Wells Fargo & Co. (WFC) Upgraded to Overweight at Morgan Stanley
Morgan Stanley upgraded shares of Wells Fargo & Co. (NYSE:WFC) from an equal weight rating to an overweight rating in a research note issued to investors on Tuesday. The brokerage currently has $53.00 price target on the financial services provider’s stock, down from their previous price target of $56.00.
Several other brokerages have also weighed in on WFC. Keefe, Bruyette & Woods reiterated an outperform rating on shares of Wells Fargo & Co. in a report on Wednesday, August 31st. FBR & Co reissued a buy rating and set a $63.00 target price on shares of Wells Fargo & Co. in a research report on Wednesday, June 1st. Vetr downgraded shares of Wells Fargo & Co. from a hold rating to a sell rating and set a $46.32 target price for the company. in a research report on Tuesday, August 30th. Royal Bank Of Canada reissued a buy rating on shares of Wells Fargo & Co. in a research report on Thursday, May 26th. Finally, Drexel Hamilton reissued a buy rating on shares of Wells Fargo & Co. in a research report on Thursday, May 26th. Seven investment 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. The company has a consensus rating of Hold and a consensus target price of $51.93.
Shares of Wells Fargo & Co. (NYSE:WFC) opened at 46.56 on Tuesday. Wells Fargo & Co. has a 52-week low of $44.50 and a 52-week high of $56.34. The stock has a market cap of $234.92 billion, a PE ratio of 11.50 and a beta of 0.90. The company’s 50-day moving average is $48.44 and its 200-day moving average is $48.63.
Wells Fargo & Co. (NYSE:WFC) last announced its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.01 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.01. The business had revenue of $22.20 billion for the quarter. Wells Fargo & Co. had a net margin of 24.33% and a return on equity of 12.95%. The company’s revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.03 earnings per share. Equities analysts anticipate that Wells Fargo & Co. will post $4.02 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 5th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date was Wednesday, August 3rd. Wells Fargo & Co.’s payout ratio is 37.25%.
In other Wells Fargo & Co. news, COO Timothy J. Sloan sold 20,500 shares of the firm’s stock in a transaction 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 sale, the chief operating officer now directly owns 650,815 shares in the company, valued at $31,837,869.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.29% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of WFC. Svenska Handelsbanken AB publ bought a new stake in Wells Fargo & Co. during the second quarter worth about $15,118,000. Exxonmobil Investment Management Inc. TX boosted its stake in Wells Fargo & Co. by 6.3% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 1,195,917 shares of the financial services provider’s stock worth $56,603,000 after buying an additional 71,107 shares during the last quarter. Lazard Asset Management LLC boosted its stake in Wells Fargo & Co. by 10.3% in the first quarter. Lazard Asset Management LLC now owns 6,564,216 shares of the financial services provider’s stock worth $317,445,000 after buying an additional 611,374 shares during the last quarter. Aviva PLC boosted its stake in Wells Fargo & Co. by 0.7% in the first quarter. Aviva PLC now owns 3,065,051 shares of the financial services provider’s stock worth $148,226,000 after buying an additional 22,620 shares during the last quarter. Finally, Primecap Management Co. CA boosted its stake in Wells Fargo & Co. by 20.5% in the first quarter. Primecap Management Co. CA now owns 18,501,167 shares of the financial services provider’s stock worth $894,716,000 after buying an additional 3,149,895 shares during the last quarter. Institutional investors 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.
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