Wells Fargo & Co. (NYSE:WFC) shares gapped up before the market opened on Thursday . The stock had previously closed at $48.07, but opened at $48.27. Wells Fargo & Co. shares last traded at $48.89, with a volume of 9,475,646 shares changing hands.

WFC has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods reduced their target price on Wells Fargo & Co. from $60.00 to $59.00 in a report on Monday, March 21st. Vetr raised Wells Fargo & Co. from a “buy” rating to a “strong-buy” rating and set a $54.82 target price for the company in a report on Monday, March 28th. Zacks Investment Research raised Wells Fargo & Co. from a “sell” rating to a “hold” rating in a report on Wednesday, March 30th. Evercore ISI reduced their target price on Wells Fargo & Co. from $55.00 to $53.00 and set a “buy” rating for the company in a report on Friday, April 1st. Finally, Guggenheim downgraded Wells Fargo & Co. from a “buy” rating to a “neutral” rating in a research report on Wednesday, April 6th. Four analysts have rated the stock with a sell rating, ten have given a hold rating and eighteen have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $54.11.

The firm has a market cap of $248.47 billion and a PE ratio of 12.02. The stock’s 50-day moving average price is $48.12 and its 200 day moving average price is $48.94.

In other Wells Fargo & Co. news, Director James H. Quigley purchased 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 3rd. The stock was purchased at an average cost of $49.97 per share, with a total value of $99,940.00. Following the purchase, the director now owns 2,150 shares of the company’s stock, valued at $107,435.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Avid Modjtabai sold 55,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 27th. The stock was sold at an average price of $50.77, for a total value of $2,792,350.00. The disclosure for this sale can be found here.

Several large investors have modified their holdings of the company. Morningstar Investment Services LLC raised its stake in shares of Wells Fargo & Co. by 9.7% in the fourth quarter. Morningstar Investment Services LLC now owns 684,551 shares of the financial services provider’s stock worth $37,212,000 after buying an additional 60,714 shares in the last quarter. Ashburton Jersey Ltd purchased a new position in Wells Fargo & Co. during the fourth quarter valued at approximately $2,943,000. Argent Trust Co increased its position in Wells Fargo & Co. by 1.5% in the third quarter. Argent Trust Co now owns 30,269 shares of the financial services provider’s stock valued at $1,554,000 after buying an additional 460 shares during the last quarter. Affinity Investment Advisors LLC increased its position in Wells Fargo & Co. by 0.9% in the fourth quarter. Affinity Investment Advisors LLC now owns 665,453 shares of the financial services provider’s stock valued at $36,174,000 after buying an additional 6,116 shares during the last quarter. Finally, Foresters Investment Management Company Inc. increased its position in Wells Fargo & Co. by 13.1% in the fourth quarter. Foresters Investment Management Company Inc. now owns 674,087 shares of the financial services provider’s stock valued at $36,643,000 after buying an additional 78,100 shares during the last quarter.

Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

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