Wells Fargo & Company (WFC) Given a $61.00 Price Target at Keefe, Bruyette & Woods
Keefe, Bruyette & Woods set a $61.00 price target on Wells Fargo & Company (NYSE:WFC) in a report released on Friday morning. The brokerage currently has a buy rating on the financial services provider’s stock.
WFC has been the topic of several other research reports. BidaskClub upgraded Wells Fargo & from a strong sell rating to a sell rating in a report on Saturday, June 10th. BMO Capital Markets upgraded Wells Fargo & from an underperform rating to a market perform rating and cut their price target for the stock from $50.00 to $47.00 in a report on Monday, July 31st. They noted that the move was a valuation call. Buckingham Research reiterated a neutral rating and issued a $62.00 price target (up previously from $60.00) on shares of Wells Fargo & in a report on Monday, July 10th. Vetr upgraded Wells Fargo & from a hold rating to a buy rating and set a $55.95 price target on the stock in a report on Monday, June 26th. Finally, Royal Bank Of Canada reiterated a buy rating and issued a $60.00 price target on shares of Wells Fargo & in a report on Friday, July 28th. Six analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of Hold and an average target price of $55.83.
Shares of Wells Fargo & (WFC) opened at 51.63 on Friday. The stock has a market capitalization of $256.29 billion, a price-to-earnings ratio of 12.72 and a beta of 0.95. The firm’s 50-day moving average is $53.60 and its 200-day moving average is $54.71. Wells Fargo & has a 1-year low of $43.55 and a 1-year high of $59.99.
Wells Fargo & (NYSE:WFC) last released its earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, topping the consensus estimate of $1.02 by $0.05. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The business had revenue of $22.20 billion during the quarter, compared to analysts’ expectations of $22.23 billion. During the same quarter last year, the firm posted $1.01 earnings per share. The firm’s revenue was up .2% on a year-over-year basis. On average, analysts predict that Wells Fargo & will post $4.17 earnings per share for the current fiscal year.
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Wells Fargo & declared that its board has authorized a share repurchase program on Wednesday, June 28th that permits the company to buyback $11.50 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 4.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board 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 issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend is Wednesday, August 2nd. This is an increase from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s payout ratio is currently 38.42%.
In other Wells Fargo & news, insider Petros G. Pelos sold 24,708 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $54.07, for a total transaction of $1,335,961.56. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mary T. Mack sold 38,988 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $52.58, for a total value of $2,049,989.04. The disclosure for this sale can be found here. Insiders have sold a total of 131,278 shares of company stock worth $6,940,120 in the last quarter. Company insiders own 0.22% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of WFC. Boston Partners increased its position in Wells Fargo & by 50.0% in the first quarter. Boston Partners now owns 7,948,841 shares of the financial services provider’s stock worth $442,432,000 after buying an additional 2,648,763 shares during the period. Canada Pension Plan Investment Board increased its stake in Wells Fargo & by 83.9% in the first quarter. Canada Pension Plan Investment Board now owns 7,972,116 shares of the financial services provider’s stock valued at $443,728,000 after buying an additional 3,637,100 shares during the last quarter. Gateway Investment Advisers LLC increased its stake in Wells Fargo & by 1.6% in the first quarter. Gateway Investment Advisers LLC now owns 2,698,277 shares of the financial services provider’s stock valued at $150,186,000 after buying an additional 41,531 shares during the last quarter. Dixon Hubard Feinour & Brown Inc. VA increased its stake in Wells Fargo & by 25.8% in the second quarter. Dixon Hubard Feinour & Brown Inc. VA now owns 7,307 shares of the financial services provider’s stock valued at $405,000 after buying an additional 1,500 shares during the last quarter. Finally, Viking Fund Management LLC increased its stake in Wells Fargo & by 3.7% in the second quarter. Viking Fund Management LLC now owns 56,000 shares of the financial services provider’s stock valued at $3,103,000 after buying an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.
About Wells Fargo &
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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