Wells Fargo & Company (WFC) Cut to Sell at Vetr Inc.
Vetr lowered shares of Wells Fargo & Company (NYSE:WFC) from a buy rating to a sell rating in a research report released on Wednesday. Vetr currently has $48.62 price target on the financial services provider’s stock.
WFC has been the topic of several other reports. Keefe, Bruyette & Woods restated a buy rating and issued a $62.00 price target on shares of Wells Fargo & in a research note on Friday, June 23rd. BidaskClub upgraded shares of Wells Fargo & from a sell rating to a hold rating in a research note on Thursday, June 29th. Instinet restated a buy rating and issued a $64.00 price target on shares of Wells Fargo & in a research note on Wednesday, July 12th. Zacks Investment Research upgraded shares of Wells Fargo & from a sell rating to a hold rating in a research note on Monday, July 10th. Finally, Royal Bank Of Canada restated a buy rating and issued a $60.00 price target on shares of Wells Fargo & in a research note on Friday, July 28th. Seven equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $55.47.
Wells Fargo & (NYSE:WFC) opened at 51.66 on Wednesday. The stock’s 50 day moving average is $51.92 and its 200-day moving average is $54.04. The company has a market capitalization of $256.44 billion, a P/E ratio of 12.72 and a beta of 0.96. Wells Fargo & has a 12-month low of $43.55 and a 12-month high of $59.99.
Wells Fargo & (NYSE:WFC) last released its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, beating the Thomson Reuters’ 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 business had revenue of $22.20 billion for the quarter, compared to the consensus estimate of $22.23 billion. During the same period in the prior year, the company posted $1.01 earnings per share. Wells Fargo &’s revenue was up .2% compared to the same quarter last year. On average, equities analysts predict that Wells Fargo & will post $4.16 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 4th were given 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 was Wednesday, August 2nd. This is an increase from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s dividend payout ratio is currently 38.42%.
Wells Fargo & announced that its board has authorized a share repurchase plan on Wednesday, June 28th that permits the company to buyback $11.50 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.
A number of large investors have recently added to or reduced their stakes in the business. Intl Fcstone Inc. acquired a new stake in Wells Fargo & during the 2nd quarter valued at approximately $2,497,000. M Holdings Securities Inc. increased its position in Wells Fargo & by 66.4% during the 2nd quarter. M Holdings Securities Inc. now owns 14,681 shares of the financial services provider’s stock valued at $813,000 after purchasing an additional 5,859 shares during the period. Griffin Asset Management Inc. acquired a new stake in Wells Fargo & during the 2nd quarter valued at approximately $7,756,000. Gs Investments Inc. acquired a new stake in Wells Fargo & during the 2nd quarter valued at approximately $4,332,000. Finally, Achmea Investment Management B.V. increased its position in Wells Fargo & by 7.6% during the 2nd quarter. Achmea Investment Management B.V. now owns 232,567 shares of the financial services provider’s stock valued at $12,884,000 after purchasing an additional 16,334 shares during the period. 75.19% of the stock is owned by institutional investors and hedge funds.
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.
To view Vetr’s full report, visit Vetr’s official website.
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