Wells Fargo & Company (WFC) Earns “Buy” Rating from Royal Bank Of Canada
Royal Bank Of Canada reaffirmed their buy rating on shares of Wells Fargo & Company (NYSE:WFC) in a research report report published on Wednesday morning. They currently have a $60.00 target price on the financial services provider’s stock.
WFC has been the subject of several other reports. Keefe, Bruyette & Woods restated a buy rating on shares of Wells Fargo & in a report on Wednesday, August 16th. Goldman Sachs Group, Inc. (The) reaffirmed a buy rating on shares of Wells Fargo & in a research report on Wednesday, October 11th. Vetr raised Wells Fargo & from a sell rating to a hold rating and set a $54.49 price target on the stock in a research report on Tuesday, October 24th. Vertical Group assumed coverage on Wells Fargo & in a research report on Friday, October 6th. They issued a sell rating on the stock. Finally, Credit Suisse Group reaffirmed a hold rating and issued a $57.00 price target on shares of Wells Fargo & in a research report on Tuesday, October 10th. Six equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. Wells Fargo & presently has an average rating of Hold and an average price target of $57.20.
Shares of Wells Fargo & (WFC) opened at $54.15 on Wednesday. Wells Fargo & has a 1-year low of $49.27 and a 1-year high of $59.99. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 1.32. The firm has a market capitalization of $266,648.75, a P/E ratio of 13.08, a P/E/G ratio of 1.30 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 for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.20). Wells Fargo & had a return on equity of 12.59% and a net margin of 22.00%. The company had revenue of $21.93 billion during the quarter, compared to analyst estimates of $22.30 billion. During the same quarter last year, the firm posted $1.03 earnings per share. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. analysts predict that Wells Fargo & will post 3.97 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 3rd will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Thursday, November 2nd. Wells Fargo &’s dividend payout ratio is currently 40.31%.
A number of institutional investors have recently bought and sold shares of WFC. Vanguard Group Inc. lifted its stake in shares of Wells Fargo & by 1.2% during the second quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock valued at $17,440,601,000 after acquiring an additional 3,621,402 shares during the period. Capital World Investors lifted its stake in shares of Wells Fargo & by 10.8% during the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock valued at $6,192,259,000 after acquiring an additional 10,927,679 shares during the period. Capital Research Global Investors lifted its stake in shares of Wells Fargo & by 19.7% during the second quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock valued at $2,511,614,000 after acquiring an additional 7,445,414 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Wells Fargo & by 17.8% during the third quarter. Dimensional Fund Advisors LP now owns 35,143,414 shares of the financial services provider’s stock valued at $1,937,888,000 after acquiring an additional 5,305,125 shares during the period. Finally, Davis Selected Advisers lifted its stake in shares of Wells Fargo & by 1.4% during the third quarter. Davis Selected Advisers now owns 26,335,478 shares of the financial services provider’s stock valued at $1,451,064,000 after acquiring an additional 368,667 shares during the period. 75.86% of the stock is currently owned by institutional investors.
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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