Citigroup Inc. reiterated their buy rating on shares of Wells Fargo & Co. (NYSE:WFC) in a research note published on Thursday morning.

WFC has been the subject of a number of other research reports. JPMorgan Chase & Co. cut Wells Fargo & Co. from an overweight rating to a neutral rating and decreased their target price for the stock from $53.50 to $48.00 in a report on Wednesday, September 21st. Macquarie restated an underperform rating on shares of Wells Fargo & Co. in a report on Tuesday, October 18th. Keefe, Bruyette & Woods restated an outperform rating and issued a $57.00 price target on shares of Wells Fargo & Co. in a report on Friday, September 9th. Argus restated a buy rating on shares of Wells Fargo & Co. in a report on Thursday, October 13th. Finally, Bank of America Corp. set a $50.00 target price on Wells Fargo & Co. and gave the company a buy rating in a research note on Monday, September 19th. Eight research analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. Wells Fargo & Co. currently has a consensus rating of Hold and an average price target of $49.52.

Shares of Wells Fargo & Co. (NYSE:WFC) opened at 53.22 on Thursday. The stock has a market capitalization of $267.29 billion, a P/E ratio of 13.21 and a beta of 0.93. Wells Fargo & Co. has a 12-month low of $43.55 and a 12-month high of $56.26. The stock has a 50 day moving average of $45.63 and a 200 day moving average of $47.72.

Wells Fargo & Co. (NYSE:WFC) last issued its earnings results on Friday, October 14th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.02. Wells Fargo & Co. had a return on equity of 12.72% and a net margin of 23.91%. The business earned $22.30 billion during the quarter. During the same quarter in the previous year, the firm posted $1.05 EPS. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Co. will post $4.03 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Friday, November 4th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Wednesday, November 2nd. This represents a $1.52 annualized dividend and a yield of 2.86%. Wells Fargo & Co.’s dividend payout ratio is 37.44%.

A number of hedge funds have recently added to or reduced their stakes in WFC. Integrated Wealth Counsel LLC raised its stake in Wells Fargo & Co. by 17.8% in the third quarter. Integrated Wealth Counsel LLC now owns 2,408 shares of the financial services provider’s stock valued at $107,000 after buying an additional 363 shares in the last quarter. Global X Management Co. LLC raised its stake in Wells Fargo & Co. by 64.8% in the second quarter. Global X Management Co. LLC now owns 2,301 shares of the financial services provider’s stock valued at $109,000 after buying an additional 905 shares in the last quarter. Coconut Grove Bank raised its stake in Wells Fargo & Co. by 54.9% in the third quarter. Coconut Grove Bank now owns 2,538 shares of the financial services provider’s stock valued at $112,000 after buying an additional 900 shares in the last quarter. Timber Creek Capital Management LLC raised its stake in Wells Fargo & Co. by 30.0% in the third quarter. Timber Creek Capital Management LLC now owns 3,033 shares of the financial services provider’s stock valued at $134,000 after buying an additional 700 shares in the last quarter. Finally, Cedar Wealth Management LLC raised its stake in Wells Fargo & Co. by 5.6% in the third quarter. Cedar Wealth Management LLC now owns 3,461 shares of the financial services provider’s stock valued at $153,000 after buying an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 73.78% of the company’s stock.

Wells Fargo & Co. Company Profile

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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