UBS AG Reiterates “Neutral” Rating for Wells Fargo & Company (WFC)
Wells Fargo & Company (NYSE:WFC)‘s stock had its “neutral” rating reissued by equities researchers at UBS AG in a research note issued on Friday. They presently have a $56.00 price target on the financial services provider’s stock, down from their previous price target of $59.00. UBS AG’s price target indicates a potential upside of 8.40% from the stock’s previous close.
Several other research analysts also recently commented on WFC. Piper Jaffray Companies reissued a “neutral” rating and issued a $50.00 target price (down from $52.00) on shares of Wells Fargo & in a report on Wednesday. Vetr downgraded Wells Fargo & from a “buy” rating to a “sell” rating and set a $48.62 target price on the stock. in a report on Wednesday. BidaskClub raised Wells Fargo & from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. BMO Capital Markets raised Wells Fargo & from an “underperform” rating to a “market perform” rating and reduced their target price 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. Finally, Keefe, Bruyette & Woods reissued an “overweight” rating on shares of Wells Fargo & in a report on Thursday, July 13th. Six research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Wells Fargo & presently has an average rating of “Hold” and a consensus target price of $55.85.
Shares of Wells Fargo & (NYSE:WFC) opened at 51.66 on Friday. Wells Fargo & has a 52-week low of $43.55 and a 52-week high of $59.99. The firm has a market capitalization of $256.44 billion, a PE ratio of 12.72 and a beta of 0.96. The company has a 50-day moving average price of $51.92 and a 200 day moving average price of $54.04.
Wells Fargo & (NYSE:WFC) last announced 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. The business had revenue of $22.20 billion for the quarter, compared to the consensus estimate of $22.23 billion. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. Wells Fargo &’s revenue was up .2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.01 EPS. Analysts expect that Wells Fargo & will post $4.16 EPS for the current fiscal year.
Wells Fargo & declared that its board has initiated a share buyback program 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 stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
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A number of hedge funds have recently added to or reduced their stakes in the business. Intl Fcstone Inc. bought a new position in Wells Fargo & during the 2nd quarter worth about $2,497,000. M Holdings Securities Inc. increased its holdings 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 worth $813,000 after purchasing an additional 5,859 shares in the last quarter. Griffin Asset Management Inc. bought a new position in Wells Fargo & during the 2nd quarter worth about $7,756,000. Gs Investments Inc. bought a new position in Wells Fargo & during the 2nd quarter worth about $4,332,000. Finally, Achmea Investment Management B.V. increased its holdings 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 worth $12,884,000 after purchasing an additional 16,334 shares in the last quarter. Hedge funds and other institutional investors own 75.19% 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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