Wells Fargo &’s (WFC) “Buy” Rating Reiterated at Instinet
Instinet restated their buy rating on shares of Wells Fargo & Company (NYSE:WFC) in a research note released on Wednesday, July 12th. Instinet currently has a $64.00 price target on the financial services provider’s stock.
A number of other research firms have also recently issued reports on WFC. Vetr raised Wells Fargo & from a sell rating to a hold rating and set a $55.28 price target for the company in a report on Tuesday, March 21st. Deutsche Bank AG reaffirmed a buy rating on shares of Wells Fargo & in a report on Monday, July 3rd. Zacks Investment Research raised Wells Fargo & from a sell rating to a hold rating in a report on Monday, July 10th. Buckingham Research reissued a neutral rating and set a $62.00 price objective (up from $60.00) on shares of Wells Fargo & in a report on Monday, July 10th. Finally, Keefe, Bruyette & Woods raised Wells Fargo & from a market perform rating to an outperform rating and boosted their price objective for the stock from $53.00 to $63.00 in a report on Wednesday, April 5th. Six analysts have rated the stock with a sell rating, fourteen have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $55.87.
Wells Fargo & (NYSE WFC) opened at 52.54 on Wednesday. The company has a market capitalization of $260.95 billion, a P/E ratio of 12.94 and a beta of 0.95. Wells Fargo & has a 52-week low of $43.55 and a 52-week high of $59.99. The stock has a 50 day moving average of $54.49 and a 200-day moving average of $55.11.
Wells Fargo & (NYSE:WFC) last posted its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.05. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The firm had revenue of $22.20 billion for the quarter, compared to the consensus estimate of $22.23 billion. During the same quarter in the previous year, the company earned $1.01 earnings per share. The business’s revenue was up .2% compared to the same quarter last year. On average, equities analysts forecast that Wells Fargo & will post $4.17 earnings per share for the current year.
Wells Fargo & announced that its board has authorized a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 4th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date is Wednesday, August 2nd. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s dividend payout ratio is 38.42%.
In other Wells Fargo & news, insider Hope A. Hardison sold 20,000 shares of the stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $52.07, for a total transaction of $1,041,400.00. Following the transaction, the insider now owns 109 shares in the company, valued at approximately $5,675.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Petros G. Pelos sold 24,708 shares of the stock in a transaction on Monday, June 12th. The stock was sold at an average price of $54.07, for a total value of $1,335,961.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 131,278 shares of company stock worth $6,940,120. 0.22% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Canandaigua National Bank & Trust Co. boosted its position in Wells Fargo & by 0.9% in the second quarter. Canandaigua National Bank & Trust Co. now owns 55,181 shares of the financial services provider’s stock valued at $3,058,000 after buying an additional 504 shares during the last quarter. Intrust Bank NA boosted its position in Wells Fargo & by 18.1% in the second quarter. Intrust Bank NA now owns 20,239 shares of the financial services provider’s stock valued at $1,122,000 after buying an additional 3,097 shares during the last quarter. Prudential Financial Inc. boosted its position in Wells Fargo & by 0.7% in the second quarter. Prudential Financial Inc. now owns 10,119,235 shares of the financial services provider’s stock valued at $560,706,000 after buying an additional 71,370 shares during the last quarter. GHP Investment Advisors Inc. boosted its position in Wells Fargo & by 5.5% in the second quarter. GHP Investment Advisors Inc. now owns 25,445 shares of the financial services provider’s stock valued at $1,410,000 after buying an additional 1,332 shares during the last quarter. Finally, Usca Ria LLC boosted its position in Wells Fargo & by 49.1% in the second quarter. Usca Ria LLC now owns 130,104 shares of the financial services provider’s stock valued at $7,209,000 after buying an additional 42,838 shares during the last quarter. Hedge funds and other institutional investors own 75.85% of the company’s stock.
Wells Fargo & Company Profile
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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