Wells Fargo & Co (NYSE:WFC) PT Lowered to $62.00

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Wells Fargo & Co (NYSE:WFC) had its price objective lowered by Macquarie from $63.00 to $62.00 in a research report sent to investors on Monday, September 17th. The firm currently has a neutral rating on the financial services provider’s stock.

A number of other research analysts have also recently issued reports on the stock. Edward Jones raised shares of Wells Fargo & Co from a hold rating to a buy rating in a report on Monday, September 17th. Morgan Stanley dropped their price objective on shares of Wells Fargo & Co from $62.00 to $61.00 and set an equal weight rating for the company in a research note on Monday, July 16th. Susquehanna Bancshares set a $63.00 price objective on shares of Wells Fargo & Co and gave the stock a hold rating in a research note on Friday, July 13th. Zacks Investment Research cut shares of Wells Fargo & Co from a buy rating to a hold rating in a research note on Monday, July 30th. Finally, Keefe, Bruyette & Woods raised shares of Wells Fargo & Co from a market perform rating to an outperform rating and raised their price objective for the stock from $57.00 to $63.00 in a research note on Sunday, July 15th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $64.22.

NYSE:WFC traded up $0.67 during mid-day trading on Monday, reaching $52.11. The stock had a trading volume of 32,045,388 shares, compared to its average volume of 20,470,955. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 1.22. The company has a market cap of $256.37 billion, a P/E ratio of 12.68, a PEG ratio of 1.43 and a beta of 1.15. Wells Fargo & Co has a twelve month low of $50.26 and a twelve month high of $66.31.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 22.03% and a return on equity of 12.38%. The company had revenue of $21.94 billion during the quarter, compared to analysts’ expectations of $21.90 billion. Analysts expect that Wells Fargo & Co will post 4.55 EPS for the current year.

In related news, EVP Hope A. Hardison sold 25,000 shares of Wells Fargo & Co stock in a transaction on Monday, August 13th. The shares were sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the transaction, the executive vice president now owns 109 shares in the company, valued at approximately $6,323.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Avid Modjtabai sold 100,000 shares of Wells Fargo & Co stock in a transaction on Friday, August 17th. The shares were sold at an average price of $58.71, for a total transaction of $5,871,000.00. The disclosure for this sale can be found here. 0.09% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the business. Cedar Capital LLC lifted its holdings in shares of Wells Fargo & Co by 13.3% during the 2nd quarter. Cedar Capital LLC now owns 7,383 shares of the financial services provider’s stock worth $409,000 after acquiring an additional 867 shares during the period. Kessler Investment Group LLC lifted its holdings in shares of Wells Fargo & Co by 2.3% during the 2nd quarter. Kessler Investment Group LLC now owns 38,680 shares of the financial services provider’s stock worth $2,144,000 after acquiring an additional 875 shares during the period. Proficio Capital Partners LLC lifted its holdings in shares of Wells Fargo & Co by 18.4% during the 2nd quarter. Proficio Capital Partners LLC now owns 5,699 shares of the financial services provider’s stock worth $316,000 after acquiring an additional 886 shares during the period. GHP Investment Advisors Inc. lifted its holdings in shares of Wells Fargo & Co by 2.9% during the 2nd quarter. GHP Investment Advisors Inc. now owns 31,775 shares of the financial services provider’s stock worth $1,762,000 after acquiring an additional 886 shares during the period. Finally, Community Trust & Investment Co. lifted its holdings in shares of Wells Fargo & Co by 13.1% during the 2nd quarter. Community Trust & Investment Co. now owns 7,723 shares of the financial services provider’s stock worth $428,000 after acquiring an additional 894 shares during the period. Hedge funds and other institutional investors own 77.57% of the company’s stock.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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