Wells Fargo & Co. (NYSE:WFC) 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 research reports. Keefe, Bruyette & Woods decreased their target price on shares of Wells Fargo & Co. from $60.00 to $59.00 in a research note on Monday, March 21st. Citigroup Inc. reissued a “buy” rating on shares of Wells Fargo & Co. in a research note on Sunday, April 17th. FBR & Co reissued a “buy” rating on shares of Wells Fargo & Co. in a research note on Sunday, April 17th. Barclays PLC reaffirmed a “buy” rating and issued a $63.00 price objective on shares of Wells Fargo & Co. in a research note on Sunday, April 17th. Finally, Bank of America Corp. reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Wells Fargo & Co. in a research note on Friday, April 15th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $54.11.

The stock has a 50-day moving average price of $48.04 and a 200 day moving average price of $48.90. The company has a market cap of $242.23 billion and a P/E ratio of 11.72.

Wells Fargo & Co. (NYSE:WFC) last released its quarterly earnings results on Friday, July 15th. The financial services provider reported $1.01 EPS for the quarter, hitting analysts’ consensus estimates of $1.01. The business had revenue of $22.20 billion for the quarter, compared to the consensus estimate of $22.17 billion. During the same period in the prior year, the business posted $1.03 earnings per share. Wells Fargo & Co.’s revenue was up 4.0% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Co. will post $4.07 EPS for the current fiscal year.

In related news, EVP Avid Modjtabai sold 55,000 shares of the firm’s stock in a transaction dated Wednesday, April 27th. The shares were sold at an average price of $50.77, for a total transaction of $2,792,350.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director James H. Quigley purchased 2,000 shares of the stock in a transaction that occurred on Tuesday, May 3rd. The shares were acquired at an average cost of $49.97 per share, for a total transaction of $99,940.00. Following the completion of the transaction, the director now owns 2,150 shares of the company’s stock, valued at approximately $107,435.50. The disclosure for this purchase can be found here.

Other institutional investors have added to or reduced their stakes in the company. BB&T Corp raised its position in Wells Fargo & Co. by 1.8% in the fourth quarter. BB&T Corp now owns 596,603 shares of the financial services provider’s stock worth $32,432,000 after buying an additional 10,332 shares in the last quarter. Strategic Advisors LLC raised its position in Wells Fargo & Co. by 11.1% in the fourth quarter. Strategic Advisors LLC now owns 65,579 shares of the financial services provider’s stock worth $3,565,000 after buying an additional 6,539 shares in the last quarter. Moody Lynn & Lieberson LLC raised its position in Wells Fargo & Co. by 20.4% in the fourth quarter. Moody Lynn & Lieberson LLC now owns 246,059 shares of the financial services provider’s stock worth $13,376,000 after buying an additional 41,643 shares in the last quarter. Orca Investment Management LLC raised its position in Wells Fargo & Co. by 0.7% in the fourth quarter. Orca Investment Management LLC now owns 26,197 shares of the financial services provider’s stock worth $1,424,000 after buying an additional 186 shares in the last quarter. Finally, Torch Wealth Management LLC raised its position in Wells Fargo & Co. by 1.4% in the fourth quarter. Torch Wealth Management LLC now owns 34,034 shares of the financial services provider’s stock worth $1,850,000 after buying an additional 455 shares in 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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.