Atlantic Securities downgraded shares of Wells Fargo & Co. (NYSE:WFC) from a neutral rating to an underweight rating in a research note published on Friday morning. They currently have $44.00 price objective on the financial services provider’s stock, down from their previous price objective of $46.15.

Other equities research analysts have also recently issued research reports about the company. Deutsche Bank AG reiterated a buy rating on shares of Wells Fargo & Co. in a report on Saturday, June 4th. Barclays PLC reiterated a buy rating on shares of Wells Fargo & Co. in a report on Saturday, July 9th. Nomura restated a buy rating on shares of Wells Fargo & Co. in a research note on Saturday, July 9th. Drexel Hamilton restated a buy rating on shares of Wells Fargo & Co. in a research note on Monday, July 18th. Finally, RBC Capital Markets restated a buy rating and issued a $54.00 target price (down previously from $57.00) on shares of Wells Fargo & Co. in a research note on Tuesday, July 19th. Seven analysts have rated the stock with a sell rating, eight have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $51.93.

Wells Fargo & Co. (NYSE:WFC) opened at 45.83 on Friday. The stock has a market cap of $231.24 billion, a PE ratio of 11.32 and a beta of 0.90. The firm has a 50-day moving average price of $48.39 and a 200 day moving average price of $48.61. Wells Fargo & Co. has a 52-week low of $44.50 and a 52-week high of $56.34.

Wells Fargo & Co. (NYSE:WFC) last released its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.01 earnings per share for the quarter, hitting the consensus estimate of $1.01. Wells Fargo & Co. had a return on equity of 12.95% and a net margin of 24.33%. The business earned $22.20 billion during the quarter. During the same quarter last year, the business posted $1.03 EPS. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, analysts forecast that Wells Fargo & Co. will post $4.02 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 5th were given a $0.38 dividend. The ex-dividend date was Wednesday, August 3rd. This represents a $1.52 annualized dividend and a dividend yield of 3.32%. Wells Fargo & Co.’s payout ratio is 37.25%.

In other news, COO Timothy J. Sloan sold 20,500 shares of the business’s stock in a transaction dated 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 in the company, valued at $31,837,869.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of Wells Fargo & Co. during the fourth quarter valued at approximately $2,695,119,000. Alecta Pensionsforsakring Omsesidigt acquired a new position in shares of Wells Fargo & Co. during the first quarter valued at approximately $698,802,000. Parnassus Investments CA increased its position 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 last quarter. Vanguard Group Inc. increased its position 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 last quarter. Finally, Ruane Cunniff & Goldfarb Inc. increased its position 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 last quarter. Institutional investors and hedge funds own 73.98% of the company’s stock.

About Wells Fargo & Co.

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.

5 Day Chart for NYSE:WFC

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