Berenberg Bank lowered shares of Wells Fargo & Company (NYSE:WFC) from a hold rating to a sell rating in a research note released on Friday, July 21st, Marketbeat Ratings reports. The brokerage currently has $45.00 price objective on the financial services provider’s stock, up from their previous price objective of $35.00.
Several other equities research analysts also recently issued reports on WFC. Vetr upgraded shares of Wells Fargo & from a hold rating to a buy rating and set a $58.06 price objective on the stock in a research note on Monday, March 27th. Jefferies Group LLC restated a hold rating and issued a $62.00 price objective on shares of Wells Fargo & in a research note on Wednesday, April 5th. Keefe, Bruyette & Woods upgraded shares of Wells Fargo & from a market perform rating to an outperform rating and raised their price objective for the stock from $53.00 to $63.00 in a research note on Wednesday, April 5th. Piper Jaffray Companies upgraded shares of Wells Fargo & from an underweight rating to a neutral rating and raised their price objective for the stock from $54.84 to $55.00 in a research note on Monday, April 10th. Finally, Evercore ISI restated an outperform rating and issued a $64.00 price objective on shares of Wells Fargo & in a research note on Tuesday, April 11th. Six research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Wells Fargo & has a consensus rating of Hold and an average target price of $55.87.
Shares of Wells Fargo & (NYSE:WFC) traded down 1.69% during midday trading on Friday, hitting $51.80. 16,814,191 shares of the stock were exchanged. The firm has a market cap of $257.13 billion, a P/E ratio of 12.76 and a beta of 0.95. The firm has a 50 day moving average of $54.25 and a 200 day moving average of $54.92. Wells Fargo & has a 12-month low of $43.55 and a 12-month high of $59.99.
Wells Fargo & (NYSE:WFC) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, beating the consensus estimate of $1.02 by $0.05. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The company had revenue of $22.20 billion for the quarter, compared to the consensus estimate of $22.23 billion. During the same quarter last year, the company posted $1.01 earnings per share. The company’s revenue for the quarter was up .2% compared to the same quarter last year. Equities analysts forecast that Wells Fargo & will post $4.17 EPS for the current fiscal year.
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Wells Fargo & announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to buyback $11.50 billion in shares. This buyback authorization allows the financial services provider to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 4th will be given a dividend of $0.39 per share. This is an increase from Wells Fargo &’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend is Wednesday, August 2nd. Wells Fargo &’s dividend payout ratio is currently 38.42%.
In other Wells Fargo & news, insider Hope A. Hardison sold 20,000 shares of the stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $52.07, for a total value of $1,041,400.00. Following the completion of the transaction, the insider now directly owns 109 shares in the company, valued at $5,675.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Petros G. Pelos sold 24,708 shares of the stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $54.07, for a total value of $1,335,961.56. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 131,278 shares of company stock valued at $6,940,120. 0.22% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of WFC. Delphi Private Advisors LLC boosted its stake in Wells Fargo & by 262.8% in the second quarter. Delphi Private Advisors LLC now owns 2,017 shares of the financial services provider’s stock valued at $100,000 after buying an additional 1,461 shares in the last quarter. Rocky Mountain Advisers LLC boosted its stake in Wells Fargo & by 117.6% in the fourth quarter. Rocky Mountain Advisers LLC now owns 1,850 shares of the financial services provider’s stock valued at $102,000 after buying an additional 1,000 shares in the last quarter. Alexandria Capital LLC boosted its stake in shares of Wells Fargo & by 0.3% in 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 during the period. Brick & Kyle Associates boosted its stake in shares of Wells Fargo & by 9.5% in 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 during the period. Finally, Stelac Advisory Services LLC purchased a new stake in shares of Wells Fargo & during the second quarter worth approximately $104,000. Institutional investors own 76.05% of the company’s stock.
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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