Wells Fargo & Company (WFC) Given a $50.00 Price Target at Piper Jaffray Companies
Piper Jaffray Companies set a $50.00 target price on Wells Fargo & Company (NYSE:WFC) in a report released on Sunday. The brokerage currently has a hold rating on the financial services provider’s stock.
A number of other research firms have also recently issued reports on WFC. UBS AG reissued a neutral rating and set a $56.00 target price (down from $59.00) on shares of Wells Fargo & in a research note on Friday, September 15th. Zacks Investment Research raised Wells Fargo & from a sell rating to a hold rating in a research note on Thursday. Berenberg Bank cut shares of Wells Fargo & from a hold rating to a sell rating and raised their price target for the stock from $35.00 to $45.00 in a research note on Friday, July 21st. Robert W. Baird reaffirmed a buy rating and set a $58.00 price target on shares of Wells Fargo & in a research note on Tuesday, September 5th. Finally, Keefe, Bruyette & Woods reaffirmed an overweight rating on shares of Wells Fargo & in a research note on Thursday, July 13th. Six investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $57.18.
Shares of Wells Fargo & (NYSE WFC) traded down 0.1971% on Friday, reaching $53.5842. 6,862,389 shares of the company were exchanged. Wells Fargo & has a 12 month low of $44.32 and a 12 month high of $59.99. The stock has a 50 day moving average price of $53.06 and a 200-day moving average price of $53.54. The stock has a market capitalization of $265.99 billion, a P/E ratio of 13.1981 and a beta of 0.97.
Wells Fargo & (NYSE:WFC) last posted its earnings results on Friday, October 13th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.20). Wells Fargo & had a return on equity of 12.59% and a net margin of 22.00%. The business had revenue of $21.93 billion for the quarter, compared to the consensus estimate of $22.30 billion. During the same period in the previous year, the company posted $1.03 earnings per share. Wells Fargo &’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, equities analysts expect that Wells Fargo & will post $4.14 EPS for the current fiscal year.
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Wells Fargo & announced that its board has authorized 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 shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
Institutional investors and hedge funds have recently bought and sold shares of the company. Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Wells Fargo & during the second quarter worth $1,095,000. Alexandria Capital LLC lifted its holdings in shares of Wells Fargo & by 0.3% during the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock worth $102,000 after buying an additional 6 shares in the last quarter. Brick & Kyle Associates lifted its holdings in shares of Wells Fargo & by 9.5% during the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock worth $103,000 after buying an additional 162 shares in the last quarter. Stelac Advisory Services LLC acquired a new stake in shares of Wells Fargo & during the second quarter worth $104,000. Finally, Patriot Financial Group Insurance Agency LLC lifted its holdings in shares of Wells Fargo & by 0.3% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock worth $106,000 after buying an additional 6 shares in the last quarter. 75.09% of the stock is owned by institutional investors.
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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