Piper Jaffray Cos. Reiterates “Underweight” Rating for Wells Fargo & Co. (WFC)
Piper Jaffray Cos. restated their underweight rating on shares of Wells Fargo & Co. (NYSE:WFC) in a research note published on Wednesday morning. The firm currently has a $45.00 target price on the financial services provider’s stock.
Several other brokerages have also recently issued reports on WFC. Rafferty Capital Markets cut shares of Wells Fargo & Co. from a hold rating to a sell rating and set a $44.00 target price on the stock. in a report on Friday, September 9th. Zacks Investment Research upgraded shares of Wells Fargo & Co. from a sell rating to a hold rating in a report on Monday, July 4th. Citigroup Inc. restated a buy rating on shares of Wells Fargo & Co. in a report on Sunday, May 22nd. Jefferies Group restated a buy rating and issued a $57.00 target price on shares of Wells Fargo & Co. in a report on Wednesday, May 18th. Finally, Barclays PLC restated a buy rating on shares of Wells Fargo & Co. in a report on Saturday, July 9th. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $52.08.
Wells Fargo & Co. (NYSE:WFC) opened at 46.01 on Wednesday. Wells Fargo & Co. has a 12-month low of $44.50 and a 12-month high of $56.34. The firm’s 50-day moving average is $48.48 and its 200 day moving average is $48.66. The firm has a market cap of $232.15 billion, a P/E ratio of 11.36 and a beta of 0.90.
Wells Fargo & Co. (NYSE:WFC) last issued its earnings results on Friday, July 15th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.01. Wells Fargo & Co. had a net margin of 24.33% and a return on equity of 12.95%. The firm had revenue of $22.20 billion for the quarter. During the same quarter in the prior year, the business posted $1.03 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. Equities analysts forecast that Wells Fargo & Co. will post $4.02 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 5th were issued a $0.38 dividend. The ex-dividend date was Wednesday, August 3rd. This represents a $1.52 dividend on an annualized basis and a yield of 3.30%. Wells Fargo & Co.’s dividend payout ratio is presently 37.25%.
In related news, COO Timothy J. Sloan sold 20,500 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $48.92, for a total value of $1,002,860.00. Following the transaction, the chief operating officer now directly owns 650,815 shares of the company’s stock, valued at approximately $31,837,869.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Wells Fargo & Co. during the fourth quarter valued at about $2,695,119,000. Alecta Pensionsforsakring Omsesidigt purchased a new stake in shares of Wells Fargo & Co. during the first quarter valued at about $698,802,000. Parnassus Investments CA boosted its stake in shares of Wells Fargo & Co. by 879.2% in the second quarter. Parnassus Investments CA now owns 12,240,229 shares of the financial services provider’s stock valued at $579,330,000 after buying an additional 10,990,229 shares during the period. Vanguard Group Inc. boosted its stake in shares of Wells Fargo & Co. by 2.2% in the second quarter. Vanguard Group Inc. now owns 288,028,042 shares of the financial services provider’s stock valued at $13,632,368,000 after buying an additional 6,247,583 shares during the period. Finally, Ruane Cunniff & Goldfarb Inc. boosted its stake in shares of Wells Fargo & Co. by 5,580.0% in the second quarter. Ruane Cunniff & Goldfarb Inc. now owns 5,242,602 shares of the financial services provider’s stock valued at $248,132,000 after buying an additional 5,150,302 shares during the period. 74.01% of the stock is currently owned by institutional investors.
Wells Fargo & Co. Company Profile
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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