Vetr upgraded shares of Wells Fargo & Co. (NYSE:WFC) from a hold rating to a buy rating in a research note released on Monday morning. Vetr currently has $47.92 target price on the financial services provider’s stock.

A number of other analysts have also weighed in on WFC. Citigroup Inc. reaffirmed a buy rating on shares of Wells Fargo & Co. in a report on Sunday, May 22nd. Credit Suisse Group AG reaffirmed a buy rating and set a $58.00 target price on shares of Wells Fargo & Co. in a report on Wednesday, May 25th. Evercore ISI reaffirmed a buy rating and set a $53.00 target price on shares of Wells Fargo & Co. in a report on Thursday, May 26th. Drexel Hamilton reaffirmed a buy rating on shares of Wells Fargo & Co. in a report on Thursday, May 26th. Finally, Royal Bank Of Canada reaffirmed a buy rating on shares of Wells Fargo & Co. in a report on Thursday, May 26th. Seven research analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $51.65.

Wells Fargo & Co. (NYSE:WFC) opened at 45.72 on Monday. The stock’s 50 day moving average is $48.34 and its 200 day moving average is $48.59. Wells Fargo & Co. has a 1-year low of $44.50 and a 1-year high of $56.34. The company has a market cap of $230.68 billion, a P/E ratio of 11.29 and a beta of 0.90.

Wells Fargo & Co. (NYSE:WFC) last posted its quarterly earnings results on Friday, July 15th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, meeting 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 company had revenue of $22.20 billion for the quarter. During the same period last year, the firm earned $1.03 EPS. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. Equities analysts anticipate that Wells Fargo & Co. will post $4.02 earnings per share for the current fiscal year.

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

In other news, COO Timothy J. Sloan sold 20,500 shares of the firm’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $48.92, for a total transaction of $1,002,860.00. Following the sale, the chief operating officer now owns 650,815 shares of the company’s stock, valued at approximately $31,837,869.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company’s stock.

Several hedge funds have recently made changes to their positions in WFC. Vanguard Group Inc. increased its position in 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 worth $13,632,368,000 after buying an additional 6,247,583 shares during the last quarter. Wellington Management Group LLP increased its position in Wells Fargo & Co. by 2.7% in the first quarter. Wellington Management Group LLP now owns 131,270,916 shares of the financial services provider’s stock worth $6,348,262,000 after buying an additional 3,450,553 shares during the last quarter. BlackRock Fund Advisors increased its position in Wells Fargo & Co. by 8.8% in the first quarter. BlackRock Fund Advisors now owns 57,985,130 shares of the financial services provider’s stock worth $2,804,161,000 after buying an additional 4,695,036 shares during the last quarter. Geode Capital Management LLC increased its position in Wells Fargo & Co. by 1.3% in the first quarter. Geode Capital Management LLC now owns 39,052,057 shares of the financial services provider’s stock worth $1,884,841,000 after buying an additional 502,040 shares during the last quarter. Finally, TIAA CREF Investment Management LLC increased its position in Wells Fargo & Co. by 2.8% in the second quarter. TIAA CREF Investment Management LLC now owns 29,781,903 shares of the financial services provider’s stock worth $1,409,577,000 after buying an additional 810,161 shares during the last quarter. 73.98% of the stock is currently owned by hedge funds and other institutional investors.

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

To view Vetr’s full report, visit Vetr’s official website.

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