Keefe, Bruyette & Woods cut shares of Wells Fargo & Co. (NYSE:WFC) from an outperform rating to a market perform rating in a report published on Monday. They currently have $48.00 target price on the financial services provider’s stock, down from their prior target price of $57.00.

Other analysts also recently issued research reports about the stock. Credit Suisse Group AG reiterated a buy rating on shares of Wells Fargo & Co. in a research report on Tuesday, July 12th. Nomura restated a buy rating on shares of Wells Fargo & Co. in a research report on Saturday, July 9th. Barclays PLC restated a buy rating on shares of Wells Fargo & Co. in a research report on Saturday, July 9th. Deutsche Bank AG restated a buy rating on shares of Wells Fargo & Co. in a research report on Sunday, June 26th. Finally, Argus restated a buy rating and set a $58.00 price objective on shares of Wells Fargo & Co. in a research report on Monday, June 27th. Six investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eighteen have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $49.73.

Wells Fargo & Co. (NYSE:WFC) opened at 44.72 on Monday. The firm has a market capitalization of $225.64 billion, a price-to-earnings ratio of 11.04 and a beta of 0.91. Wells Fargo & Co. has a 52-week low of $43.55 and a 52-week high of $56.34. The company’s 50-day moving average is $46.61 and its 200-day moving average is $48.03.

Wells Fargo & Co. (NYSE:WFC) last released its quarterly earnings results on Friday, October 14th. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $1.01 by $0.02. Wells Fargo & Co. had a net margin of 23.91% and a return on equity of 12.72%. The firm earned $22.30 billion during the quarter. During the same quarter last year, the company earned $1.05 EPS. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. Equities analysts predict that Wells Fargo & Co. will post $4.02 earnings per share for the current year.

In other news, COO Timothy J. Sloan sold 20,500 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The shares were 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 can be accessed through this link. Insiders own 0.29% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in WFC. CIBC World Markets Inc. increased its stake in Wells Fargo & Co. by 13.6% in the second quarter. CIBC World Markets Inc. now owns 784,944 shares of the financial services provider’s stock worth $37,151,000 after buying an additional 93,961 shares during the last quarter. Svenska Handelsbanken AB publ bought a new stake in Wells Fargo & Co. during the second quarter worth $15,118,000. Exxonmobil Investment Management Inc. TX increased its stake in Wells Fargo & Co. by 6.3% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 1,195,917 shares of the financial services provider’s stock worth $56,603,000 after buying an additional 71,107 shares during the last quarter. Lazard Asset Management LLC increased its stake in Wells Fargo & Co. by 10.3% in the first quarter. Lazard Asset Management LLC now owns 6,564,216 shares of the financial services provider’s stock worth $317,445,000 after buying an additional 611,374 shares during the last quarter. Finally, Aviva PLC increased its stake in Wells Fargo & Co. by 0.7% in the first quarter. Aviva PLC now owns 3,065,051 shares of the financial services provider’s stock worth $148,226,000 after buying an additional 22,620 shares during the last quarter. 73.94% of the stock is owned by institutional investors and hedge funds.

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.

5 Day Chart for NYSE:WFC

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