 after buying an additional 5,150,302 shares in the last quarter. BlackRock Fund Advisors increased its position in Wells Fargo & Co. by 8.8% in the first quarter. BlackRock Fund Advisors now owns 57,985,130 shares of the financial services provider’s stock valued at $2,804,161,000 after buying an additional 4,695,036 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in Wells Fargo & Co. by 2.7% in the first quarter. Wellington Management Group LLP now owns 131,270,916 shares of the financial services provider’s stock valued at $6,348,262,000 after buying an additional 3,450,553 shares in the last quarter. Institutional investors and hedge funds own 73.98% of the company’s stock.
About Wells Fargo & Co.
Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.
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