Wells Fargo & Co (NYSE:WFC) had its price objective cut by BMO Capital Markets to $59.00 in a report released on Wednesday, The Fly reports. They currently have a market perform rating on the financial services provider’s stock.

Several other research firms have also issued reports on WFC. Goldman Sachs Group lowered shares of Encana to a buy rating in a research report on Friday, April 12th. Raymond James reaffirmed a hold rating on shares of Wells Fargo & Co in a research report on Friday, April 12th. Buckingham Research dropped their price target on shares of Wells Fargo & Co from $53.00 to $47.00 and set a neutral rating on the stock in a research report on Wednesday. UBS Group dropped their price target on shares of Wells Fargo & Co from $53.00 to $51.00 and set a buy rating on the stock in a research report on Wednesday. Finally, Atlantic Securities began coverage on shares of Live Nation Entertainment in a research report on Tuesday, June 11th. They set an overweight rating and a $75.00 price target on the stock. Five analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the stock. Wells Fargo & Co currently has an average rating of Hold and an average target price of $51.23.

Shares of WFC stock opened at $46.03 on Wednesday. The stock has a fifty day simple moving average of $46.35. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.87 and a current ratio of 0.89. The company has a market capitalization of $205.93 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 0.90 and a beta of 1.08. Wells Fargo & Co has a 12 month low of $43.02 and a 12 month high of $59.53.

Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The firm had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. During the same period in the prior year, the firm posted $0.98 earnings per share. The company’s quarterly revenue was up .1% compared to the same quarter last year. As a group, equities analysts predict that Wells Fargo & Co will post 4.77 EPS for the current year.

Wells Fargo & Co declared that its board has approved a stock buyback plan on Thursday, June 27th that authorizes the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

In related news, insider Petros G. Pelos sold 28,304 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $46.51, for a total value of $1,316,419.04. Following the transaction, the insider now directly owns 3,066 shares in the company, valued at $142,599.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.08% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Harrington Investments INC acquired a new position in shares of Wells Fargo & Co in the first quarter valued at about $203,000. Olstein Capital Management L.P. lifted its position in Wells Fargo & Co by 3.6% during the fourth quarter. Olstein Capital Management L.P. now owns 142,900 shares of the financial services provider’s stock worth $6,585,000 after purchasing an additional 4,900 shares during the period. Commonwealth Bank of Australia lifted its position in Wells Fargo & Co by 12.8% during the fourth quarter. Commonwealth Bank of Australia now owns 873,051 shares of the financial services provider’s stock worth $40,225,000 after purchasing an additional 99,250 shares during the period. Assenagon Asset Management S.A. lifted its position in Wells Fargo & Co by 72.1% during the first quarter. Assenagon Asset Management S.A. now owns 34,115 shares of the financial services provider’s stock worth $1,648,000 after purchasing an additional 14,291 shares during the period. Finally, LaFleur & Godfrey LLC lifted its position in Wells Fargo & Co by 31.8% during the first quarter. LaFleur & Godfrey LLC now owns 14,920 shares of the financial services provider’s stock worth $721,000 after purchasing an additional 3,600 shares during the period. Institutional investors and hedge funds own 75.32% of the company’s stock.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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Analyst Recommendations for Wells Fargo & Co (NYSE:WFC)

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